North Peak Capital Management LLC trimmed its holdings in Carvana Co (NYSE:CVNA) by 7.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 311,905 shares of the company’s stock after selling 24,295 shares during the quarter. Carvana comprises 11.0% of North Peak Capital Management LLC’s portfolio, making the stock its 4th largest holding. North Peak Capital Management LLC’s holdings in Carvana were worth $19,522,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the stock. BNP Paribas Arbitrage SA boosted its holdings in shares of Carvana by 218.4% in the 1st quarter. BNP Paribas Arbitrage SA now owns 10,894 shares of the company’s stock valued at $633,000 after buying an additional 7,473 shares in the last quarter. Gamco Investors INC. ET AL purchased a new position in Carvana in the first quarter worth $656,000. State Board of Administration of Florida Retirement System grew its holdings in Carvana by 3.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 14,592 shares of the company’s stock worth $847,000 after purchasing an additional 510 shares during the last quarter. CIBC Asset Management Inc acquired a new position in shares of Carvana during the first quarter worth $272,000. Finally, Keybank National Association OH increased its position in shares of Carvana by 1.5% during the first quarter. Keybank National Association OH now owns 9,759 shares of the company’s stock worth $567,000 after purchasing an additional 141 shares in the last quarter. 37.05% of the stock is owned by institutional investors and hedge funds.
A number of analysts have recently weighed in on CVNA shares. Zacks Investment Research cut Carvana from a “hold” rating to a “sell” rating in a research report on Tuesday, July 9th. Barrington Research reissued a “hold” rating on shares of Carvana in a report on Monday, August 5th. Cowen reissued an “outperform” rating and issued a $85.00 price target (up previously from $81.00) on shares of Carvana in a report on Thursday, August 8th. ValuEngine lowered Carvana from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Wells Fargo & Co restated a “buy” rating and set a $85.00 price objective on shares of Carvana in a report on Monday, July 1st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $73.64.
Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.40) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.39) by ($0.01). The firm had revenue of $986.22 million for the quarter, compared to analyst estimates of $914.50 million. Carvana had a negative return on equity of 30.55% and a negative net margin of 3.49%. The business’s revenue was up 107.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.37) EPS. Equities research analysts predict that Carvana Co will post -1.82 EPS for the current fiscal year.
In related news, CFO Mark W. Jenkins sold 40,000 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $80.06, for a total transaction of $3,202,400.00. Following the completion of the transaction, the chief financial officer now owns 52,049 shares of the company’s stock, valued at $4,167,042.94. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Daniel J. Gill sold 12,500 shares of the business’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $67.65, for a total transaction of $845,625.00. Following the transaction, the insider now owns 10,683 shares of the company’s stock, valued at $722,704.95. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 189,861 shares of company stock valued at $14,527,351. Company insiders own 13.02% of the company’s stock.
Carvana Company Profile
Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's proprietary 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.
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