Carvana Co. (NYSE:CVNA) Shares Bought by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D boosted its holdings in shares of Carvana Co. (NYSE:CVNA) by 51.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 79,143 shares of the company’s stock after buying an additional 26,729 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Carvana were worth $4,190,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund purchased a new stake in shares of Carvana in the 4th quarter valued at approximately $880,000. Jennison Associates LLC purchased a new stake in shares of Carvana in the 4th quarter valued at approximately $500,000. Federated Hermes Inc. purchased a new stake in shares of Carvana in the 4th quarter valued at approximately $864,000. Rakuten Securities Inc. purchased a new stake in shares of Carvana in the 4th quarter valued at approximately $180,000. Finally, Imprint Wealth LLC purchased a new stake in shares of Carvana in the 4th quarter valued at approximately $481,000. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Carvana Stock Performance

Shares of Carvana stock opened at $84.35 on Friday. Carvana Co. has a 1 year low of $6.70 and a 1 year high of $94.04. The company has a market capitalization of $17.03 billion, a P/E ratio of 156.21 and a beta of 3.32. The company’s fifty day moving average is $77.47 and its two-hundred day moving average is $53.70.

Carvana (NYSE:CVNA) last released its earnings results on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the previous year, the business earned ($0.97) EPS. The business’s revenue for the quarter was down 14.6% on a year-over-year basis. As a group, equities analysts expect that Carvana Co. will post -3.35 earnings per share for the current year.

Insider Transactions at Carvana

In other news, major shareholder Ernest C. Garcia II sold 50,000 shares of the firm’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $80.13, for a total value of $4,006,500.00. Following the completion of the sale, the insider now owns 3,312,500 shares in the company, valued at approximately $265,430,625. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, major shareholder Ernest C. Garcia II sold 50,000 shares of the firm’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $80.13, for a total value of $4,006,500.00. Following the completion of the sale, the insider now owns 3,312,500 shares in the company, valued at approximately $265,430,625. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul W. Breaux sold 15,000 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $69.00, for a total transaction of $1,035,000.00. Following the completion of the sale, the insider now owns 150,126 shares of the company’s stock, valued at approximately $10,358,694. The disclosure for this sale can be found here. In the last quarter, insiders sold 187,883 shares of company stock worth $15,505,178. Company insiders own 17.12% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CVNA. Raymond James raised shares of Carvana from an “underperform” rating to a “market perform” rating in a research report on Friday, February 23rd. Robert W. Baird increased their target price on shares of Carvana from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, April 19th. Evercore ISI dropped their target price on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research report on Tuesday, April 16th. Jefferies Financial Group raised shares of Carvana from an “underperform” rating to a “hold” rating and increased their target price for the company from $30.00 to $85.00 in a research report on Tuesday, March 12th. Finally, Royal Bank of Canada raised shares of Carvana from an “underperform” rating to a “sector perform” rating and increased their target price for the company from $45.00 to $90.00 in a research report on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $55.87.

About Carvana

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 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.