Carvana Co. $CVNA Shares Sold by Convergence Investment Partners LLC

Convergence Investment Partners LLC decreased its holdings in shares of Carvana Co. (NYSE:CVNA) by 84.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,203 shares of the company’s stock after selling 6,604 shares during the quarter. Convergence Investment Partners LLC’s holdings in Carvana were worth $454,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Royal Bank of Canada boosted its position in Carvana by 40.8% during the first quarter. Royal Bank of Canada now owns 29,867 shares of the company’s stock worth $6,243,000 after acquiring an additional 8,654 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in Carvana by 251.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 253 shares of the company’s stock worth $53,000 after purchasing an additional 181 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in Carvana by 84.1% in the 2nd quarter. Janney Montgomery Scott LLC now owns 1,797 shares of the company’s stock worth $606,000 after purchasing an additional 821 shares in the last quarter. Truist Financial Corp boosted its holdings in shares of Carvana by 201.6% during the 2nd quarter. Truist Financial Corp now owns 6,607 shares of the company’s stock worth $2,226,000 after purchasing an additional 13,107 shares during the last quarter. Finally, PFG Investments LLC purchased a new stake in shares of Carvana in the second quarter valued at approximately $291,000. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Carvana Stock Up 1.8%

Shares of NYSE:CVNA opened at $408.22 on Tuesday. The company has a market capitalization of $88.80 billion, a price-to-earnings ratio of 93.20, a PEG ratio of 0.96 and a beta of 3.57. Carvana Co. has a 12-month low of $148.25 and a 12-month high of $486.89. The business has a 50-day moving average price of $433.47 and a 200 day moving average price of $379.81. The company has a current ratio of 4.05, a quick ratio of 2.55 and a debt-to-equity ratio of 1.63.

Analysts Set New Price Targets

A number of equities analysts recently commented on CVNA shares. DA Davidson set a $360.00 price objective on Carvana in a research report on Thursday, October 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Carvana in a research note on Tuesday, January 13th. Zacks Research cut shares of Carvana from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Jefferies Financial Group raised their price objective on shares of Carvana from $475.00 to $550.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Carvana in a research note on Monday, December 29th. Nineteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $474.27.

Insider Buying and Selling at Carvana

In related news, insider Daniel J. Gill sold 40,000 shares of Carvana stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $475.24, for a total value of $19,009,600.00. Following the completion of the sale, the insider owned 191,106 shares in the company, valued at approximately $90,821,215.44. This trade represents a 17.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas Taira sold 1,174 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $447.00, for a total value of $524,778.00. Following the completion of the sale, the insider directly owned 68,252 shares in the company, valued at approximately $30,508,644. The trade was a 1.69% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 409,006 shares of company stock valued at $173,845,815. 16.36% of the stock is currently owned by company insiders.

About Carvana

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana’s model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.