Melvin Capital Management LP

recently stated that they own a 10.2% stake in Carvana Co (NASDAQ:CVNA) in a Form 13G/A disclosure that was filed with the Securities and Exchange Commission (SEC) on Tuesday, August 15th. The investor owns 1,650,000 shares of the stock worth about $24,403,500. The reporting parties listed on the disclosure included Melvin Capital Management LP and Melvin Capital Master Fund Ltd. The disclosure is available through Edgar at this link.

Melvin Capital Management LP

provided the following explanation of their ownership:

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Several other large investors have also made changes to their positions in the stock. Abrams Bison Investments LLC acquired a new stake in shares of Carvana during the second quarter worth approximately $51,175,000. FMR LLC acquired a new stake in shares of Carvana during the second quarter worth approximately $26,992,000. Royal Bank of Canada acquired a new stake in shares of Carvana during the second quarter worth approximately $15,354,000. Principal Financial Group Inc. acquired a new stake in shares of Carvana during the second quarter worth approximately $14,998,000. Finally, Goodnow Investment Group LLC acquired a new stake in shares of Carvana during the second quarter worth approximately $11,706,000.

Carvana Co (NASDAQ:CVNA) traded down 3.77% during midday trading on Tuesday, reaching $14.79. The company’s stock had a trading volume of 1,371,189 shares. The stock’s 50-day moving average price is $19.94 and its 200-day moving average price is $16.08. The firm’s market capitalization is $229.51 million. Carvana Co has a 12 month low of $8.14 and a 12 month high of $23.70.

Carvana (NASDAQ:CVNA) last announced its quarterly earnings data on Tuesday, August 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.02. The firm had revenue of $209.37 million for the quarter, compared to analysts’ expectations of $198.84 million. The company’s revenue for the quarter was up 142.0% compared to the same quarter last year. Analysts predict that Carvana Co will post ($1.13) EPS for the current year.

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A number of equities research analysts have recently commented on CVNA shares. Craig Hallum lifted their price objective on Carvana from $16.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, August 9th. Citigroup Inc. started coverage on Carvana in a research report on Tuesday, May 23rd. They issued a “buy” rating and a $17.00 price objective for the company. BMO Capital Markets reaffirmed an “outperform” rating and issued a $25.00 price objective (up previously from $15.00) on shares of Carvana in a research report on Monday, June 26th. Robert W. Baird reaffirmed an “outperform” rating and issued a $15.00 price objective on shares of Carvana in a research report on Friday, June 9th. Finally, William Blair began coverage on Carvana in a research report on Tuesday, May 23rd. They set an “outperform” rating for the company. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Carvana presently has an average rating of “Buy” and a consensus target price of $21.40.

Carvana Company Profile

Carvana Co is an e-commerce platform for buying used cars. On the Company’s platform, consumers can research and identify a vehicle, inspect it using its proprietary 360-degree vehicle imaging technology, obtain financing and warranty coverage, purchase the vehicle and schedule delivery or pick-up, all from their desktop or mobile devices.

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Institutional Ownership by Quarter for Carvana (NASDAQ:CVNA)

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