Picton Mahoney Asset Management Has $6.22 Million Position in Carvana Co. $CVNA

Picton Mahoney Asset Management increased its stake in Carvana Co. (NYSE:CVNA) by 581.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 16,491 shares of the company’s stock after acquiring an additional 14,071 shares during the period. Picton Mahoney Asset Management’s holdings in Carvana were worth $6,220,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Los Angeles Capital Management LLC increased its position in Carvana by 1,950.7% in the second quarter. Los Angeles Capital Management LLC now owns 111,190 shares of the company’s stock worth $37,467,000 after purchasing an additional 105,768 shares during the period. Federated Hermes Inc. lifted its position in Carvana by 124.9% during the 3rd quarter. Federated Hermes Inc. now owns 265,921 shares of the company’s stock valued at $100,316,000 after purchasing an additional 147,683 shares during the period. Hudson Bay Capital Management LP boosted its stake in shares of Carvana by 158.0% in the 2nd quarter. Hudson Bay Capital Management LP now owns 16,478 shares of the company’s stock valued at $5,552,000 after purchasing an additional 10,090 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Carvana by 11.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 637,462 shares of the company’s stock worth $240,476,000 after buying an additional 64,424 shares during the period. Finally, Strs Ohio raised its stake in shares of Carvana by 89.9% during the third quarter. Strs Ohio now owns 37,756 shares of the company’s stock worth $14,243,000 after buying an additional 17,878 shares during the last quarter. 56.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CVNA. Royal Bank Of Canada reduced their price objective on shares of Carvana from $500.00 to $440.00 and set an “outperform” rating on the stock in a research note on Thursday, February 19th. Bank of America cut their price target on Carvana from $460.00 to $400.00 and set a “buy” rating on the stock in a research note on Thursday, February 19th. Argus assumed coverage on Carvana in a research report on Monday, December 15th. They issued a “buy” rating and a $500.00 price target on the stock. Evercore dropped their price objective on Carvana from $430.00 to $390.00 in a report on Thursday, February 19th. Finally, Wedbush reduced their target price on Carvana from $500.00 to $425.00 and set an “outperform” rating on the stock in a report on Thursday, February 19th. Twenty equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $440.59.

Carvana Price Performance

CVNA opened at $315.67 on Thursday. The stock has a market cap of $69.08 billion, a P/E ratio of 39.26 and a beta of 3.60. Carvana Co. has a 12 month low of $148.25 and a 12 month high of $486.89. The company has a quick ratio of 2.73, a current ratio of 4.31 and a debt-to-equity ratio of 1.15. The company has a fifty day simple moving average of $404.04 and a 200 day simple moving average of $380.66.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, February 18th. The company reported $4.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $3.12. Carvana had a return on equity of 50.96% and a net margin of 6.92%.The firm had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.24 billion. During the same period in the previous year, the firm earned $0.56 earnings per share. The company’s revenue was up 58.0% on a year-over-year basis. On average, research analysts expect that Carvana Co. will post 2.85 EPS for the current year.

Insiders Place Their Bets

In other Carvana news, CFO Mark W. Jenkins sold 12,750 shares of Carvana stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $403.02, for a total value of $5,138,505.00. Following the transaction, the chief financial officer owned 204,036 shares of the company’s stock, valued at approximately $82,230,588.72. The trade was a 5.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Benjamin E. Huston sold 40,000 shares of the stock in a transaction on Monday, December 8th. The stock was sold at an average price of $439.50, for a total transaction of $17,580,000.00. Following the sale, the chief operating officer directly owned 100,758 shares of the company’s stock, valued at $44,283,141. This represents a 28.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 300,673 shares of company stock worth $133,268,531 in the last three months. 17.12% of the stock is owned by corporate 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.