Abrams Bison Investments LLC Invests $51.18 Million in Carvana Co (CVNA) Stock
Abrams Bison Investments LLC bought a new stake in Carvana Co (NASDAQ:CVNA) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,500,000 shares of the company’s stock, valued at approximately $51,175,000. Carvana comprises approximately 8.9% of Abrams Bison Investments LLC’s investment portfolio, making the stock its 4th biggest position. Abrams Bison Investments LLC owned about 16.11% of Carvana as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Nationwide Fund Advisors acquired a new position in Carvana in the 2nd quarter valued at about $177,000. ClariVest Asset Management LLC acquired a new position in Carvana in the 2nd quarter valued at about $190,000. Nordea Investment Management AB acquired a new position in Carvana in the 2nd quarter valued at about $190,000. Symmetry Peak Management LLC acquired a new position in Carvana in the 2nd quarter valued at about $307,000. Finally, New York State Common Retirement Fund acquired a new position in Carvana in the 2nd quarter valued at about $332,000.
Several research analysts recently weighed in on CVNA shares. Craig Hallum boosted their target price on shares of Carvana from $16.00 to $24.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Wedbush started coverage on shares of Carvana in a research note on Tuesday, July 18th. They issued a “fair value” rating and a $23.02 target price for the company. Susquehanna Bancshares Inc reissued a “neutral” rating and issued a $16.00 target price (up previously from $12.00) on shares of Carvana in a research note on Friday, August 11th. Robert W. Baird reissued an “outperform” rating and issued a $22.00 target price on shares of Carvana in a research note on Thursday, September 7th. Finally, Wells Fargo & Company reissued an “outperform” rating and issued a $23.00 target price on shares of Carvana in a research note on Sunday, August 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $20.35.
Carvana Co (CVNA) traded up 0.26% on Friday, hitting $15.49. 183,465 shares of the stock were exchanged. Carvana Co has a 52 week low of $8.14 and a 52 week high of $23.70. The company’s 50-day moving average is $16.45 and its 200-day moving average is $16.18. The company’s market cap is $240.37 million.
Carvana (NASDAQ:CVNA) last announced its quarterly earnings data on Tuesday, August 8th. The company reported ($0.28) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.02. The business had revenue of $209.37 million for the quarter, compared to analyst estimates of $198.84 million. The business’s revenue was up 142.0% on a year-over-year basis. On average, analysts predict that Carvana Co will post ($1.13) earnings per share for the current year.
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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