PCJ Investment Counsel Ltd. Sells 880 Shares of Carvana Co. $CVNA

PCJ Investment Counsel Ltd. trimmed its stake in Carvana Co. (NYSE:CVNA) by 5.0% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 16,600 shares of the company’s stock after selling 880 shares during the period. Carvana makes up about 1.9% of PCJ Investment Counsel Ltd.’s investment portfolio, making the stock its 15th biggest position. PCJ Investment Counsel Ltd.’s holdings in Carvana were worth $5,594,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Hilltop National Bank bought a new stake in shares of Carvana during the second quarter valued at approximately $25,000. Brooklyn Investment Group increased its holdings in Carvana by 961.5% during the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company’s stock worth $29,000 after purchasing an additional 125 shares during the period. N.E.W. Advisory Services LLC bought a new stake in Carvana during the 1st quarter valued at $33,000. SJS Investment Consulting Inc. lifted its holdings in shares of Carvana by 960.0% in the 2nd quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock worth $36,000 after buying an additional 96 shares during the period. Finally, LRI Investments LLC bought a new position in shares of Carvana during the 2nd quarter worth $42,000. 56.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CVNA shares. Gordon Haskett started coverage on Carvana in a research note on Monday, July 14th. They set a “hold” rating and a $329.00 price target on the stock. Bank of America dropped their target price on shares of Carvana from $405.00 to $385.00 and set a “buy” rating on the stock in a report on Thursday, October 30th. Wells Fargo & Company boosted their price target on shares of Carvana from $390.00 to $425.00 and gave the company an “overweight” rating in a report on Thursday, July 31st. Evercore ISI lowered their price target on shares of Carvana from $425.00 to $395.00 and set an “in-line” rating for the company in a research report on Thursday, October 30th. Finally, Zacks Research downgraded shares of Carvana from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Fourteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $415.50.

Carvana Trading Up 4.9%

NYSE:CVNA opened at $304.49 on Friday. The stock has a market capitalization of $65.53 billion, a price-to-earnings ratio of 69.52, a PEG ratio of 1.05 and a beta of 3.50. Carvana Co. has a 52 week low of $148.25 and a 52 week high of $413.33. The company has a quick ratio of 2.55, a current ratio of 4.05 and a debt-to-equity ratio of 1.63. The firm has a 50 day moving average of $356.50 and a 200 day moving average of $333.72.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, October 29th. The company reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.26). Carvana had a return on equity of 30.62% and a net margin of 3.44%.The firm had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.04 billion. During the same period in the prior year, the firm posted $0.64 earnings per share. Carvana’s revenue for the quarter was up 54.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Insider Activity at Carvana

In other Carvana news, insider Paul W. Breaux sold 15,000 shares of the stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $375.00, for a total value of $5,625,000.00. Following the completion of the sale, the insider directly owned 83,018 shares in the company, valued at approximately $31,131,750. This trade represents a 15.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Ernest C. Garcia II sold 95,087 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $349.09, for a total value of $33,193,920.83. Following the completion of the sale, the insider directly owned 34,442,317 shares of the company’s stock, valued at approximately $12,023,468,441.53. This represents a 0.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 670,975 shares of company stock worth $239,834,203 over the last ninety days. Corporate insiders own 17.12% of the company’s stock.

Carvana Company Profile

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.