Jennison Associates LLC Decreases Position in Carvana Co. (NYSE:CVNA)

Jennison Associates LLC decreased its holdings in shares of Carvana Co. (NYSE:CVNAGet Rating) by 86.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 527,413 shares of the company’s stock after selling 3,408,141 shares during the quarter. Jennison Associates LLC owned approximately 0.31% of Carvana worth $122,249,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Baillie Gifford & Co. lifted its stake in Carvana by 25.1% in the fourth quarter. Baillie Gifford & Co. now owns 9,655,855 shares of the company’s stock valued at $2,238,131,000 after buying an additional 1,937,812 shares during the last quarter. Natixis lifted its stake in Carvana by 9,975.7% in the third quarter. Natixis now owns 300,055 shares of the company’s stock valued at $90,479,000 after buying an additional 297,077 shares during the last quarter. UBS Asset Management Americas Inc. lifted its stake in Carvana by 127.3% in the third quarter. UBS Asset Management Americas Inc. now owns 520,687 shares of the company’s stock valued at $157,008,000 after buying an additional 291,607 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in Carvana in the third quarter valued at approximately $85,781,000. Finally, BlackRock Inc. lifted its stake in Carvana by 4.1% in the third quarter. BlackRock Inc. now owns 4,403,672 shares of the company’s stock valued at $1,327,883,000 after buying an additional 171,811 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CVNA traded down $6.41 during trading on Friday, reaching $57.96. 10,951,320 shares of the stock traded hands, compared to its average volume of 6,983,187. Carvana Co. has a fifty-two week low of $57.40 and a fifty-two week high of $376.83. The stock’s 50-day simple moving average is $114.60 and its two-hundred day simple moving average is $189.71. The stock has a market cap of $10.03 billion, a price-to-earnings ratio of -14.38 and a beta of 2.30. The company has a debt-to-equity ratio of 6.11, a current ratio of 1.69 and a quick ratio of 0.60.

Carvana (NYSE:CVNAGet Rating) last issued its quarterly earnings results on Wednesday, April 20th. The company reported ($2.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.72) by ($1.17). Carvana had a negative net margin of 2.55% and a negative return on equity of 53.77%. The firm had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.37 billion. During the same quarter in the prior year, the firm earned ($0.46) earnings per share. The company’s revenue was up 55.8% on a year-over-year basis. Research analysts anticipate that Carvana Co. will post -6.27 earnings per share for the current fiscal year.

A number of research analysts have recently issued reports on the company. Cowen dropped their target price on Carvana from $300.00 to $230.00 and set an “outperform” rating on the stock in a report on Thursday, April 21st. Oppenheimer dropped their target price on Carvana from $430.00 to $220.00 and set an “outperform” rating on the stock in a report on Friday, April 8th. Morgan Stanley dropped their price objective on Carvana from $430.00 to $360.00 and set an “overweight” rating on the stock in a report on Thursday, March 3rd. Wells Fargo & Company dropped their price objective on Carvana from $200.00 to $150.00 and set an “overweight” rating on the stock in a report on Thursday, April 21st. Finally, Royal Bank of Canada dropped their price objective on Carvana from $138.00 to $85.00 and set a “sector perform” rating on the stock in a report on Thursday, April 21st. Seven equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $228.13.

In other news, major shareholder Ernest C. Garcia II acquired 3,362,500 shares of Carvana stock in a transaction on Tuesday, April 26th. The shares were purchased at an average price of $80.00 per share, with a total value of $269,000,000.00. Following the acquisition, the insider now owns 3,362,500 shares in the company, valued at $269,000,000. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Stephen R. Palmer sold 1,000 shares of the company’s stock in a transaction on Tuesday, March 1st. The shares were sold at an average price of $148.73, for a total transaction of $148,730.00. The disclosure for this sale can be found here. Over the last quarter, insiders bought 3,687,500 shares of company stock worth $295,619,250 and sold 1,026 shares worth $153,014. Corporate insiders own 10.70% of the company’s stock.

Carvana Profile (Get Rating)

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. The company's 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.

See Also

Institutional Ownership by Quarter for Carvana (NYSE:CVNA)

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