JAT Capital Mgmt LP Makes New $13.34 Million Investment in Carvana Co. (NYSE:CVNA)

JAT Capital Mgmt LP bought a new stake in Carvana Co. (NYSE:CVNA) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 76,607 shares of the company’s stock, valued at approximately $13,338,000. Carvana makes up about 2.1% of JAT Capital Mgmt LP’s holdings, making the stock its 16th biggest holding.

Several other large investors also recently bought and sold shares of CVNA. Sugarloaf Wealth Management LLC acquired a new position in Carvana in the third quarter valued at approximately $32,000. Capital Performance Advisors LLP acquired a new stake in Carvana in the third quarter worth approximately $40,000. Ridgewood Investments LLC acquired a new position in Carvana during the second quarter worth about $32,000. First Horizon Advisors Inc. raised its holdings in shares of Carvana by 363.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 250 shares of the company’s stock worth $44,000 after purchasing an additional 196 shares in the last quarter. Finally, Summit Securities Group LLC lifted its position in shares of Carvana by 110.0% during the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after acquiring an additional 3,300 shares during the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

Carvana Price Performance

Shares of CVNA stock opened at $260.42 on Friday. The company has a market cap of $54.07 billion, a P/E ratio of 26,068.07 and a beta of 3.37. The company has a quick ratio of 2.12, a current ratio of 3.25 and a debt-to-equity ratio of 18.99. The business has a fifty day simple moving average of $211.66 and a 200 day simple moving average of $158.09. Carvana Co. has a twelve month low of $29.84 and a twelve month high of $268.34.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.41. The business had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.47 billion. The business’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.23 EPS. On average, sell-side analysts forecast that Carvana Co. will post 0.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CVNA shares. JMP Securities upped their price target on shares of Carvana from $200.00 to $320.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. Morgan Stanley upgraded shares of Carvana from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $110.00 to $260.00 in a research note on Tuesday, November 5th. Stephens assumed coverage on Carvana in a research note on Thursday, September 12th. They issued an “overweight” rating and a $190.00 price objective on the stock. Jefferies Financial Group boosted their target price on shares of Carvana from $150.00 to $185.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada raised Carvana to a “sector perform” rating and increased their price objective for the company from $166.00 to $170.00 in a research report on Monday, August 19th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $217.71.

Insiders Place Their Bets

In other Carvana news, CFO Mark W. Jenkins sold 20,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $241.78, for a total value of $4,835,600.00. Following the completion of the sale, the chief financial officer now directly owns 170,732 shares of the company’s stock, valued at $41,279,582.96. This trade represents a 10.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul W. Breaux sold 14,548 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $198.00, for a total transaction of $2,880,504.00. Following the completion of the sale, the insider now directly owns 119,494 shares in the company, valued at approximately $23,659,812. This trade represents a 10.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,118,063 shares of company stock worth $389,949,579. 17.12% of the stock is currently owned by company insiders.

Carvana 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.