Massachusetts Financial Services Co. MA Trims Stock Position in Carvana Co. (NYSE:CVNA)

Massachusetts Financial Services Co. MA cut its stake in shares of Carvana Co. (NYSE:CVNA) by 2.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 33,007 shares of the company’s stock after selling 798 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Carvana were worth $5,747,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CVNA. Sugarloaf Wealth Management LLC acquired a new position in Carvana during the 3rd quarter worth approximately $32,000. Capital Performance Advisors LLP acquired a new position in Carvana during the 3rd quarter worth approximately $40,000. Ridgewood Investments LLC acquired a new position in Carvana during the 2nd quarter worth approximately $32,000. First Horizon Advisors Inc. increased its position in Carvana by 363.0% during 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 during the period. Finally, Summit Securities Group LLC increased its position in Carvana by 110.0% during the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock worth $39,000 after purchasing an additional 3,300 shares during the period. 56.71% of the stock is owned by hedge funds and other institutional investors.

Carvana Price Performance

Shares of NYSE:CVNA opened at $255.92 on Wednesday. Carvana Co. has a one year low of $29.84 and a one year high of $268.34. The stock has a market cap of $53.14 billion, a PE ratio of 25,625.63 and a beta of 3.37. The business’s fifty day moving average price is $206.13 and its two-hundred day moving average price is $155.75. The company has a debt-to-equity ratio of 18.99, a quick ratio of 2.12 and a current ratio of 3.25.

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

Analyst Upgrades and Downgrades

CVNA has been the topic of several recent analyst reports. Evercore ISI boosted their target price on Carvana from $186.00 to $190.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Robert W. Baird boosted their target price on Carvana from $160.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Citigroup upped their price target on Carvana from $125.00 to $195.00 and gave the stock a “neutral” rating in a report on Thursday, October 3rd. Piper Sandler upped their price target on Carvana from $151.00 to $225.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. upped their price target on Carvana from $230.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Eleven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $217.71.

Insiders Place Their Bets

In related news, CFO Mark W. Jenkins sold 208,495 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $224.43, for a total value of $46,792,532.85. Following the transaction, the chief financial officer now directly owns 90,732 shares of the company’s stock, valued at approximately $20,362,982.76. This trade represents a 69.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $149.16, for a total value of $14,916,000.00. Following the completion of the transaction, the insider now directly owns 41,033,131 shares in the company, valued at $6,120,501,819.96. This trade represents a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,218,063 shares of company stock valued at $404,865,579 in the last quarter. 17.18% 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.