Carvana Co. (NYSE:CVNA) is Divisadero Street Capital Management LP’s 7th Largest Position

Divisadero Street Capital Management LP decreased its holdings in Carvana Co. (NYSE:CVNA) by 10.7% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 249,772 shares of the company’s stock after selling 30,035 shares during the quarter. Carvana accounts for approximately 4.9% of Divisadero Street Capital Management LP’s investment portfolio, making the stock its 7th largest holding. Divisadero Street Capital Management LP’s holdings in Carvana were worth $32,151,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ridgewood Investments LLC acquired a new position in shares of Carvana during the second quarter worth about $32,000. Summit Securities Group LLC lifted 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 acquiring an additional 3,300 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Carvana by 450.8% in the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock worth $43,000 after acquiring an additional 275 shares during the period. Benjamin F. Edwards & Company Inc. acquired a new stake in Carvana in the second quarter valued at approximately $51,000. Finally, GAMMA Investing LLC raised its stake in shares of Carvana by 127.9% during the second quarter. GAMMA Investing LLC now owns 458 shares of the company’s stock valued at $59,000 after purchasing an additional 257 shares during the period. 56.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on CVNA. Robert W. Baird began coverage on shares of Carvana in a research note on Thursday, August 1st. They issued a “neutral” rating and a $160.00 target price for the company. Wedbush raised shares of Carvana to a “neutral” rating and upped their price objective for the company from $120.00 to $150.00 in a research report on Monday, August 19th. Wells Fargo & Company raised Carvana from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $77.00 to $175.00 in a research report on Thursday, August 1st. Royal Bank of Canada raised Carvana to a “sector perform” rating and increased their price target for the company from $166.00 to $170.00 in a report on Monday, August 19th. Finally, DA Davidson lifted their price objective on Carvana from $110.00 to $155.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $153.88.

Insider Buying and Selling at Carvana

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the completion of the transaction, the insider now owns 40,058,131 shares in the company, valued at $6,209,010,305. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the completion of the transaction, the insider now directly owns 40,058,131 shares in the company, valued at $6,209,010,305. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ira J. Platt sold 664 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $150.00, for a total value of $99,600.00. Following the completion of the transaction, the director now directly owns 30,227 shares of the company’s stock, valued at $4,534,050. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,521,866 shares of company stock worth $347,083,884. 17.12% of the stock is owned by insiders.

Carvana Price Performance

CVNA opened at $170.72 on Friday. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. The company’s 50-day moving average price is $141.54 and its 200 day moving average price is $114.04. Carvana Co. has a fifty-two week low of $25.09 and a fifty-two week high of $171.67. The firm has a market cap of $34.58 billion, a price-to-earnings ratio of 74.88 and a beta of 3.43.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.14 earnings per share for the quarter. The company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.23 billion. As a group, sell-side analysts expect that Carvana Co. will post 0.18 earnings per share for the current year.

About Carvana

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.