Charles Schwab Investment Management Inc. Sells 261,094 Shares of Carvana Co. (NYSE:CVNA)

Charles Schwab Investment Management Inc. trimmed its stake in Carvana Co. (NYSE:CVNA) by 38.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 423,873 shares of the company’s stock after selling 261,094 shares during the period. Charles Schwab Investment Management Inc. owned 0.20% of Carvana worth $73,801,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Sylebra Capital LLC purchased a new position in Carvana in the second quarter worth $67,686,000. Senator Investment Group LP purchased a new position in Carvana during the 2nd quarter worth $63,767,000. Driehaus Capital Management LLC increased its position in Carvana by 124.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock valued at $74,888,000 after buying an additional 323,153 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Carvana in the second quarter valued at about $39,997,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Carvana in the second quarter valued at about $37,728,000. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Carvana Stock Down 0.4 %

CVNA opened at $254.97 on Friday. The company has a fifty day moving average of $209.98 and a two-hundred day moving average of $157.41. The stock has a market capitalization of $52.94 billion, a price-to-earnings ratio of 25,497.00 and a beta of 3.37. Carvana Co. has a fifty-two week low of $29.84 and a fifty-two week high of $268.34. 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 announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.41. The business had revenue of $3.66 billion during the quarter, compared to analysts’ expectations of $3.47 billion. Carvana’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.23 EPS. On average, research analysts expect that Carvana Co. will post 0.76 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on CVNA. Needham & Company LLC upped their price objective on shares of Carvana from $200.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, October 31st. TD Cowen raised their price target on shares of Carvana from $110.00 to $148.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. DA Davidson boosted their price objective on shares of Carvana from $110.00 to $155.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. JMP Securities lifted their price target on Carvana from $200.00 to $320.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company increased their price objective on Carvana from $175.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Carvana has an average rating of “Hold” and an average price target of $217.71.

Insider Activity

In related news, Director Gregory B. Sullivan sold 5,000 shares of Carvana stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $235.00, for a total value of $1,175,000.00. Following the sale, the director now directly owns 53,407 shares in the company, valued at approximately $12,550,645. The trade was a 8.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark W. Jenkins sold 208,495 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,118,063 shares of company stock worth $389,949,579 over the last three months. 17.12% of the stock is currently owned by corporate insiders.

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.