Harvest Fund Management Co. Ltd Acquires 854 Shares of Carvana Co. (NYSE:CVNA)

Harvest Fund Management Co. Ltd lifted its holdings in shares of Carvana Co. (NYSE:CVNA) by 57.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,343 shares of the company’s stock after purchasing an additional 854 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Carvana were worth $476,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CVNA. FMR LLC raised its stake in Carvana by 90.8% in the 3rd quarter. FMR LLC now owns 12,361,790 shares of the company’s stock valued at $2,152,311,000 after acquiring an additional 5,882,656 shares during the period. Whale Rock Capital Management LLC bought a new stake in Carvana in the 3rd quarter valued at about $162,953,000. Lord Abbett & CO. LLC raised its stake in Carvana by 1,454.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 538,473 shares of the company’s stock valued at $93,754,000 after acquiring an additional 503,824 shares during the period. Raymond James Financial Inc. bought a new stake in Carvana in the 4th quarter valued at about $60,866,000. Finally, Eagle Asset Management Inc. bought a new stake in Carvana in the 3rd quarter valued at about $50,531,000. 56.71% of the stock is currently owned by institutional investors.

Insider Activity

In other news, COO Benjamin E. Huston sold 50,000 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $178.49, for a total transaction of $8,924,500.00. Following the completion of the sale, the chief operating officer now owns 196,278 shares of the company’s stock, valued at approximately $35,033,660.22. This represents a 20.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark W. Jenkins sold 28,422 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $288.85, for a total value of $8,209,694.70. Following the sale, the chief financial officer now directly owns 219,962 shares of the company’s stock, valued at approximately $63,536,023.70. This trade represents a 11.44 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 119,784 shares of company stock valued at $27,524,344. 17.12% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CVNA shares. JMP Securities restated a “market outperform” rating and issued a $320.00 price objective on shares of Carvana in a research note on Monday, December 16th. Wedbush set a $250.00 target price on Carvana and gave the company a “neutral” rating in a report on Wednesday, February 19th. Stephens reaffirmed an “overweight” rating and set a $300.00 target price on shares of Carvana in a report on Monday, March 3rd. Evercore ISI reduced their target price on Carvana from $250.00 to $240.00 and set an “in-line” rating for the company in a report on Tuesday, March 11th. Finally, Royal Bank of Canada lifted their target price on Carvana from $280.00 to $320.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Carvana has a consensus rating of “Moderate Buy” and an average target price of $262.71.

Carvana Stock Up 3.2 %

Shares of NYSE CVNA opened at $191.38 on Friday. Carvana Co. has a one year low of $67.61 and a one year high of $292.84. The company has a debt-to-equity ratio of 3.82, a current ratio of 3.64 and a quick ratio of 2.12. The firm’s 50 day simple moving average is $227.57 and its two-hundred day simple moving average is $214.47. The stock has a market capitalization of $40.80 billion, a P/E ratio of 121.90 and a beta of 3.56.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.27. Carvana had a net margin of 1.54% and a return on equity of 36.59%. The business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.32 billion. As a group, analysts expect that Carvana Co. will post 2.85 EPS for the current fiscal year.

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.