State of New Jersey Common Pension Fund D Increases Stock Holdings in Carvana Co. (NYSE:CVNA)

State of New Jersey Common Pension Fund D increased its stake in Carvana Co. (NYSE:CVNA - Free Report) by 7.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 42,052 shares of the company's stock after buying an additional 2,771 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Carvana were worth $8,552,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. FMR LLC grew its position in shares of 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 position in Carvana during the third quarter worth about $162,953,000. Lord Abbett & CO. LLC increased its position in Carvana by 1,454.1% during the third quarter. Lord Abbett & CO. LLC now owns 538,473 shares of the company's stock worth $93,754,000 after buying an additional 503,824 shares during the last quarter. Eagle Asset Management Inc. bought a new stake in Carvana in the third quarter valued at approximately $50,531,000. Finally, Holocene Advisors LP lifted its position in shares of Carvana by 108.2% in the third quarter. Holocene Advisors LP now owns 554,112 shares of the company's stock valued at $96,476,000 after buying an additional 287,983 shares during the last quarter. 56.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Carvana

In other Carvana news, Director Ira J. Platt sold 25,000 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $244.30, for a total transaction of $6,107,500.00. Following the transaction, the director now directly owns 5,227 shares in the company, valued at approximately $1,276,956.10. This represents a 82.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark W. Jenkins sold 28,422 shares of the firm's stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 219,962 shares of the company's stock, valued at approximately $63,536,023.70. This represents a 11.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 173,629 shares of company stock worth $44,833,799. 17.12% of the stock is currently owned by insiders.

Carvana Price Performance

NYSE:CVNA traded down $24.58 during mid-day trading on Friday, reaching $223.14. The stock had a trading volume of 6,856,676 shares, compared to its average volume of 4,083,558. The stock has a 50-day simple moving average of $234.85 and a two-hundred day simple moving average of $207.18. The company has a debt-to-equity ratio of 18.99, a current ratio of 3.25 and a quick ratio of 2.12. Carvana Co. has a 12 month low of $49.38 and a 12 month high of $292.84. The stock has a market capitalization of $46.33 billion, a PE ratio of 142.13 and a beta of 3.37.

Carvana (NYSE:CVNA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.27. Carvana had a return on equity of 446.67% and a net margin of 1.54%. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.32 billion. On average, equities analysts anticipate that Carvana Co. will post 2.85 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CVNA shares. JPMorgan Chase & Co. raised their price target on Carvana from $300.00 to $350.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Piper Sandler raised their target price on shares of Carvana from $151.00 to $225.00 and gave the stock a "neutral" rating in a research note on Thursday, October 31st. Needham & Company LLC upped their price target on shares of Carvana from $330.00 to $340.00 and gave the company a "buy" rating in a research note on Thursday. DA Davidson upped their target price on Carvana from $220.00 to $260.00 and gave the company a "neutral" rating in a research report on Thursday. Finally, Stephens reaffirmed an "overweight" rating and issued a $300.00 price objective on shares of Carvana in a report on Thursday, February 6th. Nine investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Carvana currently has a consensus rating of "Moderate Buy" and a consensus target price of $265.06.

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.