Virtu Financial LLC Sells 44,533 Shares of Carvana Co. (NYSE:CVNA)

Virtu Financial LLC cut its position in Carvana Co. (NYSE:CVNA - Free Report) by 79.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,430 shares of the company's stock after selling 44,533 shares during the quarter. Virtu Financial LLC's holdings in Carvana were worth $1,990,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Geode Capital Management LLC lifted its holdings in shares of Carvana by 7.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,803,546 shares of the company's stock valued at $315,133,000 after purchasing an additional 131,059 shares during the last quarter. M&T Bank Corp acquired a new position in Carvana during the 3rd quarter valued at about $1,185,000. Abel Hall LLC acquired a new position in Carvana during the 3rd quarter valued at about $202,000. Luxor Capital Group LP purchased a new stake in Carvana in the third quarter valued at about $5,430,000. Finally, MML Investors Services LLC boosted its holdings in Carvana by 3.0% in the third quarter. MML Investors Services LLC now owns 4,172 shares of the company's stock worth $726,000 after acquiring an additional 122 shares in the last quarter. 56.71% of the stock is owned by hedge funds and other institutional investors.

Carvana Price Performance

Carvana stock traded up $0.52 during midday trading on Friday, hitting $248.29. The company's stock had a trading volume of 1,231,905 shares, compared to its average volume of 4,543,033. Carvana Co. has a 12 month low of $40.21 and a 12 month high of $268.34. The company has a quick ratio of 2.12, a current ratio of 3.25 and a debt-to-equity ratio of 18.99. The stock's 50-day moving average price is $228.64 and its 200-day moving average price is $168.46. The company has a market capitalization of $51.55 billion, a PE ratio of 24,829.00 and a beta of 3.32.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.41. The company 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% compared to the same quarter last year. During the same period last year, the company earned $0.23 earnings per share. Analysts anticipate that Carvana Co. will post 0.76 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on CVNA shares. Robert W. Baird raised their price target on shares of Carvana from $160.00 to $240.00 and gave the stock a "neutral" rating in a research report on Thursday, October 31st. Stephens initiated coverage on shares of Carvana in a report on Thursday, September 12th. They set an "overweight" rating and a $190.00 target price for the company. Morgan Stanley upgraded shares of Carvana from an "underweight" rating to an "equal weight" rating and boosted their target price for the company from $110.00 to $260.00 in a research report on Tuesday, November 5th. JMP Securities increased 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, Jefferies Financial Group lifted their price objective on Carvana from $150.00 to $185.00 and gave the company a "hold" rating in a research note on Tuesday, October 22nd. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $222.71.

Insiders Place Their Bets

In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction dated 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 transaction, the insider now directly owns 40,058,131 shares in the company, valued at approximately $6,209,010,305. The trade was a 0.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Daniel J. Gill sold 30,000 shares of the company's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $175.00, for a total value of $5,250,000.00. Following the transaction, the insider now directly owns 328,329 shares of the company's stock, valued at approximately $57,457,575. This trade represents a 8.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,071,908 shares of company stock worth $395,374,785 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.