Sassicaia Capital Advisers LLC Takes $348,000 Position in Carvana Co. (NYSE:CVNA)

Sassicaia Capital Advisers LLC bought a new position in shares of Carvana Co. (NYSE:CVNA - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 2,000 shares of the company's stock, valued at approximately $348,000. Carvana accounts for approximately 1.0% of Sassicaia Capital Advisers LLC's holdings, making the stock its 11th largest holding.

A number of other hedge funds also recently made changes to their positions in CVNA. FMR LLC boosted its stake in Carvana by 90.8% in the third 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 last quarter. Lingotto Investment Management LLP grew its holdings in Carvana by 1.4% in the 2nd quarter. Lingotto Investment Management LLP now owns 3,776,747 shares of the company's stock worth $486,143,000 after acquiring an additional 52,833 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Carvana by 12.2% in the second quarter. Renaissance Technologies LLC now owns 813,400 shares of the company's stock worth $104,701,000 after buying an additional 88,500 shares during the period. Driehaus Capital Management LLC raised its position in shares of Carvana by 124.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company's stock worth $74,888,000 after purchasing an additional 323,153 shares during the last quarter. Finally, Holocene Advisors LP raised its holdings in Carvana by 108.2% in the 3rd quarter. Holocene Advisors LP now owns 554,112 shares of the company's stock worth $96,476,000 after purchasing an additional 287,983 shares during the period. 56.71% of the stock is currently owned by institutional investors.

Carvana Price Performance

NYSE:CVNA traded down $2.88 during trading hours on Thursday, hitting $257.25. 1,167,180 shares of the stock traded hands, compared to its average volume of 4,598,110. The stock has a 50 day moving average price of $218.45 and a 200 day moving average price of $162.25. Carvana Co. has a 1 year low of $36.53 and a 1 year high of $268.34. The company has a market cap of $53.41 billion, a price-to-earnings ratio of 26,033.03 and a beta of 3.32. The company has a quick ratio of 2.12, a current ratio of 3.25 and a debt-to-equity ratio of 18.99.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.41. The company had revenue of $3.66 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same quarter last year, the company earned $0.23 EPS. The business's revenue was up 31.8% compared to the same quarter last year. Sell-side analysts forecast that Carvana Co. will post 0.76 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their price target on Carvana from $230.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st. Needham & Company LLC increased their price target on shares of Carvana from $200.00 to $300.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. Piper Sandler lifted their target price on Carvana from $151.00 to $225.00 and gave the company a "neutral" rating in a report on Thursday, October 31st. Jefferies Financial Group increased their target price on shares of Carvana from $150.00 to $185.00 and gave the company a "hold" rating in a research report on Tuesday, October 22nd. Finally, Citigroup boosted their target price on Carvana from $125.00 to $195.00 and gave the stock a "neutral" rating in a research report on Thursday, October 3rd. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $220.94.

Insider Buying and Selling

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction on 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 sale, the insider now owns 40,058,131 shares of the company's stock, valued at $6,209,010,305. The trade was a 0.25 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mark W. Jenkins sold 208,495 shares of the 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 completion of the transaction, the chief financial officer now directly owns 90,732 shares of the company's stock, valued at $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. In the last quarter, insiders sold 2,097,063 shares of company stock valued at $393,287,959. Company insiders own 17.12% of the company's stock.

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.