T. Rowe Price Investment Management Inc. Sells 42,880 Shares of Carvana Co. (NYSE:CVNA)

T. Rowe Price Investment Management Inc. lessened its position in Carvana Co. (NYSE:CVNA - Free Report) by 5.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 683,031 shares of the company's stock after selling 42,880 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 0.33% of Carvana worth $138,902,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sanctuary Advisors LLC acquired a new position in shares of Carvana during the 3rd quarter worth approximately $312,000. World Investment Advisors LLC bought a new stake in Carvana in the 3rd quarter valued at $2,009,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Carvana during the 3rd quarter valued at $241,000. Optimist Retirement Group LLC bought a new stake in shares of Carvana during the 3rd quarter valued at $289,000. Finally, Lord Abbett & CO. LLC grew its position in Carvana by 1,454.1% in the third 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 last quarter. Institutional investors and hedge funds own 56.71% of the company's stock.

Carvana Stock Performance

Carvana stock traded up $2.06 during mid-day trading on Tuesday, reaching $243.59. The company's stock had a trading volume of 1,513,820 shares, compared to its average volume of 4,045,868. Carvana Co. has a 12-month low of $80.07 and a 12-month high of $292.84. The company has a market capitalization of $51.93 billion, a P/E ratio of 155.15 and a beta of 3.61. The company has a debt-to-equity ratio of 3.82, a quick ratio of 2.12 and a current ratio of 3.64. The firm's fifty day moving average price is $204.04 and its two-hundred day moving average price is $223.32.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.56 earnings per share 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 during the quarter, compared to analyst estimates of $3.32 billion. Sell-side analysts predict that Carvana Co. will post 2.85 EPS for the current fiscal year.

Insider Activity

In other news, CFO Mark W. Jenkins sold 43,433 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $209.27, for a total transaction of $9,089,223.91. Following the completion of the transaction, the chief financial officer now directly owns 214,678 shares of the company's stock, valued at approximately $44,925,665.06. This represents a 16.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Benjamin E. Huston sold 50,000 shares of the company's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $150.90, for a total transaction of $7,545,000.00. Following the transaction, the chief operating officer now directly owns 123,803 shares of the company's stock, valued at approximately $18,681,872.70. This trade represents a 28.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 330,810 shares of company stock worth $69,243,820 in the last three months. Corporate insiders own 17.12% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CVNA shares. Morgan Stanley raised shares of Carvana from an "underweight" rating to an "overweight" rating in a report on Monday, March 31st. Wells Fargo & Company decreased their price target on shares of Carvana from $310.00 to $290.00 and set an "overweight" rating for the company in a research report on Monday. Stephens reaffirmed an "overweight" rating and issued a $300.00 price objective on shares of Carvana in a research note on Monday, March 3rd. DA Davidson increased their target price on shares of Carvana from $220.00 to $260.00 and gave the stock a "neutral" rating in a research note on Thursday, February 20th. Finally, Piper Sandler upped their price objective on shares of Carvana from $225.00 to $230.00 and gave the stock an "overweight" rating in a report on Tuesday, April 22nd. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $254.76.

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.