Whale Rock Capital Management LLC Makes New Investment in Carvana Co. (NYSE:CVNA)

Whale Rock Capital Management LLC acquired a new stake in shares of Carvana Co. (NYSE:CVNA - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 935,919 shares of the company's stock, valued at approximately $162,953,000. Carvana makes up about 2.3% of Whale Rock Capital Management LLC's investment portfolio, making the stock its 19th largest holding. Whale Rock Capital Management LLC owned 0.45% of Carvana at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Soros Fund Management LLC acquired a new position in Carvana during the third quarter worth about $2,817,000. State Street Corp grew its position in shares of Carvana by 6.1% in the third quarter. State Street Corp now owns 1,877,511 shares of the company's stock valued at $326,893,000 after purchasing an additional 107,610 shares in the last quarter. Stifel Financial Corp increased its holdings in shares of Carvana by 65.3% in the third quarter. Stifel Financial Corp now owns 5,434 shares of the company's stock valued at $946,000 after purchasing an additional 2,147 shares during the last quarter. Sassicaia Capital Advisers LLC purchased a new position in Carvana during the third quarter worth approximately $348,000. Finally, Quadrature Capital Ltd grew its holdings in Carvana by 268.0% in the 3rd quarter. Quadrature Capital Ltd now owns 34,568 shares of the company's stock valued at $6,015,000 after buying an additional 25,174 shares in the last quarter. 56.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of Carvana from $230.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. Royal Bank of Canada upgraded Carvana to a "sector perform" rating and increased their price objective for the stock from $166.00 to $170.00 in a research report on Monday, August 19th. Jefferies Financial Group raised their price objective on Carvana from $150.00 to $185.00 and gave the stock a "hold" rating in a research report on Tuesday, October 22nd. Piper Sandler upped their target price on shares of Carvana from $151.00 to $225.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. Finally, Citigroup boosted their target price on Carvana from $125.00 to $195.00 and gave the company 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 issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $220.94.

Insider Transactions at Carvana

In other news, COO Benjamin E. Huston sold 3,043 shares of the firm's stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $240.00, for a total transaction of $730,320.00. Following the sale, the chief operating officer now owns 218,686 shares of the company's stock, valued at approximately $52,484,640. This trade represents a 1.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Ernest C. Garcia II sold 75,000 shares of Carvana stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $135.73, for a total value of $10,179,750.00. Following the transaction, the insider now directly owns 40,583,131 shares in the company, valued at approximately $5,508,348,370.63. This trade represents a 0.18 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,097,063 shares of company stock valued at $393,287,959. Corporate insiders own 17.12% of the company's stock.

Carvana Stock Down 2.6 %

Shares of CVNA traded down $6.72 during midday trading on Friday, hitting $249.01. The company had a trading volume of 2,006,407 shares, compared to its average volume of 4,588,459. The company's 50-day simple moving average is $220.14 and its 200-day simple moving average is $162.90. The company has a debt-to-equity ratio of 18.99, a quick ratio of 2.12 and a current ratio of 3.25. The firm has a market capitalization of $51.70 billion, a P/E ratio of 25,598.60 and a beta of 3.32. Carvana Co. has a 1 year low of $36.53 and a 1 year high of $268.34.

Carvana (NYSE:CVNA - Get Free Report) last announced 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 during the quarter, compared to analysts' expectations of $3.47 billion. The business's quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.23 EPS. As a group, sell-side analysts expect that Carvana Co. will post 0.76 EPS for the current year.

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.