Carvana Co. (NYSE:CVNA) Short Interest Down 5.1% in May

Carvana Co. (NYSE:CVNA) saw a large drop in short interest in May. As of May 31st, there was short interest totalling 22,720,000 shares, a drop of 5.1% from the May 15th total of 23,950,000 shares. Based on an average daily volume of 4,390,000 shares, the short-interest ratio is currently 5.2 days.

Analyst Ratings Changes

A number of research firms have issued reports on CVNA. TD Cowen raised their target price on Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a report on Monday, April 29th. Morgan Stanley raised their target price on Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a report on Monday, February 26th. Royal Bank of Canada raised their target price on Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a report on Thursday, May 2nd. Jefferies Financial Group raised Carvana from an “underperform” rating to a “hold” rating and lifted their price objective for the stock from $30.00 to $85.00 in a report on Tuesday, March 12th. Finally, Raymond James raised Carvana from an “underperform” rating to a “market perform” rating in a report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $84.36.

Carvana Stock Up 5.7 %

CVNA stock opened at $108.94 on Tuesday. The company has a market cap of $22.07 billion, a P/E ratio of 47.78 and a beta of 3.29. Carvana has a twelve month low of $20.60 and a twelve month high of $129.00. The business has a fifty day moving average of $99.04 and a 200-day moving average of $73.03.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, May 1st. The company reported ($0.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.35. The firm had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $2.72 billion. As a group, equities research analysts anticipate that Carvana will post -0.75 earnings per share for the current fiscal year.

Insider Transactions at Carvana

In related news, insider Thomas Taira sold 4,197 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $82.84, for a total value of $347,679.48. Following the transaction, the insider now directly owns 164,827 shares of the company’s stock, valued at approximately $13,654,268.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Carvana news, major shareholder Ernest C. Garcia II sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $125.43, for a total value of $9,407,250.00. Following the sale, the insider now owns 2,917,500 shares of the company’s stock, valued at approximately $365,942,025. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas Taira sold 4,197 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $82.84, for a total value of $347,679.48. Following the completion of the sale, the insider now directly owns 164,827 shares in the company, valued at approximately $13,654,268.68. The disclosure for this sale can be found here. Insiders sold 1,441,829 shares of company stock valued at $152,892,683 in the last three months. Corporate insiders own 17.18% of the company’s stock.

Institutional Investors Weigh In On Carvana

A number of institutional investors have recently made changes to their positions in CVNA. Charles Schwab Investment Management Inc. grew its stake in Carvana by 6.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 831,879 shares of the company’s stock valued at $44,040,000 after acquiring an additional 53,318 shares during the period. Blue Trust Inc. acquired a new position in Carvana in the fourth quarter valued at about $29,000. Vanguard Group Inc. grew its stake in Carvana by 0.7% in the third quarter. Vanguard Group Inc. now owns 9,367,976 shares of the company’s stock valued at $393,268,000 after acquiring an additional 62,820 shares during the period. Rafferty Asset Management LLC grew its stake in Carvana by 38.6% in the fourth quarter. Rafferty Asset Management LLC now owns 43,792 shares of the company’s stock valued at $2,318,000 after acquiring an additional 12,193 shares during the period. Finally, Investmentaktiengesellschaft Fuer Langfristige Investoren TGV grew its stake in Carvana by 17.6% in the fourth quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 500,000 shares of the company’s stock valued at $26,470,000 after acquiring an additional 75,000 shares during the period. 56.71% of the stock is owned by institutional investors and hedge funds.

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.