Carvana Co. (NYSE:CVNA) Sees Significant Decline in Short Interest

Carvana Co. (NYSE:CVNA) was the recipient of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 13,860,000 shares, a decrease of 10.1% from the August 15th total of 15,420,000 shares. Based on an average trading volume of 4,170,000 shares, the short-interest ratio is currently 3.3 days.

Insider Activity at Carvana

In other Carvana news, Director Ira J. Platt sold 664 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $150.00, for a total value of $99,600.00. Following the transaction, the director now directly owns 30,227 shares in the company, valued at approximately $4,534,050. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Carvana news, major shareholder Ernest C. Garcia II sold 9,186 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $156.95, for a total value of $1,441,742.70. Following the completion of the sale, the insider now owns 41,433,131 shares of the company’s stock, valued at $6,502,929,910.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ira J. Platt sold 664 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $150.00, for a total transaction of $99,600.00. Following the sale, the director now directly owns 30,227 shares of the company’s stock, valued at approximately $4,534,050. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,481,866 shares of company stock valued at $338,115,484. Insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

Institutional investors and hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in shares of Carvana by 39.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock valued at $655,727,000 after purchasing an additional 2,112,463 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Carvana by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after purchasing an additional 655,603 shares in the last quarter. Sylebra Capital LLC bought a new stake in shares of Carvana during the 2nd quarter valued at about $67,686,000. Senator Investment Group LP bought a new stake in shares of Carvana during the 2nd quarter valued at about $63,767,000. Finally, Driehaus Capital Management LLC boosted its position in shares of Carvana by 124.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock valued at $74,888,000 after purchasing an additional 323,153 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

Carvana Price Performance

Shares of NYSE:CVNA traded up $5.09 during trading on Wednesday, reaching $161.67. 6,365,216 shares of the company traded hands, compared to its average volume of 5,115,030. The company’s 50 day moving average is $140.93 and its two-hundred day moving average is $113.71. The firm has a market capitalization of $32.75 billion, a PE ratio of 70.92 and a beta of 3.43. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. Carvana has a 52 week low of $25.09 and a 52 week high of $167.75.

Carvana (NYSE:CVNA) last issued its earnings results on Wednesday, July 31st. The company reported $0.14 earnings per share (EPS) for the quarter. The firm had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.23 billion. As a group, sell-side analysts predict that Carvana will post 0.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Piper Sandler boosted their target price on shares of Carvana from $105.00 to $151.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. boosted their price target on shares of Carvana from $150.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Royal Bank of Canada raised shares of Carvana to a “sector perform” rating and boosted their price target for the company from $166.00 to $170.00 in a report on Monday, August 19th. Stephens assumed coverage on shares of Carvana in a report on Thursday, September 12th. They set an “overweight” rating and a $190.00 price target for the company. Finally, TD Cowen boosted their price target on shares of Carvana from $110.00 to $148.00 and gave the company a “hold” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Carvana presently has an average rating of “Hold” and a consensus target price of $153.88.

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.