Highland Capital Management LLC Has $864,000 Stock Position in Carvana Co. (NYSE:CVNA)

Highland Capital Management LLC lowered its position in Carvana Co. (NYSE:CVNA) by 43.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,250 shares of the company’s stock after selling 3,296 shares during the quarter. Highland Capital Management LLC’s holdings in Carvana were worth $864,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVNA. Swedbank AB bought a new position in Carvana during the fourth quarter valued at approximately $10,862,000. Forsta AP Fonden bought a new position in shares of Carvana during the 4th quarter valued at $10,165,000. Smith Group Asset Management LLC acquired a new stake in shares of Carvana in the 4th quarter valued at $571,000. Robeco Institutional Asset Management B.V. bought a new stake in Carvana in the fourth quarter worth $957,000. Finally, R Squared Ltd acquired a new position in Carvana during the fourth quarter worth $171,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Carvana Stock Performance

NYSE:CVNA opened at $243.99 on Friday. The firm has a market capitalization of $50.66 billion, a PE ratio of 24,423.42 and a beta of 3.38. 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 Co. has a 12-month low of $40.21 and a 12-month high of $268.34. The firm has a 50-day moving average price of $230.82 and a 200 day moving average price of $193.19.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.23 by $0.41. The company had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.47 billion. During the same quarter last year, the business earned $0.23 EPS. Carvana’s quarterly revenue was up 31.8% compared to the same quarter last year. Research analysts anticipate that Carvana Co. will post 0.88 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Morgan Stanley upgraded Carvana from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $110.00 to $260.00 in a research note on Tuesday, November 5th. Wedbush lifted their price target on shares of Carvana from $150.00 to $175.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price objective on shares of Carvana in a report on Monday, December 16th. Needham & Company LLC reissued a “buy” rating and set a $330.00 target price on shares of Carvana in a research report on Tuesday, January 7th. Finally, Piper Sandler raised their price target on Carvana from $151.00 to $225.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Nine research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $241.94.

Insider Buying and Selling at Carvana

In other Carvana news, insider Ryan S. Keeton sold 24,845 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $247.90, for a total value of $6,159,075.50. Following the transaction, the insider now owns 151,029 shares of the company’s stock, valued at approximately $37,440,089.10. The trade was a 14.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark W. Jenkins sold 20,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $241.78, for a total value of $4,835,600.00. Following the completion of the sale, the chief financial officer now owns 170,732 shares of the company’s stock, valued at approximately $41,279,582.96. This trade represents a 10.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 347,340 shares of company stock valued at $81,044,588. 17.12% of the stock is currently owned by company insiders.

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.