Convergence Investment Partners LLC Cuts Position in Carvana Co. (NYSE:CVNA)

Convergence Investment Partners LLC lowered its stake in shares of Carvana Co. (NYSE:CVNA) by 4.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,137 shares of the company’s stock after selling 717 shares during the quarter. Convergence Investment Partners LLC’s holdings in Carvana were worth $3,485,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Venturi Wealth Management LLC increased its position in shares of Carvana by 79.2% during the fourth quarter. Venturi Wealth Management LLC now owns 224 shares of the company’s stock worth $46,000 after acquiring an additional 99 shares during the period. CIBC Asset Management Inc grew its stake in shares of Carvana by 40.8% during the fourth quarter. CIBC Asset Management Inc now owns 4,740 shares of the company’s stock worth $964,000 after purchasing an additional 1,374 shares in the last quarter. State of New Jersey Common Pension Fund D grew its stake in shares of Carvana by 7.1% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 42,052 shares of the company’s stock worth $8,552,000 after purchasing an additional 2,771 shares in the last quarter. Allworth Financial LP grew its stake in shares of Carvana by 30.0% during the fourth quarter. Allworth Financial LP now owns 511 shares of the company’s stock worth $104,000 after purchasing an additional 118 shares in the last quarter. Finally, Principal Securities Inc. grew its stake in shares of Carvana by 50.0% during the fourth quarter. Principal Securities Inc. now owns 366 shares of the company’s stock worth $74,000 after purchasing an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on CVNA. Royal Bank of Canada upgraded shares of Carvana from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $270.00 to $280.00 in a research note on Tuesday, January 7th. JPMorgan Chase & Co. upped their target price on shares of Carvana from $300.00 to $350.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Wedbush reaffirmed a “neutral” rating and issued a $250.00 target price on shares of Carvana in a report on Thursday, February 6th. Robert W. Baird increased their price target on shares of Carvana from $160.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, JMP Securities reissued a “market outperform” rating and set a $320.00 price target on shares of Carvana in a report on Monday, December 16th. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $249.29.

Carvana Stock Down 0.2 %

Shares of NYSE CVNA opened at $284.67 on Wednesday. The firm’s 50 day moving average price is $234.25 and its 200 day moving average price is $206.38. Carvana Co. has a 1 year low of $48.15 and a 1 year high of $291.27. 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 cap of $59.11 billion, a P/E ratio of 28,495.80 and a beta of 3.37.

Insider Activity

In related news, CFO Mark W. Jenkins sold 10,000 shares of Carvana stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $200.75, for a total transaction of $2,007,500.00. Following the sale, the chief financial officer now owns 189,097 shares of the company’s stock, valued at $37,961,222.75. The trade was a 5.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul W. Breaux sold 1,362 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $270.08, for a total transaction of $367,848.96. Following the transaction, the insider now directly owns 153,240 shares of the company’s stock, valued at approximately $41,387,059.20. This represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 173,629 shares of company stock valued at $44,833,799. Company insiders own 17.12% of the company’s stock.

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.