Sylebra HK Co Ltd reduced its stake in shares of Carvana Co. (NYSE:CVNA) by 11.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,302,413 shares of the company’s stock after selling 165,891 shares during the quarter. Carvana comprises approximately 2.4% of Sylebra HK Co Ltd’s holdings, making the stock its 13th largest position. Sylebra HK Co Ltd owned about 0.93% of Carvana worth $29,864,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Spruce House Investment Management LLC bought a new stake in Carvana in the first quarter worth $6,486,000. Landscape Capital Management L.L.C. bought a new stake in Carvana in the first quarter worth $1,519,000. Spark Investment Management LLC bought a new stake in Carvana in the first quarter worth $481,000. Chicago Capital LLC bought a new stake in Carvana in the first quarter worth $14,134,000. Finally, BlackRock Inc. lifted its position in Carvana by 1.2% in the first quarter. BlackRock Inc. now owns 956,715 shares of the company’s stock worth $21,938,000 after buying an additional 11,496 shares during the last quarter. 16.03% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently issued reports on CVNA. Wedbush set a $24.00 price target on Carvana and gave the stock a “neutral” rating in a research report on Tuesday, April 24th. Citigroup set a $36.00 price target on Carvana and gave the stock a “buy” rating in a research report on Thursday, April 26th. Craig Hallum set a $28.00 price target on Carvana and gave the stock a “hold” rating in a research report on Tuesday, April 24th. Deutsche Bank upgraded Carvana from a “hold” rating to a “buy” rating in a research report on Thursday, May 10th. Finally, ValuEngine upgraded Carvana from a “hold” rating to a “buy” rating in a research note on Thursday, May 3rd. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Carvana presently has a consensus rating of “Buy” and a consensus price target of $24.81.
Carvana (NYSE:CVNA) last released its earnings results on Wednesday, May 9th. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.01). The business had revenue of $360.00 million during the quarter, compared to analysts’ expectations of $355.85 million. Carvana had a negative return on equity of 30.96% and a negative net margin of 6.09%. The business’s revenue for the quarter was up 126.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.28) EPS. research analysts expect that Carvana Co. will post -1.36 EPS for the current year.
In other news, insider Paul W. Breaux sold 5,000 shares of the firm’s stock in a transaction on Monday, April 30th. The stock was sold at an average price of $27.50, for a total transaction of $137,500.00. Following the transaction, the insider now owns 5,000 shares in the company, valued at $137,500. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Benjamin E. Huston sold 110,000 shares of the firm’s stock in a transaction on Monday, April 30th. The shares were sold at an average price of $27.50, for a total value of $3,025,000.00. Following the transaction, the chief operating officer now owns 110,000 shares in the company, valued at approximately $3,025,000. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,320,000 shares of company stock worth $61,134,000. Insiders own 21.41% of the company’s stock.
Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying used cars in the United States. The company purchases, reconditions, sells, and delivers vehicles. Its platform allows customers to research and identify a vehicle; inspect it using company's proprietary 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up.
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