Penserra Capital Management LLC Takes Position in Carvana Co (CVNA)
Penserra Capital Management LLC acquired a new stake in shares of Carvana Co (NASDAQ:CVNA) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 209,023 shares of the company’s stock, valued at approximately $4,278,000. Carvana accounts for approximately 1.8% of Penserra Capital Management LLC’s portfolio, making the stock its 11th largest position. Penserra Capital Management LLC owned approximately 1.39% of Carvana at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the stock. ClariVest Asset Management LLC acquired a new position in shares of Carvana during the second quarter valued at about $190,000. Rhumbline Advisers purchased a new stake in Carvana during the second quarter worth $392,000. Schwab Charles Investment Management Inc. purchased a new stake in Carvana during the second quarter worth $508,000. Spark Investment Management LLC purchased a new stake in Carvana during the second quarter worth $2,274,000. Finally, Blair William & Co. IL purchased a new stake in Carvana during the second quarter worth $8,002,000.
Shares of Carvana Co (NASDAQ CVNA) opened at 14.84 on Friday. The firm has a 50-day moving average price of $18.90 and a 200 day moving average price of $15.98. Carvana Co has a 1-year low of $8.14 and a 1-year high of $23.70. The company’s market cap is $230.29 million.
Carvana (NASDAQ:CVNA) last issued its earnings results on Tuesday, August 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.02. The company had revenue of $209.37 million during the quarter, compared to analysts’ expectations of $198.84 million. The business’s quarterly revenue was up 142.0% compared to the same quarter last year. On average, analysts predict that Carvana Co will post ($1.13) EPS for the current fiscal year.
A number of equities research analysts have recently weighed in on CVNA shares. Susquehanna Bancshares Inc started coverage on Carvana in a research report on Wednesday, May 3rd. They set a “neutral” rating and a $10.00 target price for the company. Deutsche Bank AG reaffirmed a “buy” rating and set a $22.00 price objective on shares of Carvana in a research note on Tuesday, May 23rd. BMO Capital Markets reissued an “outperform” rating and issued a $25.00 target price (up from $15.00) on shares of Carvana in a research note on Monday, June 26th. Wedbush started coverage on Carvana in a research note on Monday, July 17th. They issued a “neutral” rating and a $25.00 target price for the company. Finally, JMP Securities started coverage on Carvana in a research note on Tuesday, May 23rd. They issued an “outperform” rating and a $17.00 target price for the company. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $21.40.
Carvana Co is an e-commerce platform for buying used cars. On the Company’s platform, consumers can research and identify a vehicle, inspect it using its proprietary 360-degree vehicle imaging technology, obtain financing and warranty coverage, purchase the vehicle and schedule delivery or pick-up, all from their desktop or mobile devices.
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