Formula Growth Ltd. Grows Holdings in Carvana Co. (CVNA)
Formula Growth Ltd. grew its holdings in shares of Carvana Co. (NYSE:CVNA) by 75.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,000 shares of the company’s stock after buying an additional 15,000 shares during the quarter. Formula Growth Ltd.’s holdings in Carvana were worth $514,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in CVNA. Abrams Bison Investments LLC purchased a new stake in Carvana during the second quarter worth approximately $51,175,000. FMR LLC purchased a new position in shares of Carvana in the second quarter valued at $26,992,000. Royal Bank of Canada purchased a new position in shares of Carvana in the second quarter valued at $15,354,000. Principal Financial Group Inc. purchased a new position in shares of Carvana in the second quarter valued at $14,998,000. Finally, Goodnow Investment Group LLC purchased a new position in shares of Carvana in the second quarter valued at $11,706,000. Institutional investors own 15.20% of the company’s stock.
Several brokerages have recently weighed in on CVNA. ValuEngine downgraded shares of Carvana from a “hold” rating to a “sell” rating in a research note on Friday. JMP Securities decreased their target price on shares of Carvana from $25.00 to $23.00 and set an “outperform” rating for the company in a research note on Wednesday, November 8th. B. Riley restated a “sell” rating and issued a $12.00 target price on shares of Carvana in a research note on Wednesday, November 8th. Robert W. Baird restated an “outperform” rating and issued a $22.00 target price on shares of Carvana in a research note on Thursday, September 7th. Finally, Wedbush restated a “neutral” rating and issued a $14.00 target price (down from $20.00) on shares of Carvana in a research note on Wednesday, November 8th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $19.31.
Carvana (NYSE:CVNA) last posted its quarterly earnings results on Tuesday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.01. The firm had revenue of $225.40 million for the quarter, compared to analysts’ expectations of $243.61 million. Carvana had a negative net margin of 11.81% and a negative return on equity of 153.67%. research analysts forecast that Carvana Co. will post -1.19 EPS for the current year.
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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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