State of New Jersey Common Pension Fund D Grows Stock Holdings in Carvana Co. $CVNA

State of New Jersey Common Pension Fund D increased its stake in shares of Carvana Co. (NYSE:CVNA) by 3.5% in the 2nd quarter, Holdings Channel reports. The firm owned 40,937 shares of the company’s stock after buying an additional 1,381 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Carvana were worth $13,794,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. J.Safra Asset Management Corp boosted its position in shares of Carvana by 140.8% during the first quarter. J.Safra Asset Management Corp now owns 3,390 shares of the company’s stock worth $709,000 after acquiring an additional 1,982 shares during the last quarter. Berkshire Capital Holdings Inc. raised its stake in Carvana by 632,200.0% during the first quarter. Berkshire Capital Holdings Inc. now owns 63,230 shares of the company’s stock valued at $13,220,000 after purchasing an additional 63,220 shares in the last quarter. Hexagon Capital Partners LLC raised its stake in Carvana by 1,791.2% during the first quarter. Hexagon Capital Partners LLC now owns 2,591 shares of the company’s stock valued at $542,000 after purchasing an additional 2,454 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new stake in Carvana during the first quarter valued at $359,000. Finally, Janney Montgomery Scott LLC purchased a new stake in Carvana during the first quarter valued at $204,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Carvana Trading Up 2.7%

Shares of CVNA opened at $351.33 on Friday. Carvana Co. has a twelve month low of $148.25 and a twelve month high of $413.33. The company has a market cap of $75.61 billion, a P/E ratio of 88.05, a P/E/G ratio of 1.12 and a beta of 3.55. The company has a current ratio of 4.00, a quick ratio of 2.58 and a debt-to-equity ratio of 2.51. The company’s fifty day simple moving average is $363.68 and its 200-day simple moving average is $325.82.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.19. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The business had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.54 billion. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. The business’s revenue for the quarter was up 41.9% on a year-over-year basis. As a group, analysts expect that Carvana Co. will post 2.85 EPS for the current year.

Insider Buying and Selling

In related news, insider Daniel J. Gill sold 80,000 shares of the firm’s stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $398.91, for a total value of $31,912,800.00. Following the transaction, the insider owned 197,832 shares of the company’s stock, valued at $78,917,163.12. This trade represents a 28.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $371.30, for a total transaction of $37,130,000.00. Following the completion of the transaction, the insider directly owned 35,142,792 shares in the company, valued at $13,048,518,669.60. This represents a 0.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,498,292 shares of company stock valued at $547,914,707 in the last 90 days. Company insiders own 17.12% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CVNA. Citigroup reaffirmed a “buy” rating on shares of Carvana in a research note on Thursday, October 9th. Zacks Research raised shares of Carvana from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Royal Bank Of Canada upped their price target on shares of Carvana from $400.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday, July 31st. BTIG Research reaffirmed a “buy” rating and set a $450.00 price target on shares of Carvana in a research note on Friday, October 17th. Finally, Morgan Stanley set a $450.00 price target on shares of Carvana in a research note on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $419.94.

About Carvana

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.