Connor Clark & Lunn Investment Management Ltd. Reduces Stock Position in Carvana Co. $CVNA

Connor Clark & Lunn Investment Management Ltd. cut its stake in Carvana Co. (NYSE:CVNA) by 26.3% in the third quarter, HoldingsChannel.com reports. The fund owned 139,738 shares of the company’s stock after selling 49,813 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Carvana were worth $52,715,000 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. ORG Partners LLC lifted its position in Carvana by 8,700.0% during the third quarter. ORG Partners LLC now owns 88 shares of the company’s stock valued at $33,000 after purchasing an additional 87 shares during the period. Steigerwald Gordon & Koch Inc. bought a new stake in Carvana in the 3rd quarter worth approximately $38,000. Washington Trust Advisors Inc. purchased a new stake in Carvana during the 3rd quarter valued at $38,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in Carvana during the 2nd quarter valued at $38,000. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of Carvana during the 2nd quarter valued at $49,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Carvana

In other Carvana news, COO Benjamin E. Huston sold 10,000 shares of Carvana stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $401.94, for a total transaction of $4,019,400.00. Following the transaction, the chief operating officer owned 99,871 shares of the company’s stock, valued at $40,142,149.74. The trade was a 9.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark W. Jenkins sold 12,750 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $403.02, for a total transaction of $5,138,505.00. Following the completion of the transaction, the chief financial officer owned 204,036 shares of the company’s stock, valued at approximately $82,230,588.72. The trade was a 5.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 53,574 shares of company stock valued at $21,463,735. 17.12% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CVNA has been the subject of several research analyst reports. BTIG Research cut their price objective on Carvana from $535.00 to $455.00 and set a “buy” rating for the company in a report on Thursday, February 19th. JPMorgan Chase & Co. lowered their target price on Carvana from $510.00 to $490.00 and set an “overweight” rating on the stock in a report on Thursday, February 19th. Argus raised Carvana to a “strong-buy” rating in a research report on Tuesday, March 3rd. Royal Bank Of Canada reduced their price target on shares of Carvana from $500.00 to $440.00 and set an “outperform” rating for the company in a research report on Thursday, February 19th. Finally, Wells Fargo & Company lowered their price objective on shares of Carvana from $525.00 to $425.00 and set an “overweight” rating on the stock in a research note on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Carvana has a consensus rating of “Moderate Buy” and an average price target of $440.59.

Carvana Stock Performance

NYSE:CVNA opened at $292.70 on Friday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 2.73 and a current ratio of 4.31. The stock has a 50-day simple moving average of $390.27 and a two-hundred day simple moving average of $379.11. The firm has a market capitalization of $64.06 billion, a PE ratio of 36.41 and a beta of 3.60. Carvana Co. has a 52-week low of $148.25 and a 52-week high of $486.89.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, February 18th. The company reported $4.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $3.12. The firm had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.24 billion. Carvana had a return on equity of 50.96% and a net margin of 6.92%.The business’s quarterly revenue was up 58.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.56 EPS. Analysts forecast that Carvana Co. will post 2.85 EPS for the current year.

Carvana Company Profile

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana’s model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.