PCJ Investment Counsel Ltd. Raises Holdings in Carvana Co. (NYSE:CVNA)

PCJ Investment Counsel Ltd. increased its holdings in shares of Carvana Co. (NYSE:CVNA) by 236.3% during the third quarter, HoldingsChannel.com reports. The fund owned 50,450 shares of the company’s stock after buying an additional 35,450 shares during the quarter. Carvana makes up approximately 2.8% of PCJ Investment Counsel Ltd.’s investment portfolio, making the stock its 8th largest position. PCJ Investment Counsel Ltd.’s holdings in Carvana were worth $8,784,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its position in shares of Carvana by 39.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock valued at $655,727,000 after purchasing an additional 2,112,463 shares in the last quarter. Sylebra Capital LLC bought a new stake in shares of Carvana in the 2nd quarter valued at about $67,686,000. Senator Investment Group LP bought a new stake in shares of Carvana in the 2nd quarter valued at about $63,767,000. Driehaus Capital Management LLC increased its holdings in Carvana by 124.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock valued at $74,888,000 after purchasing an additional 323,153 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new position in Carvana during the 2nd quarter valued at about $39,997,000. 56.71% of the stock is currently owned by institutional investors.

Insider Activity

In other Carvana news, COO Benjamin E. Huston sold 3,043 shares of the stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $240.00, for a total value of $730,320.00. Following the completion of the sale, the chief operating officer now owns 218,686 shares in the company, valued at approximately $52,484,640. This represents a 1.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mark W. Jenkins sold 20,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $241.78, for a total value of $4,835,600.00. Following the completion of the sale, the chief financial officer now owns 170,732 shares of the company’s stock, valued at $41,279,582.96. The trade was a 10.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,427,249 shares of company stock valued at $437,470,322 in the last ninety days. 17.18% of the stock is currently owned by company insiders.

Carvana Stock Performance

CVNA stock opened at $249.38 on Wednesday. The stock has a market capitalization of $51.78 billion, a PE ratio of 24,962.96 and a beta of 3.37. Carvana Co. has a 12-month low of $29.84 and a 12-month high of $259.39. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99. The stock’s 50 day simple moving average is $197.26 and its 200 day simple moving average is $151.96.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.41. The firm had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.47 billion. Carvana’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.23 earnings per share. As a group, research analysts forecast that Carvana Co. will post 0.62 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CVNA has been the topic of a number of research analyst reports. TD Cowen upped their target price on Carvana from $110.00 to $148.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Stephens initiated coverage on Carvana in a report on Thursday, September 12th. They set an “overweight” rating and a $190.00 target price on the stock. Wedbush upped their target price on Carvana from $150.00 to $175.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. JPMorgan Chase & Co. upped their target price on Carvana from $230.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, DA Davidson upped their target price on Carvana from $110.00 to $155.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Carvana presently has an average rating of “Hold” and an average price target of $217.71.

Carvana Profile

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.