683 Capital Management LLC Takes Position in Carvana Co. (CVNA)

683 Capital Management LLC purchased a new stake in Carvana Co. (NYSE:CVNA) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 200,000 shares of the company’s stock, valued at approximately $2,936,000. 683 Capital Management LLC owned about 0.15% of Carvana as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also modified their holdings of CVNA. Abrams Bison Investments LLC acquired a new stake in Carvana during the second quarter valued at approximately $51,175,000. FMR LLC acquired a new stake in Carvana during the second quarter valued at approximately $26,992,000. Sylebra HK Co Ltd raised its stake in Carvana by 184.4% during the third quarter. Sylebra HK Co Ltd now owns 1,302,420 shares of the company’s stock valued at $19,120,000 after buying an additional 844,516 shares in the last quarter. Royal Bank of Canada acquired a new stake in Carvana during the second quarter valued at approximately $15,354,000. Finally, Principal Financial Group Inc. acquired a new stake in Carvana during the second quarter valued at approximately $14,998,000. 15.20% of the stock is owned by hedge funds and other institutional investors.

Shares of Carvana Co. (CVNA) opened at $23.24 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.71 and a debt-to-equity ratio of 0.07. Carvana Co. has a 1 year low of $8.14 and a 1 year high of $23.70.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Tuesday, November 7th. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.01. The business had revenue of $225.40 million for the quarter, compared to analysts’ expectations of $243.61 million. Carvana had a negative return on equity of 153.67% and a negative net margin of 11.81%. research analysts anticipate that Carvana Co. will post -1.2 earnings per share for the current year.

Several analysts have issued reports on CVNA shares. Zacks Investment Research cut Carvana from a “buy” rating to a “sell” rating in a research note on Thursday, November 2nd. Barrington Research started coverage on Carvana in a research note on Friday, October 27th. They set a “market perform” rating on the stock. Wedbush restated a “neutral” rating and set a $18.14 price objective (down previously from $20.00) on shares of Carvana in a research note on Friday, September 15th. B. Riley restated a “sell” rating and set a $12.00 price objective on shares of Carvana in a research note on Monday, December 4th. Finally, Robert W. Baird increased their price target on Carvana from $17.00 to $23.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 5th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $19.88.

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Carvana Profile

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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Institutional Ownership by Quarter for Carvana (NYSE:CVNA)

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