Short Interest in Carvana Co. (NYSE:CVNA) Decreases By 6.3%

31 Oct 2024, 11:00 by Teresa Graham · The Cerbat Gem

Carvana Co. (NYSE:CVNA – Get Free Report) was the target of a large decrease in short interest in October. As of October 15th, there was short interest totalling 13,640,000 shares, a decrease of 6.3% from the September 30th total of 14,550,000 shares. Based on an average daily volume of 3,330,000 shares, the days-to-cover ratio is presently 4.1 days.

Carvana Price Performance

Shares of Carvana stock traded up $41.40 during midday trading on Thursday, hitting $248.71. 4,413,276 shares of the company traded hands, compared to its average volume of 4,786,651. The firm’s fifty day moving average price is $171.06 and its 200-day moving average price is $135.88. The stock has a market cap of $50.38 billion, a price-to-earnings ratio of 108.71 and a beta of 3.44. Carvana has a 12 month low of $25.09 and a 12 month high of $251.85. The company has a debt-to-equity ratio of 47.20, a quick ratio of 2.02 and a current ratio of 3.11.

Carvana (NYSE:CVNA – Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.23 by $0.41. The firm had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.47 billion. Carvana’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.23 earnings per share. As a group, sell-side analysts forecast that Carvana will post 0.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CVNA has been the topic of several research analyst reports. JPMorgan Chase & Co. upped their price objective on Carvana from $230.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday. Jefferies Financial Group raised their target price on shares of Carvana from $150.00 to $185.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Evercore ISI upped their price target on shares of Carvana from $186.00 to $190.00 and gave the company an “in-line” rating in a research note on Wednesday. Bank of America boosted their price objective on Carvana from $185.00 to $210.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Wells Fargo & Company boosted their price target on Carvana from $175.00 to $250.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $197.47.

View Our Latest Research Report on CVNA

Insider Buying and Selling

In related news, major shareholder Ernest C. Garcia II sold 15,814 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $201.16, for a total value of $3,181,144.24. Following the sale, the insider now directly owns 37,442,317 shares of the company’s stock, valued at approximately $7,531,896,487.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Ernest C. Garcia II sold 15,814 shares of the firm’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $201.16, for a total value of $3,181,144.24. Following the completion of the transaction, the insider now owns 37,442,317 shares of the company’s stock, valued at approximately $7,531,896,487.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel J. Gill sold 41,163 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $200.11, for a total value of $8,237,127.93. Following the transaction, the insider now directly owns 283,287 shares of the company’s stock, valued at $56,688,561.57. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,780,891 shares of company stock valued at $465,902,485. 17.12% of the stock is owned by corporate insiders.

Institutional Trading of Carvana

Several institutional investors have recently modified their holdings of the business. QRG Capital Management Inc. raised its position in Carvana by 16.2% during the 3rd quarter. QRG Capital Management Inc. now owns 6,713 shares of the company’s stock worth $1,169,000 after purchasing an additional 935 shares during the last quarter. Forum Financial Management LP lifted its stake in shares of Carvana by 3.8% in the third quarter. Forum Financial Management LP now owns 2,071 shares of the company’s stock worth $361,000 after acquiring an additional 76 shares during the period. CacheTech Inc. bought a new stake in Carvana in the third quarter valued at approximately $224,000. New York State Common Retirement Fund boosted its holdings in Carvana by 6.0% in the third quarter. New York State Common Retirement Fund now owns 156,901 shares of the company’s stock valued at $27,318,000 after acquiring an additional 8,849 shares during the last quarter. Finally, US Bancorp DE increased its position in Carvana by 80.1% during the 3rd quarter. US Bancorp DE now owns 10,342 shares of the company’s stock valued at $1,801,000 after purchasing an additional 4,599 shares during the period. Institutional investors own 56.71% of the company’s stock.

Carvana Company Profile

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