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Funds
9
Score
12.65
vs SPY
-14.0%
Stock return (since Q-end)
-9.6%
SPY return (since Q-end)
+4.5%
Current price
$59.51
Days to cover (short int.)
7.9d↑+8.3%
as of 2026-09-30
News Summary
NeutralCarvana delivered record Q2 2026 results with 197k units (+38% YoY), $7.38B revenue (+52.4% YoY beat), and $513M net income, but guidance disappointed Wall Street and fell short of major analyst expectations. Macro headwinds from oil price shock and consumer pressure prompted BofA downgrade to Neutral, citing balanced risk/reward despite strong execution.
Red flags
- •Forward guidance significantly below analyst expectations (DB: $3.0-3.2B, MS: $4.45B), causing stock decline on earnings
- •BofA downgrade to Neutral citing macro concerns: oil shock pressuring lower/middle-income consumer
- •Elevated valuation following strong rally leaves limited upside per analyst risk/reward reassessment
Funds Buying (9)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Viking Global | Andreas Halvorsen | 12.3M | +9.5M | $811M | 2.3% | +343% | Existing |
| Lone Pine Capital | Steve Mandel | 10.5M | +8.8M | $692M | 4.2% | +500% | Existing |
| Durable Capital Partners | Henry Ellenbogen | 6.7M | +5.7M | $442M | 4.3% | +575% | Existing |
| Sachem Head Capital | Scott Ferguson | 4.5M | +3.7M | $295M | 6.1% | +466% | Existing |
| Whale Rock Capital | Alex Sacerdote | 4.3M | +3.4M | $281M | 2.3% | +386% | Existing |
| D1 Capital | Dan Sundheim | 3.8M | +3.1M | $249M | 0.7% | +465% | Existing |
| Coatue Management | Philippe Laffont | 3.3M | +2.6M | $216M | 0.4% | +381% | Existing |
| Maverick Capital | Lee Ainslie | 2.6M | +2.2M | $174M | 1.6% | +528% | Existing |
| Duquesne Family Office | Stanley Druckenmiller | 151K | +151K | $10M | 0.2% | — | NEW |
Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.
Portfolio Context
Where CVNA ranks in each buying fund's book, and the positions immediately around it. What a holding sits next to often says more about the thesis than the position size does.
Sachem Head Capital
position #7 of this fund's book
- 4Performance Food Group Co$374M
- 5MKS INC.$361M
- 6Dicks Sporting Goods Inc$338M
- 7Carvana Co$295M
- 8Sotera Health Co$276M
- 9Celsius Hldgs Inc$266M
- 10GDS Hldgs Ltd$261M
Durable Capital Partners
position #8 of this fund's book
- 5MERCADOLIBRE INC$524M
- 6API GROUP CORP$514M
- 7XPO INC$498M
- 8CARVANA CO$442M
- 9MADISON AIR SOLUTIONS CORP$398M
- 10TWILIO INC$381M
- 11AFFIRM HLDGS INC$361M
Lone Pine Capital
position #10 of this fund's book
- 7LINDE PLC$809M
- 8TERADYNE INC$722M
- 9CORNING INC$697M
- 10CARVANA CO$692M
- 11HUT 8 CORP$666M
- 12PERFORMANCE FOOD GROUP CO$654M
- 13NU HLDGS LTD$631M
Viking Global
position #13 of this fund's book
- 10LENNOX INTL INC$912M
- 11AMAZON COM INC$882M
- 12FERRARI N V$817M
- 13CARVANA CO$811M
- 14MCDONALDS CORP$765M
- 15BRIDGEBIO PHARMA INC$741M
- 16BOEING CO$709M
Whale Rock Capital
position #19 of this fund's book
- 16VIAVI SOLUTIONS INC$328M
- 17LAM RESEARCH CORP$322M
- 18TAIWAN SEMICONDUCTOR MANUFAC$282M
- 19CARVANA CO$281M
- 20META PLATFORMS INC$257M
- 21WESTERN DIGITAL CORP$256M
- 22APPLOVIN CORP$238M
D1 Capital
position #22 of this fund's book
- 19DISNEY WALT CO$277M
- 20ALPHABET INC$264M
- 21SPOTIFY TECHNOLOGY S A$261M
- 22CARVANA CO$249M
- 23DOORDASH INC$241M
- 24INTUITIVE SURGICAL INC$228M
- 25SCHWAB CHARLES CORP$228M
Maverick Capital
position #27 of this fund's book
- 24SHERWIN WILLIAMS CO$198M
- 25CAMDEN PPTY TR$195M
- 26VULCAN MATLS CO$188M
- 27CARVANA CO$174M
- 28SOUTHWEST GAS HLDGS INC$168M
- 29COCA COLA CO$163M
- 30PERFORMANCE FOOD GROUP CO$141M
Coatue Management
position #32 of this fund's book
- 29FIRST CTZNS BANCSHARES INC D$290M
- 30VERTIV HOLDINGS CO$270M
- 31QUALCOMM INC$256M
- 32CARVANA CO$216M
- 33MASTEC INC$215M
- 34CARIS LIFE SCIENCES INC$175M
- 35SYNOPSYS INC$142M
Values are quarter-end position sizes. Shown only for funds where CVNA ranks inside their 40 largest equity positions — below that, neighbouring names carry no signal. Adjacency is an inference about a fund's reasoning, not a disclosure of it.
Signal History
| Quarter | Direction | Funds | Score | vs SPY |
|---|---|---|---|---|
| Q2 2026 | LONG | 9 | 12.65 | -14.0% |
| Q1 2026 | LONG | 6 | 8.50 | +0.5% |
Same issuer appearing in consecutive quarters — persistent institutional conviction. Returns are frozen at each archived quarter's last refresh.
Insider Activity
| Name | Title | Type | Shares | Price | Value | Filed | Src |
|---|---|---|---|---|---|---|---|
| Palmer Stephen R | Vice President of Accounting | SELL | 840 | $60.75 | $0.05M | 2026-10-01 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 6K | $63.04 | $0.37M | 2026-10-01 | ↗ |
| Palmer Stephen R | Vice President of Accounting | SELL | 920 | $59.48 | $0.05M | 2026-10-01 | ↗ |
| Palmer Stephen R | Vice President of Accounting | SELL | 920 | $61.64 | $0.06M | 2026-10-01 | ↗ |
| Palmer Stephen R | Vice President of Accounting | SELL | 2K | $62.82 | $0.15M | 2026-10-01 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 10K | $59.44 | $0.62M | 2026-10-01 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 9K | $60.60 | $0.57M | 2026-10-01 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 13K | $61.47 | $0.82M | 2026-10-01 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 25K | $62.73 | $1.55M | 2026-10-01 | ↗ |
| Taira Thomas | President, Special Projects | SELL | 14K | $70.68 | $1.00M | 2026-09-14 | ↗ |
| Taira Thomas | President, Special Projects | SELL | 3K | $70.05 | $0.19M | 2026-09-14 | ↗ |
| Palmer Stephen R | Vice President of Accounting | SELL | 2K | $71.88 | $0.12M | 2026-09-01 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 26K | $71.83 | $1.89M | 2026-09-01 | ↗ |
| HUSTON BENJAMIN E. | Chief Operating Officer | SELL | 29K | $71.36 | $2.10M | 2026-09-01 | ↗ |
| HUSTON BENJAMIN E. | Chief Operating Officer | SELL | 21K | $71.83 | $1.47M | 2026-09-01 | ↗ |
| Palmer Stephen R | Vice President of Accounting | SELL | 3K | $71.40 | $0.24M | 2026-09-01 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 37K | $71.36 | $2.67M | 2026-09-01 | ↗ |
| PLATT IRA J. | — | SELL | 15K | $75.50 | $1.13M | 2026-08-14 | ↗ |
| QUAYLE J DANFORTH | — | SELL | 15K | $75.00 | $1.09M | 2026-08-14 | ↗ |
| PLATT IRA J. | — | SELL | 15K | $73.00 | $1.09M | 2026-08-13 | ↗ |
| HUSTON BENJAMIN E. | Chief Operating Officer | SELL | 22K | $64.14 | $1.42M | 2026-08-03 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 8K | $63.17 | $0.50M | 2026-08-03 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 24K | $64.08 | $1.56M | 2026-08-03 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 23K | $64.93 | $1.49M | 2026-08-03 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 9K | $65.75 | $0.57M | 2026-08-03 | ↗ |
| Palmer Stephen R | Vice President of Accounting | SELL | 760 | $63.19 | $0.05M | 2026-08-03 | ↗ |
| Palmer Stephen R | Vice President of Accounting | SELL | 2K | $64.22 | $0.15M | 2026-08-03 | ↗ |
| Palmer Stephen R | Vice President of Accounting | SELL | 1K | $65.14 | $0.09M | 2026-08-03 | ↗ |
| Palmer Stephen R | Vice President of Accounting | SELL | 520 | $65.82 | $0.03M | 2026-08-03 | ↗ |
| HUSTON BENJAMIN E. | Chief Operating Officer | SELL | 6K | $63.18 | $0.40M | 2026-08-03 | ↗ |
| HUSTON BENJAMIN E. | Chief Operating Officer | SELL | 16K | $65.06 | $1.04M | 2026-08-03 | ↗ |
| HUSTON BENJAMIN E. | Chief Operating Officer | SELL | 6K | $65.81 | $0.37M | 2026-08-03 | ↗ |
| MAROONE MICHAEL E | — | BUY | 4K | $62.40 | $0.24M | 2026-07-31 | ↗ |
| MAROONE MICHAEL E | — | BUY | 21K | $61.69 | $1.30M | 2026-07-31 | ↗ |
| MAROONE MICHAEL E | — | BUY | 4K | $62.40 | $0.24M | 2026-07-31 | ↗ |
| MAROONE MICHAEL E | — | BUY | 21K | $61.69 | $1.30M | 2026-07-31 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 7K | $65.18 | $0.44M | 2026-07-01 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 5K | $66.07 | $0.30M | 2026-07-01 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 6K | $67.49 | $0.40M | 2026-07-01 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 21K | $68.14 | $1.44M | 2026-07-01 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 10K | $69.22 | $0.68M | 2026-07-01 | ↗ |
| JENKINS MARK W. | Chief Financial Officer | SELL | 16K | $70.43 | $1.10M | 2026-07-01 | ↗ |
| HUSTON BENJAMIN E. | Chief Operating Officer | SELL | 3K | $65.23 | $0.17M | 2026-07-01 | ↗ |
| Palmer Stephen R | Vice President of Accounting | SELL | 1K | $68.47 | $0.09M | 2026-07-01 | ↗ |
| HUSTON BENJAMIN E. | Chief Operating Officer | SELL | 4K | $66.06 | $0.24M | 2026-07-01 | ↗ |
| HUSTON BENJAMIN E. | Chief Operating Officer | SELL | 5K | $67.49 | $0.34M | 2026-07-01 | ↗ |
| HUSTON BENJAMIN E. | Chief Operating Officer | SELL | 18K | $68.14 | $1.20M | 2026-07-01 | ↗ |
| HUSTON BENJAMIN E. | Chief Operating Officer | SELL | 8K | $69.22 | $0.57M | 2026-07-01 | ↗ |
| HUSTON BENJAMIN E. | Chief Operating Officer | SELL | 13K | $70.44 | $0.91M | 2026-07-01 | ↗ |
| Palmer Stephen R | Vice President of Accounting | SELL | 280 | $65.13 | $0.02M | 2026-07-01 | ↗ |
| Palmer Stephen R | Vice President of Accounting | SELL | 360 | $66.09 | $0.02M | 2026-07-01 | ↗ |
| Palmer Stephen R | Vice President of Accounting | SELL | 1K | $67.81 | $0.09M | 2026-07-01 | ↗ |
| Palmer Stephen R | Vice President of Accounting | SELL | 600 | $69.69 | $0.04M | 2026-07-01 | ↗ |
| Palmer Stephen R | Vice President of Accounting | SELL | 1K | $70.52 | $0.08M | 2026-07-01 | ↗ |
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| Capital Research Global Investors | SC 13G/A | 63.4M | 8.9% | 2026-08-12 | ↗ |
| BlackRock, Inc. | SC 13G/A | 44.9M | 6.3% | 2026-07-29 | ↗ |
| Capital Research Global Investors | SC 13G | 10.9M | 7.6% | 2026-05-14 | ↗ |
| FMR LLC | SC 13G | 7.4M | 5.2% | 2026-05-06 | ↗ |
| Ernest C. Garcia II | SC 13D/A | 42.4M | 22.9% | 2026-05-01 | ↗ |
| Vanguard Capital Management | SC 13G | 10.4M | 7.3% | 2026-04-29 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.