Steve Cohen's Point72 Asset Management sold its entire position in online auto retailer Carvana (CVNA) during the second quarter of 2026. The firm liquidated 214,980 shares, which were valued at approximately $67.58 million at the end of the first quarter. This complete exit signals a significant change in sentiment from the major hedge fund.
The trade was disclosed in Point72's 13F filing on August 14, which details portfolio holdings as of June 30, 2026. The sale occurred during a quarter where Carvana reported record revenue and net income, beating analyst estimates. Despite the strong financial results announced in late July, the company's stock fell in after-hours trading following the report, suggesting some investor concern beneath the headline numbers.