Ernest C. Garcia II Sells 75,000 Shares of Carvana Co. (NYSE:CVNA) Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $126.97, for a total value of $9,522,750.00. Following the transaction, the insider now owns 787,500 shares in the company, valued at $99,988,875. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Carvana Trading Down 3.2 %

Shares of CVNA stock opened at $128.60 on Friday. The company’s fifty day moving average price is $107.74 and its 200-day moving average price is $78.19. The stock has a market cap of $26.05 billion, a PE ratio of 56.40 and a beta of 3.29. Carvana Co. has a 12 month low of $23.43 and a 12 month high of $136.92.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.35. The business had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $2.72 billion. On average, sell-side analysts forecast that Carvana Co. will post -0.75 earnings per share for the current fiscal year.

Institutional Trading of Carvana

Several hedge funds and other institutional investors have recently made changes to their positions in CVNA. Morgan Stanley raised its holdings in Carvana by 13.8% in the 3rd quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock worth $619,478,000 after acquiring an additional 1,784,009 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Carvana by 2.7% during the first quarter. Vanguard Group Inc. now owns 10,290,551 shares of the company’s stock valued at $904,642,000 after purchasing an additional 266,972 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Carvana by 39.5% during 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 buying an additional 2,112,463 shares during the last quarter. First Trust Advisors LP increased its holdings in Carvana by 17.1% in the 4th quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock worth $78,560,000 after buying an additional 216,893 shares in the last quarter. Finally, Goodnow Investment Group LLC boosted its holdings in shares of Carvana by 1.6% during the 4th quarter. Goodnow Investment Group LLC now owns 1,464,528 shares of the company’s stock valued at $77,532,000 after acquiring an additional 23,140 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Analysts Set New Price Targets

CVNA has been the topic of several analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Carvana in a research note on Wednesday. TD Cowen upped their price objective on shares of Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, April 29th. Robert W. Baird raised their target price on Carvana from $65.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Jefferies Financial Group raised Carvana from an “underperform” rating to a “hold” rating and upped their price target for the company from $30.00 to $85.00 in a research report on Tuesday, March 12th. Finally, Royal Bank of Canada increased their price objective on Carvana from $90.00 to $130.00 and gave the stock a “sector perform” rating in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $87.29.

About Carvana

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.