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

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 75,000 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $131.76, for a total value of $9,882,000.00. Following the sale, the insider now owns 637,500 shares of the company’s stock, valued at $83,997,000. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Carvana Price Performance

Carvana stock opened at $124.29 on Tuesday. The firm has a market cap of $25.18 billion, a P/E ratio of 54.51 and a beta of 3.37. The stock’s 50 day moving average is $108.80 and its 200 day moving average is $79.21. Carvana Co. has a one year low of $23.43 and a one year high of $136.92.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, May 1st. The company reported ($0.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.35. The firm had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $2.72 billion. Equities analysts anticipate that Carvana Co. will post -0.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CVNA. William Blair reaffirmed an “outperform” rating on shares of Carvana in a research note on Thursday, May 2nd. Wells Fargo & Company upped their price target on shares of Carvana from $60.00 to $77.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. Robert W. Baird lifted their price objective on shares of Carvana from $65.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Evercore ISI upped their target price on Carvana from $111.00 to $118.00 and gave the stock an “in-line” rating in a research note on Thursday, June 20th. Finally, Jefferies Financial Group raised Carvana from an “underperform” rating to a “hold” rating and raised their target price for the company from $30.00 to $85.00 in a report on Tuesday, March 12th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $87.29.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Morgan Stanley boosted its stake in Carvana by 13.8% during the third 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 in the last quarter. Vanguard Group Inc. raised its position 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 worth $904,642,000 after purchasing an additional 266,972 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Carvana by 39.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock worth $655,727,000 after purchasing an additional 2,112,463 shares in the last quarter. First Trust Advisors LP grew its position in Carvana by 17.1% in the 4th quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock valued at $78,560,000 after purchasing an additional 216,893 shares during the period. Finally, Goodnow Investment Group LLC increased its stake in 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 purchasing an additional 23,140 shares in the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

Carvana Company Profile

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.