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

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 75,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $124.72, for a total value of $9,354,000.00. Following the completion of the transaction, the insider now owns 562,500 shares in the company, valued at approximately $70,155,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Carvana Stock Performance

Shares of CVNA stock opened at $127.70 on Thursday. The company has a market capitalization of $25.87 billion, a PE ratio of 56.01 and a beta of 3.37. Carvana Co. has a 52-week low of $23.43 and a 52-week high of $136.92. The business’s fifty day moving average is $110.88 and its 200 day moving average is $80.08.

Carvana (NYSE:CVNA) last issued 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 analysts’ expectations of $2.72 billion. On average, sell-side analysts forecast that Carvana Co. will post -0.75 EPS for the current fiscal year.

Hedge Funds Weigh In On Carvana

Institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC grew its position in Carvana by 127.9% in the second quarter. GAMMA Investing LLC now owns 458 shares of the company’s stock worth $59,000 after acquiring an additional 257 shares in the last quarter. Blue Trust Inc. bought a new position in shares of Carvana in the 4th quarter worth approximately $29,000. Plato Investment Management Ltd purchased a new position in Carvana during the first quarter valued at $55,000. Parallel Advisors LLC raised its stake in Carvana by 39.0% during the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after buying an additional 194 shares during the last quarter. Finally, Tidemark LLC bought a new stake in Carvana in the fourth quarter worth $50,000. Institutional investors own 56.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CVNA. Evercore ISI upped their price objective on Carvana from $118.00 to $135.00 and gave the company an “in-line” rating in a research note on Tuesday. Robert W. Baird increased their target price on shares of Carvana from $65.00 to $110.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Wells Fargo & Company lifted 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. JPMorgan Chase & Co. raised their target price on Carvana from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. Finally, William Blair reaffirmed an “outperform” rating on shares of Carvana in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $88.50.

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.