Ernest C. Garcia II Sells 60,000 Shares of Carvana Co. (NYSE:CVNA) Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 60,000 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $120.35, for a total transaction of $7,221,000.00. Following the sale, the insider now directly owns 2,992,500 shares in the company, valued at approximately $360,147,375. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Carvana Trading Up 1.1 %

Shares of CVNA traded up $1.36 on Monday, reaching $123.03. The company’s stock had a trading volume of 7,058,803 shares, compared to its average volume of 6,323,170. The stock has a market capitalization of $24.84 billion, a PE ratio of 56.36 and a beta of 3.28. Carvana Co. has a twelve month low of $8.86 and a twelve month high of $129.00. The firm has a fifty day moving average of $81.81 and a 200-day moving average of $56.19.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.56 billion. The business’s revenue was down 14.6% on a year-over-year basis. During the same period last year, the business posted ($0.97) EPS. As a group, equities analysts anticipate that Carvana Co. will post -3.05 EPS for the current fiscal year.

Analyst Ratings Changes

CVNA has been the topic of a number of research reports. Royal Bank of Canada boosted their target price on shares of Carvana from $90.00 to $130.00 and gave the stock a “sector perform” rating in a research note on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of Carvana in a report on Thursday. Robert W. Baird lifted their price target on shares of Carvana from $65.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday. JPMorgan Chase & Co. upgraded shares of Carvana from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $70.00 to $130.00 in a report on Thursday. Finally, Jefferies Financial Group upgraded shares of Carvana from an “underperform” rating to a “hold” rating and lifted their price target for the stock 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 issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $73.44.

Institutional Investors Weigh In On Carvana

Large investors have recently modified their holdings of the stock. Blue Trust Inc. bought a new position in Carvana in the 4th quarter worth approximately $29,000. Hanseatic Management Services Inc. bought a new position in Carvana in the 3rd quarter worth approximately $34,000. Parallel Advisors LLC boosted its holdings in Carvana by 39.0% in the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after buying an additional 194 shares during the period. Harvest Fund Management Co. Ltd boosted its holdings in Carvana by 1,225.6% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock worth $50,000 after buying an additional 1,103 shares during the period. Finally, Tidemark LLC bought a new position in Carvana in the 4th quarter worth approximately $50,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

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.