Carvana Co. (NYSE:CVNA) Major Shareholder Sells $7,021,200.00 in Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 60,000 shares of Carvana stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $117.02, for a total value of $7,021,200.00. Following the completion of the transaction, the insider now owns 2,377,500 shares of the company’s stock, valued at $278,215,050. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Carvana Stock Performance

NYSE CVNA opened at $115.72 on Thursday. The stock has a market capitalization of $23.44 billion, a P/E ratio of 50.75 and a beta of 3.28. Carvana Co. has a 1 year low of $10.68 and a 1 year high of $129.00. The business’s fifty day moving average is $92.08 and its two-hundred day moving average is $64.04.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.35. The company had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $2.72 billion. On average, research analysts forecast that Carvana Co. will post -0.96 earnings per share for the current year.

Institutional Inflows and Outflows

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on CVNA. JPMorgan Chase & Co. raised Carvana from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $70.00 to $130.00 in a report on Thursday, May 2nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Carvana in a report on Thursday, May 2nd. Wells Fargo & Company lifted their price target on Carvana from $60.00 to $77.00 and gave the company an “equal weight” rating in a report on Thursday, May 2nd. Evercore ISI cut their price target on Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a report on Tuesday, April 16th. Finally, TD Cowen lifted their price target on Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a report on Monday, April 29th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Carvana presently has an average rating of “Hold” and a consensus target price of $77.60.

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.