Carvana Co. (NYSE:CVNA) Major Shareholder Ernest C. Garcia II Sells 50,000 Shares

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 50,000 shares of the company’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $330.27, for a total transaction of $16,513,500.00. Following the completion of the transaction, the insider now directly owns 36,992,317 shares in the company, valued at $12,217,452,535.59. The trade was a 0.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Ernest C. Garcia II also recently made the following trade(s):

• On Wednesday, June 11th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $337.46, for a total transaction of $16,873,000.00.
• On Friday, June 6th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $346.99, for a total transaction of $34,699,000.00.
• On Wednesday, June 4th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $339.58, for a total transaction of $16,979,000.00.
• On Monday, June 2nd, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $325.94, for a total transaction of $16,297,000.00.
• On Friday, May 30th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $325.16, for a total transaction of $16,258,000.00.

Carvana Stock Down 7.0%

CVNA stock opened at $296.71 on Friday. The company’s 50 day moving average price is $272.91 and its 200 day moving average price is $241.05. The company has a debt-to-equity ratio of 3.82, a quick ratio of 2.12 and a current ratio of 3.64. Carvana Co. has a fifty-two week low of $100.05 and a fifty-two week high of $351.43. The firm has a market capitalization of $63.54 billion, a price-to-earnings ratio of 188.99 and a beta of 3.65.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.76. The firm had revenue of $4.23 billion for the quarter, compared to analyst estimates of $3.94 billion. Carvana had a net margin of 1.54% and a return on equity of 36.59%. The business’s quarterly revenue was up 38.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.23 earnings per share. On average, equities research analysts anticipate that Carvana Co. will post 2.85 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CVNA shares. Robert W. Baird increased their price target on shares of Carvana from $200.00 to $275.00 and gave the stock a “neutral” rating in a research report on Thursday, May 8th. DA Davidson increased their price target on shares of Carvana from $220.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. Needham & Company LLC reissued a “buy” rating and set a $340.00 price target on shares of Carvana in a research report on Thursday, May 8th. Morgan Stanley increased their price target on shares of Carvana from $280.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. Finally, Citigroup increased their price target on shares of Carvana from $280.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $280.35.

Hedge Funds Weigh In On Carvana

Several hedge funds have recently added to or reduced their stakes in CVNA. abrdn plc purchased a new position in Carvana in the fourth quarter valued at approximately $294,000. Yousif Capital Management LLC purchased a new position in Carvana in the fourth quarter valued at approximately $247,000. Bleakley Financial Group LLC increased its stake in Carvana by 2.8% in the fourth quarter. Bleakley Financial Group LLC now owns 2,373 shares of the company’s stock valued at $483,000 after purchasing an additional 65 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Carvana by 8,600.6% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 219,256 shares of the company’s stock valued at $44,588,000 after purchasing an additional 216,736 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in Carvana in the fourth quarter valued at approximately $2,091,000. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

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.