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 Wednesday, May 1st. The stock was sold at an average price of $83.03, for a total value of $4,151,500.00. Following the completion of the sale, the insider now owns 3,112,500 shares in the company, valued at approximately $258,430,875. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 Price Performance

Shares of Carvana stock opened at $121.72 on Friday. The business has a 50 day simple moving average of $80.75 and a two-hundred day simple moving average of $55.27. Carvana Co. has a 12 month low of $6.92 and a 12 month high of $124.20. The stock has a market capitalization of $24.58 billion, a P/E ratio of 53.39 and a beta of 3.28.

Carvana (NYSE:CVNA) last announced its earnings results on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same period in the prior year, the firm earned ($0.97) earnings per share. Carvana’s revenue was down 14.6% on a year-over-year basis. As a group, research analysts anticipate that Carvana Co. will post -3.32 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Morgan Stanley upped their target price on Carvana from $32.00 to $45.00 and gave the stock an “underweight” rating in a research note on Monday, February 26th. Wedbush upped their target price on Carvana from $80.00 to $120.00 and gave the stock a “neutral” rating in a research note on Thursday. Raymond James raised Carvana from an “underperform” rating to a “market perform” rating in a report on Friday, February 23rd. JMP Securities upped their price target on Carvana from $80.00 to $135.00 and gave the stock a “market outperform” rating in a report on Friday. Finally, JPMorgan Chase & Co. raised Carvana from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $70.00 to $130.00 in a report on Thursday. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $73.44.

Hedge Funds Weigh In On Carvana

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. purchased a new position in shares of Carvana during the 4th quarter worth $29,000. 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 worth $37,000 after purchasing an additional 194 shares during the period. Hanseatic Management Services Inc. purchased a new position in Carvana during the third quarter worth about $34,000. Tidemark LLC acquired a new position in Carvana in the 4th quarter valued at about $50,000. Finally, Harvest Fund Management Co. Ltd grew its stake in shares of Carvana by 1,225.6% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock valued at $50,000 after buying an additional 1,103 shares during the period. Institutional investors and hedge funds 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.