Carvana Co. (NYSE:CVNA) Major Shareholder Sells $7,221,000.00 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 3rd. The shares were sold at an average price of $120.35, for a total transaction of $7,221,000.00. Following the completion of the transaction, the insider now owns 2,992,500 shares of the company’s stock, valued at $360,147,375. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Carvana Stock Up 1.1 %

NYSE:CVNA opened at $123.03 on Tuesday. Carvana Co. has a 52 week low of $8.86 and a 52 week high of $129.00. The firm has a 50 day moving average of $81.81 and a 200 day moving average of $56.19. The stock has a market capitalization of $24.84 billion, a price-to-earnings ratio of 56.36 and a beta of 3.28.

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

Analyst Upgrades and Downgrades

CVNA has been the subject of several analyst reports. Wedbush raised their target price on Carvana from $80.00 to $120.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Evercore ISI reduced their price target on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research report on Tuesday, April 16th. Needham & Company LLC reissued a “hold” rating on shares of Carvana in a research note on Thursday, May 2nd. JMP Securities upped their price objective on shares of Carvana from $80.00 to $135.00 and gave the company a “market outperform” rating in a research note on Friday. Finally, Jefferies Financial Group upgraded shares of Carvana from an “underperform” rating to a “hold” rating and lifted their price target for the company from $30.00 to $85.00 in a report on Tuesday, March 12th. 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’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $73.44.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CVNA. Blue Trust Inc. purchased a new position in Carvana during the fourth quarter valued at $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. acquired a new position in Carvana in the third quarter valued at approximately $34,000. Tidemark LLC acquired a new position in shares of Carvana in the 4th quarter valued at $50,000. Finally, Harvest Fund Management Co. Ltd raised 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 acquiring an additional 1,103 shares during the period. Hedge funds and other institutional investors own 56.71% of the company’s stock.

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.