Carvana Co. (NYSE:CVNA) Major Shareholder Ernest C. Garcia II Sells 75,000 Shares

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 75,000 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $125.43, for a total transaction of $9,407,250.00. Following the completion of the sale, the insider now owns 2,917,500 shares in the company, valued at approximately $365,942,025. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Carvana Price Performance

NYSE CVNA opened at $120.33 on Friday. Carvana Co. has a 1-year low of $10.16 and a 1-year high of $129.00. The company has a market cap of $24.29 billion, a PE ratio of 52.78 and a beta of 3.28. The stock’s 50 day simple moving average is $85.26 and its 200-day simple moving average is $58.27.

Carvana (NYSE:CVNA) last announced its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share (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 the consensus estimate of $2.56 billion. The firm’s revenue was down 14.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.97) earnings per share. On average, equities research analysts anticipate that Carvana Co. will post -3.05 EPS for the current fiscal year.

Institutional Trading of Carvana

A number of hedge funds have recently bought and sold shares of CVNA. Morgan Stanley increased its holdings in shares of Carvana by 13.8% in the third quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock valued at $619,478,000 after purchasing an additional 1,784,009 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Carvana by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock worth $530,648,000 after acquiring an additional 655,603 shares during the last quarter. TD Asset Management Inc purchased a new position in shares of Carvana during the 3rd quarter worth $22,906,000. UBS Group AG boosted its position in shares of Carvana by 132.6% during the 3rd quarter. UBS Group AG now owns 81,620 shares of the company’s stock valued at $3,426,000 after acquiring an additional 331,892 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Carvana by 56.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 778,561 shares of the company’s stock valued at $32,684,000 after purchasing an additional 280,851 shares during the period. Institutional investors and hedge funds own 56.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Jefferies Financial Group raised Carvana from an “underperform” rating to a “hold” rating and increased their price target for the stock from $30.00 to $85.00 in a research report on Tuesday, March 12th. JPMorgan Chase & Co. upgraded 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 research report on Thursday, May 2nd. Wedbush upped their price objective on Carvana from $80.00 to $120.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. William Blair reiterated an “outperform” rating on shares of Carvana in a research note on Thursday, May 2nd. Finally, Royal Bank of Canada raised their price target on shares of Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $77.60.

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.