Carvana Co. (NYSE:CVNA) Major Shareholder Ernest C. Garcia II Sells 60,000 Shares

Carvana Co. (NYSE:CVNAGet Free Report) major shareholder Ernest C. Garcia II sold 60,000 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $110.84, for a total transaction of $6,650,400.00. Following the completion of the sale, the insider now directly owns 2,077,500 shares of the company’s stock, valued at $230,270,100. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 Trading Up 0.4 %

NYSE CVNA opened at $105.05 on Thursday. The company has a market capitalization of $21.28 billion, a PE ratio of 46.07 and a beta of 3.28. The business’s 50-day moving average price is $94.80 and its 200 day moving average price is $66.67. Carvana Co. has a twelve month low of $12.06 and a twelve month high of $129.00.

Carvana (NYSE:CVNAGet Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.35. The company had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $2.72 billion. Equities analysts predict that Carvana Co. will post -0.96 EPS for the current year.

Hedge Funds Weigh In On Carvana

A number of hedge funds have recently made changes to their positions in CVNA. Cetera Advisors LLC purchased a new position in shares of Carvana in the 1st quarter worth $461,000. Cetera Investment Advisers increased its stake in Carvana by 171.7% during the first quarter. Cetera Investment Advisers now owns 20,862 shares of the company’s stock worth $1,834,000 after acquiring an additional 13,185 shares during the last quarter. Plato Investment Management Ltd purchased a new position in shares of Carvana in the 1st quarter worth about $55,000. Tidal Investments LLC purchased a new stake in shares of Carvana during the 1st quarter worth about $1,783,000. Finally, Motley Fool Asset Management LLC acquired a new stake in Carvana during the 1st quarter worth approximately $636,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CVNA. William Blair reaffirmed an “outperform” rating on shares of Carvana in a research note on Thursday, May 2nd. JPMorgan Chase & Co. upgraded 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 research note on Thursday, May 2nd. Wells Fargo & Company increased their price target on Carvana from $60.00 to $77.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. Evercore ISI dropped their price objective on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research note on Tuesday, April 16th. Finally, Needham & Company LLC restated a “hold” rating on shares of Carvana in a research note on Thursday, May 2nd. One 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $77.60.

Check Out Our Latest Analysis on Carvana

Carvana Company Profile

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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.

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Insider Buying and Selling by Quarter for Carvana (NYSE:CVNA)

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