Carvana Co. (NYSE:CVNA) Major Shareholder Sells $4,006,500.00 in Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 50,000 shares of the stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $80.13, for a total transaction of $4,006,500.00. Following the transaction, the insider now owns 3,312,500 shares of the company’s stock, valued at approximately $265,430,625. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Carvana Trading Down 7.0 %

Shares of Carvana stock opened at $69.77 on Tuesday. Carvana Co. has a 12-month low of $6.70 and a 12-month high of $94.04. The company has a market cap of $14.09 billion, a price-to-earnings ratio of 129.20 and a beta of 3.32. The company’s 50-day moving average price is $73.60 and its 200-day moving average price is $51.66.

Carvana (NYSE:CVNA) last announced 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 firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter last year, the firm posted ($0.97) earnings per share. The company’s quarterly revenue was down 14.6% on a year-over-year basis. On average, sell-side analysts predict that Carvana Co. will post -3.4 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on CVNA. Evercore ISI increased their price target on shares of Carvana from $75.00 to $78.00 and gave the company an “in-line” rating in a research report on Tuesday, April 2nd. William Blair upgraded shares of Carvana from a “market perform” rating to an “outperform” rating in a research report on Friday, February 23rd. Jefferies Financial Group upgraded shares of Carvana from an “underperform” rating to a “hold” rating and increased their price target for the company from $30.00 to $85.00 in a research report on Tuesday, March 12th. Wedbush upped their price objective on shares of Carvana from $40.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, February 20th. Finally, JMP Securities upped their price objective on shares of Carvana from $60.00 to $80.00 and gave the company a “market outperform” rating in a report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $50.60.

Institutional Investors Weigh In On Carvana

A number of institutional investors and hedge funds have recently modified their holdings of the company. Quadrature Capital Ltd lifted its holdings in shares of Carvana by 128.1% in the fourth quarter. Quadrature Capital Ltd now owns 118,196 shares of the company’s stock worth $6,269,000 after buying an additional 66,386 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Carvana by 63.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,481 shares of the company’s stock valued at $131,000 after purchasing an additional 965 shares in the last quarter. Vanguard Group Inc. raised its stake in Carvana by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after purchasing an additional 655,603 shares in the last quarter. Wellington Management Group LLP purchased a new stake in Carvana in the fourth quarter valued at approximately $4,703,000. Finally, Investmentaktiengesellschaft Fuer Langfristige Investoren TGV raised its stake in Carvana by 17.6% in the fourth quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 500,000 shares of the company’s stock valued at $26,470,000 after purchasing an additional 75,000 shares in the last quarter. 56.71% of the stock is 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.