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

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 75,000 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $131.76, for a total transaction of $9,882,000.00. Following the completion of the sale, the insider now owns 637,500 shares in the company, valued at $83,997,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Carvana Stock Down 3.4 %

Shares of CVNA traded down $4.43 during midday trading on Monday, reaching $124.29. 4,315,304 shares of the stock were exchanged, compared to its average volume of 5,692,383. The company has a market cap of $25.18 billion, a price-to-earnings ratio of 54.51 and a beta of 3.37. Carvana Co. has a 12-month low of $23.43 and a 12-month high of $136.92. The firm has a 50 day simple moving average of $108.80 and a 200-day simple moving average of $79.21.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, May 1st. The company reported ($0.41) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.35. The business had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $2.72 billion. Research analysts expect that Carvana Co. will post -0.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CVNA. JMP Securities boosted their target price on shares of Carvana from $135.00 to $150.00 and gave the stock a “market outperform” rating in a report on Friday, June 7th. William Blair reiterated an “outperform” rating on shares of Carvana in a research report on Thursday, May 2nd. JPMorgan Chase & Co. lifted their target price on Carvana from $130.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of Carvana in a report on Wednesday, June 26th. Finally, TD Cowen boosted their price objective on Carvana from $58.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, April 29th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Carvana presently has a consensus rating of “Hold” and a consensus price target of $87.29.

Institutional Trading of Carvana

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Carvana by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock worth $530,648,000 after purchasing an additional 655,603 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Carvana by 6.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 831,879 shares of the company’s stock worth $44,040,000 after acquiring an additional 53,318 shares during the period. Blue Trust Inc. acquired a new position in Carvana during the 4th quarter worth $29,000. Rafferty Asset Management LLC boosted its holdings in Carvana by 38.6% during the fourth quarter. Rafferty Asset Management LLC now owns 43,792 shares of the company’s stock valued at $2,318,000 after acquiring an additional 12,193 shares during the period. Finally, Investmentaktiengesellschaft Fuer Langfristige Investoren TGV grew its position in shares of 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 during the last quarter. Institutional investors and hedge funds 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.