Carvana (NYSE:CVNA) Stock Price Down 1.5% Following Insider Selling

Carvana Co. (NYSE:CVNA) shares fell 1.5% on Monday following insider selling activity. The company traded as low as $152.24 and last traded at $153.53. 901,416 shares traded hands during trading, a decline of 83% from the average session volume of 5,402,562 shares. The stock had previously closed at $155.93.

Specifically, major shareholder Ernest C. Garcia II sold 100,000 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $148.68, for a total transaction of $14,868,000.00. Following the transaction, the insider now directly owns 690,814 shares in the company, valued at approximately $102,710,225.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Ira J. Platt sold 664 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $150.00, for a total value of $99,600.00. Following the completion of the sale, the director now directly owns 30,227 shares of the company’s stock, valued at approximately $4,534,050. The disclosure for this sale can be found here. In other news, Director Ira J. Platt sold 7,338 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $141.62, for a total transaction of $1,039,207.56. Following the transaction, the director now owns 30,891 shares in the company, valued at $4,374,783.42. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. DA Davidson boosted their target price on shares of Carvana from $110.00 to $155.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. BTIG Research boosted their price target on Carvana from $155.00 to $188.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Wells Fargo & Company raised Carvana from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $77.00 to $175.00 in a report on Thursday, August 1st. TD Cowen lifted their target price on Carvana from $110.00 to $148.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, JMP Securities increased their price target on shares of Carvana from $150.00 to $200.00 and gave the stock a “market outperform” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Carvana presently has an average rating of “Hold” and a consensus target price of $148.40.

Carvana Trading Up 1.7 %

The firm has a market capitalization of $31.75 billion, a price-to-earnings ratio of 68.76 and a beta of 3.37. The company has a debt-to-equity ratio of 47.20, a quick ratio of 1.62 and a current ratio of 3.11. The company has a 50 day moving average price of $129.85 and a two-hundred day moving average price of $101.23.

Hedge Funds Weigh In On Carvana

Large investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC acquired a new position in shares of Carvana during the fourth quarter valued at approximately $5,610,000. Federated Hermes Inc. purchased a new stake in shares of Carvana during the fourth quarter worth approximately $864,000. Jennison Associates LLC acquired a new position in Carvana in the 4th quarter valued at $500,000. Illinois Municipal Retirement Fund purchased a new position in Carvana in the 4th quarter valued at $880,000. Finally, State of New Jersey Common Pension Fund D boosted its stake in Carvana by 51.0% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 79,143 shares of the company’s stock worth $4,190,000 after purchasing an additional 26,729 shares during the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

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.