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 that occurred on Monday, May 6th. The shares were sold at an average price of $125.43, for a total value of $9,407,250.00. Following the completion of the sale, the insider now owns 2,917,500 shares of the company’s stock, valued at approximately $365,942,025. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Carvana Price Performance

NYSE CVNA traded down $2.27 during mid-day trading on Wednesday, reaching $114.39. The stock had a trading volume of 3,649,464 shares, compared to its average volume of 6,279,654. The stock has a market cap of $23.10 billion, a PE ratio of 51.17 and a beta of 3.28. Carvana Co. has a 1 year low of $10.16 and a 1 year high of $129.00. The company has a fifty day moving average price of $83.59 and a 200 day moving average price of $57.44.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.56 billion. During the same period in the prior year, the company earned ($0.97) EPS. Carvana’s revenue was down 14.6% on a year-over-year basis. As a group, equities research analysts expect that Carvana Co. will post -3.05 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CVNA shares. Needham & Company LLC reissued a “hold” rating on shares of Carvana in a research report on Thursday, May 2nd. Evercore ISI dropped their price target on Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a research note on Tuesday, April 16th. TD Cowen upped their price objective on shares of Carvana from $58.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, April 29th. Jefferies Financial Group raised shares of Carvana from an “underperform” rating to a “hold” rating and lifted their target price for the company from $30.00 to $85.00 in a research note on Tuesday, March 12th. Finally, Wells Fargo & Company increased their price target on shares of Carvana from $60.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. One research 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $73.44.

Institutional Trading of Carvana

Institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. purchased a new stake in Carvana in the fourth quarter worth approximately $29,000. Hanseatic Management Services Inc. bought a new stake in shares of Carvana in the third quarter worth $34,000. Parallel Advisors LLC increased its position in Carvana by 39.0% during the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after acquiring an additional 194 shares during the last quarter. Harvest Fund Management Co. Ltd increased its position in Carvana by 1,225.6% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock valued at $50,000 after acquiring an additional 1,103 shares during the last quarter. Finally, Tidemark LLC bought a new position in Carvana in the fourth quarter valued at about $50,000. Hedge funds and other institutional investors 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.