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

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 60,000 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $104.79, for a total value of $6,287,400.00. Following the sale, the insider now owns 1,177,500 shares in the company, valued at approximately $123,390,225. The sale was disclosed in a filing with the SEC, which is available through 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 Up 1.7 %

Shares of Carvana stock opened at $110.78 on Thursday. The company has a market cap of $22.44 billion, a PE ratio of 48.59 and a beta of 3.29. Carvana Co. has a 52 week low of $20.60 and a 52 week high of $129.00. The business has a 50 day moving average price of $100.71 and a 200-day moving average price of $74.36.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.35. The company had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $2.72 billion. As a group, research analysts anticipate that Carvana Co. will post -0.75 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CVNA. William Blair restated an “outperform” rating on shares of Carvana in a research report on Thursday, May 2nd. Morgan Stanley upped their target price on Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a research report on Monday, February 26th. Evercore ISI cut their target price on Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research report on Tuesday, April 16th. Robert W. Baird upped their target price on Carvana from $65.00 to $110.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Finally, Wedbush upped their target price on Carvana from $80.00 to $120.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $84.36.

Institutional Trading of Carvana

Institutional investors and hedge funds have recently modified their holdings of the stock. Morgan Stanley increased its position in shares of Carvana by 13.8% during the third quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock valued at $619,478,000 after acquiring an additional 1,784,009 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Carvana by 2.7% during the first quarter. Vanguard Group Inc. now owns 10,290,551 shares of the company’s stock valued at $904,642,000 after acquiring an additional 266,972 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Carvana by 39.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock valued at $655,727,000 after acquiring an additional 2,112,463 shares during the last quarter. FMR LLC increased its position in shares of Carvana by 0.5% during the third quarter. FMR LLC now owns 4,696,510 shares of the company’s stock valued at $197,160,000 after acquiring an additional 24,560 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of Carvana by 17.1% during the fourth quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock valued at $78,560,000 after acquiring an additional 216,893 shares during 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.