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

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 60,000 shares of Carvana stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $108.86, for a total transaction of $6,531,600.00. Following the completion of the transaction, the insider now directly owns 1,057,500 shares in the company, valued at $115,119,450. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Carvana Price Performance

NYSE:CVNA opened at $119.46 on Tuesday. The firm’s 50-day moving average price is $103.05 and its 200-day moving average price is $76.21. The company has a market capitalization of $24.20 billion, a PE ratio of 52.39 and a beta of 3.29. Carvana Co. has a 1-year low of $20.60 and a 1-year high of $129.00.

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

Institutional Trading of Carvana

Several institutional investors have recently bought and sold shares of CVNA. Blue Trust Inc. purchased a new stake in Carvana during the 4th quarter valued at about $29,000. Parallel Advisors LLC grew its position in Carvana by 39.0% during the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after purchasing an additional 194 shares during the last quarter. Tidemark LLC purchased a new stake in Carvana during the 4th quarter valued at about $50,000. Plato Investment Management Ltd purchased a new stake in Carvana during the 1st quarter valued at about $55,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Carvana during the 3rd quarter valued at about $64,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on CVNA. Evercore ISI lifted their target price on shares of Carvana from $111.00 to $118.00 and gave the stock an “in-line” rating in a research note on Thursday, June 20th. Needham & Company LLC reissued a “hold” rating on shares of Carvana in a research report on Thursday, May 2nd. JMP Securities boosted their price objective on shares of Carvana from $135.00 to $150.00 and gave the company a “market outperform” rating in a research report on Friday, June 7th. Morgan Stanley boosted their price objective on shares of Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a research report on Monday, February 26th. Finally, William Blair reissued an “outperform” rating on shares of Carvana in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $87.29.

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.