Stock Traders Purchase High Volume of Carvana Call Options (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) was the target of unusually large options trading on Tuesday. Traders acquired 117,977 call options on the stock. This represents an increase of 32% compared to the average daily volume of 89,330 call options.

Insiders Place Their Bets

In related news, insider Thomas Taira sold 25,000 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $120.00, for a total transaction of $3,000,000.00. Following the completion of the transaction, the insider now directly owns 161,397 shares of the company’s stock, valued at $19,367,640. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Thomas Taira sold 25,000 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $120.00, for a total value of $3,000,000.00. Following the sale, the insider now owns 161,397 shares in the company, valued at $19,367,640. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ernest C. Garcia III sold 9,390 shares of Carvana stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $82.83, for a total value of $777,773.70. Following the completion of the transaction, the chief executive officer now owns 861,458 shares of the company’s stock, valued at approximately $71,354,566.14. The disclosure for this sale can be found here. Insiders sold 1,726,829 shares of company stock worth $184,039,483 in the last three months. 17.18% of the stock is owned by company insiders.

Institutional Trading of Carvana

Hedge funds have recently modified their holdings of the stock. UBS Group AG raised its position in shares of Carvana by 132.6% in the 3rd quarter. UBS Group AG now owns 81,620 shares of the company’s stock valued at $3,426,000 after acquiring an additional 331,892 shares during the period. Deutsche Bank AG increased its position in shares of Carvana by 13.8% in the 3rd quarter. Deutsche Bank AG now owns 50,439 shares of the company’s stock valued at $2,117,000 after buying an additional 6,129 shares in the last quarter. Rhumbline Advisers raised its stake in Carvana by 3.3% during the 3rd quarter. Rhumbline Advisers now owns 149,633 shares of the company’s stock worth $6,282,000 after buying an additional 4,785 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Carvana during the third quarter worth about $64,000. Finally, Algert Global LLC grew its stake in Carvana by 4.3% in the third quarter. Algert Global LLC now owns 37,250 shares of the company’s stock valued at $1,564,000 after acquiring an additional 1,550 shares during the period. 56.71% of the stock is owned by institutional investors.

Carvana Price Performance

Shares of NYSE CVNA opened at $128.58 on Wednesday. The business’s 50-day moving average price is $104.21 and its two-hundred day moving average price is $76.84. Carvana has a one year low of $20.60 and a one year high of $129.41. The company has a market capitalization of $26.05 billion, a P/E ratio of 56.39 and a beta of 3.29.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.35. The company had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $2.72 billion. On average, equities analysts anticipate that Carvana will post -0.75 EPS for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on CVNA shares. Robert W. Baird upped their target price on Carvana from $65.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. TD Cowen increased their target price on Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, April 29th. Wedbush upped their target price on shares of Carvana from $80.00 to $120.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. JMP Securities lifted their price target 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. Finally, Wells Fargo & Company lifted their price objective on shares of Carvana from $60.00 to $77.00 and gave the company an “equal weight” rating in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus 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.