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 on Monday, July 1st. The shares were sold at an average price of $124.72, for a total value of $9,354,000.00. Following the transaction, the insider now owns 562,500 shares of the company’s stock, valued at approximately $70,155,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Carvana Price Performance

Shares of NYSE CVNA opened at $127.84 on Friday. Carvana Co. has a 1 year low of $23.43 and a 1 year high of $136.92. The company has a market capitalization of $25.90 billion, a P/E ratio of 56.07 and a beta of 3.37. The company has a 50 day simple moving average of $111.89 and a 200-day simple moving average of $80.41.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.41) earnings per share (EPS) 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 analysts’ expectations of $2.72 billion. As a group, research analysts expect that Carvana Co. will post -0.75 EPS for the current year.

Analyst Ratings Changes

CVNA has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upped their target price on shares of Carvana from $130.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, June 10th. William Blair reiterated an “outperform” rating on shares of Carvana in a report on Thursday, May 2nd. Jefferies Financial Group raised Carvana from an “underperform” rating to a “hold” rating and lifted their price target for the stock from $30.00 to $85.00 in a research report on Tuesday, March 12th. Needham & Company LLC restated a “hold” rating on shares of Carvana in a research note on Wednesday, June 26th. Finally, Wells Fargo & Company raised their price objective on 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 issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $88.50.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CVNA. Parallel Advisors LLC raised its holdings in Carvana by 39.0% during the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after purchasing an additional 194 shares in the last quarter. GAMMA Investing LLC raised its holdings in Carvana by 127.9% during the second quarter. GAMMA Investing LLC now owns 458 shares of the company’s stock worth $59,000 after purchasing an additional 257 shares in the last quarter. Diversified Trust Co raised its stake in shares of Carvana by 6.0% during the 4th quarter. Diversified Trust Co now owns 5,659 shares of the company’s stock worth $300,000 after buying an additional 319 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in Carvana by 21.2% in the first quarter. Lazard Asset Management LLC now owns 1,866 shares of the company’s stock valued at $163,000 after acquiring an additional 326 shares during the period. Finally, Sequoia Financial Advisors LLC boosted its holdings in Carvana by 11.9% during the first quarter. Sequoia Financial Advisors LLC now owns 4,687 shares of the company’s stock worth $412,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

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.