Carvana (NYSE:CVNA) Shares Down 0.1% on Insider Selling

Carvana Co. (NYSE:CVNA)’s stock price dropped 0.1% during trading on Tuesday following insider selling activity. The stock traded as low as $154.35 and last traded at $157.87. Approximately 403,710 shares were traded during trading, a decline of 92% from the average daily volume of 5,290,521 shares. The stock had previously closed at $157.99.

Specifically, major shareholder Ernest C. Garcia II sold 9,186 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $156.95, for a total value of $1,441,742.70. Following the transaction, the insider now directly owns 41,433,131 shares in the company, valued at $6,502,929,910.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $155.94, for a total value of $15,594,000.00. Following the completion of the transaction, the insider now owns 90,814 shares in the company, valued at $14,161,535.16. The disclosure for this sale can be found here. In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $155.51, for a total value of $15,551,000.00. Following the transaction, the insider now directly owns 290,814 shares in the company, valued at $45,224,485.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CVNA. JMP Securities boosted their target price on Carvana from $150.00 to $200.00 and gave the company a “market outperform” rating in a research report on Friday, August 2nd. Robert W. Baird began coverage on Carvana in a research report on Thursday, August 1st. They issued a “neutral” rating and a $160.00 target price on the stock. Morgan Stanley boosted their target price on Carvana from $75.00 to $110.00 and gave the company an “underweight” rating in a research report on Thursday, August 1st. Royal Bank of Canada raised Carvana to a “sector perform” rating and boosted their target price for the company from $166.00 to $170.00 in a research report on Monday, August 19th. Finally, Piper Sandler boosted their target price on Carvana from $105.00 to $151.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $148.40.

Carvana Stock Down 2.8 %

The firm has a market cap of $31.26 billion, a price-to-earnings ratio of 67.68 and a beta of 3.37. The firm’s 50 day moving average price is $135.64 and its two-hundred day moving average price is $105.39. The company has a debt-to-equity ratio of 47.20, a current ratio of 3.11 and a quick ratio of 1.62.

Institutional Investors Weigh In On Carvana

Several hedge funds have recently made changes to their positions in the business. Ridgewood Investments LLC purchased a new position in Carvana during the second quarter worth about $32,000. Parallel Advisors LLC boosted its position 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 acquiring an additional 194 shares during the last quarter. Summit Securities Group LLC boosted its holdings in shares of Carvana by 110.0% in the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after purchasing an additional 3,300 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of Carvana by 450.8% in the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock valued at $43,000 after purchasing an additional 275 shares during the last quarter. Finally, Tidemark LLC acquired a new position in shares of Carvana in the 4th quarter valued at $50,000. 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.