Insider Selling: Carvana Co. (NYSE:CVNA) Major Shareholder Sells 100,000 Shares of Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $155.69, for a total transaction of $15,569,000.00. Following the transaction, the insider now owns 41,233,131 shares of the company’s stock, valued at approximately $6,419,586,165.39. The transaction was disclosed in a document filed with the SEC, which is available at this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Ernest C. Garcia II also recently made the following trade(s):

• On Monday, August 26th, Ernest C. Garcia II sold 9,186 shares of Carvana stock. The shares were sold at an average price of $156.95, for a total transaction of $1,441,742.70.
• On Friday, July 12th, Ernest C. Garcia II sold 37,500 shares of Carvana stock. The stock was sold at an average price of $136.63, for a total transaction of $5,123,625.00.

Carvana Stock Performance

Shares of CVNA stock opened at $150.68 on Friday. The firm has a market cap of $30.52 billion, a P/E ratio of 66.09 and a beta of 3.37. The company has a debt-to-equity ratio of 47.20, a current ratio of 3.11 and a quick ratio of 1.62. Carvana Co. has a fifty-two week low of $25.09 and a fifty-two week high of $159.85. The stock’s 50-day moving average is $137.20 and its two-hundred day moving average is $106.36.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CVNA. JMP Securities raised their price objective on Carvana from $150.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Friday, August 2nd. Needham & Company LLC increased their price target on Carvana from $160.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. boosted their price objective on Carvana from $150.00 to $155.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Wedbush upgraded shares of Carvana to a “neutral” rating and raised their target price for the stock from $120.00 to $150.00 in a report on Monday, August 19th. Finally, BTIG Research lifted their target price on shares of Carvana from $155.00 to $188.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. One 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 a consensus rating of “Hold” and a consensus target price of $148.40.

Hedge Funds Weigh In On Carvana

Hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in Carvana in the fourth quarter worth $5,610,000. Federated Hermes Inc. acquired a new position in shares of Carvana during the 4th quarter valued at about $864,000. Truist Financial Corp raised its stake in shares of Carvana by 62.0% in the 4th quarter. Truist Financial Corp now owns 8,495 shares of the company’s stock valued at $450,000 after acquiring an additional 3,251 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Carvana in the 4th quarter worth approximately $87,000. Finally, Russell Investments Group Ltd. lifted its holdings in Carvana by 112.9% in the 4th quarter. Russell Investments Group Ltd. now owns 1,699 shares of the company’s stock worth $90,000 after purchasing an additional 901 shares during the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

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.