Ernest C. Garcia II Sells 100,000 Shares of Carvana Co. (NYSE:CVNA) Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $149.16, for a total transaction of $14,916,000.00. Following the sale, the insider now directly owns 41,033,131 shares in the company, valued at approximately $6,120,501,819.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Large 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 Wednesday, August 28th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $155.69, for a total transaction of $15,569,000.00.
• On Monday, August 26th, Ernest C. Garcia II sold 9,186 shares of Carvana stock. The stock was 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 shares were sold at an average price of $136.63, for a total transaction of $5,123,625.00.

Carvana Trading Up 0.2 %

Shares of CVNA stock opened at $144.77 on Thursday. Carvana Co. has a fifty-two week low of $25.09 and a fifty-two week high of $159.85. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. The business has a fifty day simple moving average of $138.50 and a 200-day simple moving average of $108.67. The stock has a market cap of $29.33 billion, a P/E ratio of 63.50 and a beta of 3.37.

Analyst Upgrades and Downgrades

A number of research firms have commented on CVNA. Wedbush upgraded shares of Carvana to a “neutral” rating and lifted their price objective for the company from $120.00 to $150.00 in a research note on Monday, August 19th. Royal Bank of Canada upgraded Carvana to a “sector perform” rating and upped their price target for the stock from $166.00 to $170.00 in a research note on Monday, August 19th. JMP Securities lifted their price objective on shares of Carvana from $150.00 to $200.00 and gave the company a “market outperform” rating in a research report on Friday, August 2nd. Needham & Company LLC upped their price objective on shares of Carvana from $160.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Robert W. Baird started coverage on shares of Carvana in a report on Thursday, August 1st. They issued a “neutral” rating and a $160.00 target price on the stock. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $148.40.

Hedge Funds Weigh In On Carvana

Several hedge funds have recently added to or reduced their stakes in CVNA. Vanguard Group Inc. boosted its stake in shares of Carvana by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after acquiring an additional 655,603 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Carvana by 6.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 831,879 shares of the company’s stock worth $44,040,000 after buying an additional 53,318 shares in the last quarter. Rafferty Asset Management LLC raised its position in shares of Carvana by 38.6% in the fourth quarter. Rafferty Asset Management LLC now owns 43,792 shares of the company’s stock valued at $2,318,000 after buying an additional 12,193 shares during the last quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV lifted its stake in shares of Carvana by 17.6% during the fourth quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 500,000 shares of the company’s stock valued at $26,470,000 after buying an additional 75,000 shares during the period. Finally, Tidal Investments LLC acquired a new stake in Carvana during the first quarter worth approximately $1,783,000. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

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.