Carvana Co. (NYSE:CVNA) Major Shareholder Sells $15,500,000.00 in Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the sale, the insider now directly owns 40,058,131 shares of the company’s stock, valued at $6,209,010,305. The transaction was disclosed in a document filed with the SEC, which is available at this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Monday, September 9th, Ernest C. Garcia II sold 75,000 shares of Carvana stock. The shares were sold at an average price of $135.73, for a total transaction of $10,179,750.00.
• On Thursday, September 5th, Ernest C. Garcia II sold 75,000 shares of Carvana stock. The stock was sold at an average price of $141.72, for a total value of $10,629,000.00.
• On Friday, August 30th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $149.16, for a total value of $14,916,000.00.
• On Wednesday, August 28th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $155.69, for a total value 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 Stock Performance

Shares of NYSE:CVNA traded up $9.09 during trading hours on Thursday, hitting $170.72. The stock had a trading volume of 5,169,927 shares, compared to its average volume of 5,115,372. The stock’s fifty day simple moving average is $141.54 and its 200 day simple moving average is $114.04. The firm has a market capitalization of $34.58 billion, a price-to-earnings ratio of 74.49 and a beta of 3.43. The company has a debt-to-equity ratio of 47.20, a quick ratio of 2.02 and a current ratio of 3.11. Carvana Co. has a 1-year low of $25.09 and a 1-year high of $171.67.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, July 31st. The company reported $0.14 EPS for the quarter. The business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.23 billion. Sell-side analysts anticipate that Carvana Co. will post 0.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Carvana

Hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its position in shares of Carvana by 39.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock valued at $655,727,000 after purchasing an additional 2,112,463 shares during the period. Vanguard Group Inc. boosted its stake in 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 buying an additional 655,603 shares in the last quarter. Sylebra Capital LLC acquired a new position in Carvana during the second quarter worth about $67,686,000. Senator Investment Group LP bought a new stake in Carvana in the second quarter worth about $63,767,000. Finally, Driehaus Capital Management LLC lifted its holdings in Carvana by 124.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock valued at $74,888,000 after acquiring an additional 323,153 shares during the last quarter. 56.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CVNA. Piper Sandler upped their target price on shares of Carvana from $105.00 to $151.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Robert W. Baird began coverage on Carvana in a research note on Thursday, August 1st. They set a “neutral” rating and a $160.00 price objective on the stock. Wedbush upgraded Carvana to a “neutral” rating and lifted their target price for the stock from $120.00 to $150.00 in a research report on Monday, August 19th. JPMorgan Chase & Co. boosted their price target on Carvana from $150.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Finally, DA Davidson raised their price objective on Carvana from $110.00 to $155.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $153.88.

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.