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

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.46, for a total transaction of $16,846,000.00. Following the completion of the transaction, the insider now owns 39,858,131 shares of the company’s stock, valued at approximately $6,714,500,748.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own more than 10% 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 Tuesday, September 17th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $155.00, for a total transaction of $15,500,000.00.
• On Monday, September 9th, Ernest C. Garcia II sold 75,000 shares of Carvana stock. The stock was 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 transaction of $10,629,000.00.
• On Friday, August 30th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $149.16, for a total transaction 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 transaction of $15,569,000.00.
• 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 shares were sold at an average price of $136.63, for a total transaction of $5,123,625.00.

Carvana Stock Performance

Shares of CVNA stock traded up $1.40 during midday trading on Monday, hitting $175.25. The company had a trading volume of 4,045,735 shares, compared to its average volume of 5,110,847. The company’s 50 day simple moving average is $143.11 and its 200 day simple moving average is $115.60. Carvana Co. has a 52-week low of $25.09 and a 52-week high of $176.33. The stock has a market cap of $35.50 billion, a price-to-earnings ratio of 76.25 and a beta of 3.43. The company has a debt-to-equity ratio of 47.20, a current ratio of 3.11 and a quick ratio of 2.02.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, July 31st. The company reported $0.14 earnings per share for the quarter. The company had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.23 billion. Research analysts anticipate that Carvana Co. will post 0.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CVNA shares. BTIG Research increased their price target on shares of Carvana from $155.00 to $188.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Evercore ISI increased their price target on shares of Carvana from $142.00 to $157.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Wedbush upgraded shares of Carvana to a “neutral” rating and increased their price target for the company from $120.00 to $150.00 in a research note on Monday, August 19th. Bank of America reiterated a “buy” rating and issued a $185.00 price target on shares of Carvana in a research note on Tuesday, September 17th. Finally, Royal Bank of Canada upgraded Carvana to a “sector perform” rating and boosted their price objective for the company from $166.00 to $170.00 in a research note on Monday, August 19th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Carvana has a consensus rating of “Hold” and an average target price of $153.88.

Hedge Funds Weigh In On Carvana

Several hedge funds have recently bought and sold shares of the company. Ridgewood Investments LLC purchased a new position in Carvana in the 2nd quarter valued at approximately $32,000. Parallel Advisors LLC grew its stake in Carvana by 39.0% in the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after acquiring an additional 194 shares during the period. Summit Securities Group LLC raised its holdings in 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 acquiring an additional 3,300 shares during the last quarter. Fifth Third Bancorp raised its holdings in 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 acquiring an additional 275 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in Carvana in the 2nd quarter valued at $51,000. 56.71% of the stock is 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.