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 business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $169.88, for a total transaction of $16,988,000.00. Following the sale, the insider now directly owns 39,258,131 shares in the company, valued at $6,669,171,294.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Major shareholders that own 10% or more 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, September 30th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $171.68, for a total value of $17,168,000.00.
• On Wednesday, September 25th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $170.51, for a total value of $17,051,000.00.
• On Monday, September 23rd, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $172.66, for a total transaction of $17,266,000.00.
• On Thursday, September 19th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $168.46, for a total value of $16,846,000.00.
• On Tuesday, September 17th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were 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 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 shares were 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 value of $1,441,742.70.

Carvana Stock Performance

Shares of Carvana stock traded up $1.63 during trading hours on Tuesday, reaching $175.74. 3,495,103 shares of the stock traded hands, compared to its average volume of 5,035,189. Carvana Co. has a one year low of $25.09 and a one year high of $178.40. The company has a 50 day moving average price of $147.59 and a 200 day moving average price of $119.53. The firm has a market capitalization of $35.60 billion, a price-to-earnings ratio of 76.39 and a beta of 3.43. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20.

Carvana (NYSE:CVNA) last posted its quarterly 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 analysts’ expectations of $3.23 billion. On average, equities research analysts expect that Carvana Co. will post 0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Carvana

A number of large investors have recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Carvana in the second quarter worth $37,728,000. Maven Securities LTD acquired a new stake in Carvana during the second quarter worth about $270,000. Senator Investment Group LP purchased a new stake in shares of Carvana during the 2nd quarter worth about $63,767,000. Sylebra Capital LLC purchased a new position in Carvana during the second quarter worth approximately $67,686,000. Finally, Creative Planning increased its holdings in Carvana by 34.4% in the 2nd quarter. Creative Planning now owns 15,296 shares of the company’s stock worth $1,969,000 after acquiring an additional 3,913 shares in the last quarter. 56.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Evercore ISI reaffirmed an “in-line” rating and set a $178.00 price target on shares of Carvana in a report on Thursday, September 26th. Bank of America reaffirmed a “buy” rating and set a $185.00 price objective on shares of Carvana in a research report on Tuesday, September 17th. Morgan Stanley boosted their target price on Carvana from $75.00 to $110.00 and gave the stock an “underweight” rating in a research note on Thursday, August 1st. Needham & Company LLC upped their target price on Carvana from $160.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Robert W. Baird assumed coverage on shares of Carvana in a report on Thursday, August 1st. They set a “neutral” rating and a $160.00 price target on the stock. One 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 a consensus price target of $155.12.

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.