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 the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $191.37, for a total value of $19,137,000.00. Following the completion of the sale, the insider now directly owns 37,858,131 shares of the company’s stock, valued at $7,244,910,529.47. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 Wednesday, October 16th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $193.06, for a total value of $19,306,000.00.
• On Monday, October 14th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $190.47, for a total transaction of $19,047,000.00.
• On Friday, October 11th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $192.55, for a total transaction of $19,255,000.00.
• On Wednesday, October 9th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $190.70, for a total transaction of $19,070,000.00.
• On Monday, October 7th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $180.49, for a total transaction of $18,049,000.00.
• On Friday, October 4th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $179.06, for a total value of $17,906,000.00.
• On Wednesday, October 2nd, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $174.64, for a total value of $17,464,000.00.
• 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 Friday, September 27th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $169.88, for a total value of $16,988,000.00.
• 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 transaction of $17,051,000.00.

Carvana Stock Performance

Shares of CVNA stock opened at $191.74 on Tuesday. Carvana Co. has a 12-month low of $25.09 and a 12-month high of $196.36. The business’s fifty day simple moving average is $162.78 and its 200-day simple moving average is $129.50. The company has a current ratio of 3.11, a quick ratio of 2.02 and a debt-to-equity ratio of 47.20. The company has a market cap of $38.84 billion, a PE ratio of 83.99 and a beta of 3.44.

Carvana (NYSE:CVNA) last released 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. Analysts expect that Carvana Co. will post 0.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Carvana

Several hedge funds and other institutional investors have recently modified their holdings of CVNA. Sugarloaf Wealth Management LLC acquired a new stake in Carvana during the 3rd quarter worth about $32,000. Ridgewood Investments LLC acquired a new stake in shares of Carvana during the second quarter worth about $32,000. Summit Securities Group LLC lifted its holdings in shares of Carvana by 110.0% during the second quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock worth $39,000 after purchasing an additional 3,300 shares during the period. Fifth Third Bancorp boosted its position in Carvana by 450.8% in the second quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock valued at $43,000 after buying an additional 275 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in Carvana in the 2nd quarter worth approximately $51,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CVNA. Needham & Company LLC upped their target price on shares of Carvana from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. increased their price objective on Carvana from $185.00 to $230.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Wells Fargo & Company upgraded Carvana from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $77.00 to $175.00 in a report on Thursday, August 1st. Robert W. Baird assumed coverage on Carvana in a report on Thursday, August 1st. They issued a “neutral” rating and a $160.00 target price for the company. Finally, Royal Bank of Canada upgraded Carvana to a “sector perform” rating and raised their price target for the company from $166.00 to $170.00 in a research note on Monday, August 19th. 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $171.76.

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.