Ernest C. Garcia II Sells 50,000 Shares of Carvana Co. (NYSE:CVNA) Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 50,000 shares of Carvana stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $80.13, for a total value of $4,006,500.00. Following the sale, the insider now owns 3,312,500 shares of the company’s stock, valued at approximately $265,430,625. The transaction was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Carvana Price Performance

Carvana stock opened at $70.60 on Wednesday. The company has a market cap of $14.25 billion, a price-to-earnings ratio of 130.74 and a beta of 3.32. Carvana Co. has a 12 month low of $6.70 and a 12 month high of $94.04. The stock’s 50-day moving average is $74.05 and its 200-day moving average is $51.87.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter last year, the firm earned ($0.97) EPS. The business’s revenue for the quarter was down 14.6% compared to the same quarter last year. Research analysts anticipate that Carvana Co. will post -3.4 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CVNA shares. Evercore ISI lowered their price target on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a report on Tuesday. Wedbush lifted their target price on shares of Carvana from $40.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 20th. William Blair raised Carvana from a “market perform” rating to an “outperform” rating in a research note on Friday, February 23rd. Jefferies Financial Group raised Carvana from an “underperform” rating to a “hold” rating and lifted their price objective for the company from $30.00 to $85.00 in a research report on Tuesday, March 12th. Finally, Raymond James upgraded Carvana from an “underperform” rating to a “market perform” rating in a research note on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Carvana currently has an average rating of “Hold” and an average price target of $50.53.

Hedge Funds Weigh In On Carvana

A number of hedge funds have recently made changes to their positions in the business. Blue Trust Inc. purchased a new position in Carvana in the fourth quarter valued at about $29,000. Captrust Financial Advisors grew its stake in shares of Carvana by 270.9% in the second quarter. Captrust Financial Advisors now owns 1,324 shares of the company’s stock valued at $30,000 after buying an additional 967 shares in the last quarter. Hanseatic Management Services Inc. purchased a new stake in shares of Carvana during the 3rd quarter valued at about $34,000. Parallel Advisors LLC lifted its position in Carvana by 39.0% during the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after acquiring an additional 194 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its position in Carvana by 14,831.6% during the 4th quarter. Meeder Asset Management Inc. now owns 8,511 shares of the company’s stock worth $40,000 after acquiring an additional 8,454 shares in the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

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.