Ernest C. Garcia II Sells 60,000 Shares of Carvana Co. (NYSE:CVNA) Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 60,000 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $120.35, for a total transaction of $7,221,000.00. Following the transaction, the insider now directly owns 2,992,500 shares of the company’s stock, valued at approximately $360,147,375. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Carvana Stock Down 5.1 %

Shares of CVNA opened at $116.66 on Wednesday. The stock has a fifty day simple moving average of $83.59 and a two-hundred day simple moving average of $57.44. The company has a market capitalization of $23.55 billion, a PE ratio of 51.17 and a beta of 3.28. Carvana Co. has a 52-week low of $8.86 and a 52-week high of $129.00.

Carvana (NYSE:CVNA) last issued its earnings results on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the previous year, the business earned ($0.97) earnings per share. Carvana’s revenue for the quarter was down 14.6% compared to the same quarter last year. As a group, equities analysts anticipate that Carvana Co. will post -3.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Carvana in a report on Thursday, May 2nd. Jefferies Financial Group raised shares of Carvana from an “underperform” rating to a “hold” rating and increased their target price for the stock from $30.00 to $85.00 in a research note on Tuesday, March 12th. TD Cowen increased their target price on Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, April 29th. Wedbush boosted their price target on shares of Carvana from $80.00 to $120.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Finally, Robert W. Baird increased their price objective on shares of Carvana from $65.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $73.44.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CVNA. Parallel Advisors LLC grew its holdings in shares of Carvana by 39.0% during the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after purchasing an additional 194 shares during the period. Diversified Trust Co boosted its stake in Carvana by 6.0% during the fourth quarter. Diversified Trust Co now owns 5,659 shares of the company’s stock worth $300,000 after buying an additional 319 shares during the period. Arizona State Retirement System increased its position in shares of Carvana by 1.5% during the third quarter. Arizona State Retirement System now owns 25,698 shares of the company’s stock valued at $1,079,000 after acquiring an additional 377 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Carvana by 11.9% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,687 shares of the company’s stock valued at $412,000 after acquiring an additional 500 shares during the period. Finally, Blue Trust Inc. acquired a new position in shares of Carvana in the 4th quarter worth approximately $29,000. 56.71% of the stock is currently 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.