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

Carvana Co. (NYSE:CVNAGet Free Report) major shareholder Ernest C. Garcia II sold 60,000 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $110.84, for a total value of $6,650,400.00. Following the sale, the insider now owns 2,077,500 shares in the company, valued at $230,270,100. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Carvana Trading Down 2.5 %

Shares of NYSE CVNA opened at $102.41 on Friday. The stock has a market capitalization of $20.74 billion, a PE ratio of 44.91 and a beta of 3.28. The stock’s fifty day simple moving average is $95.09 and its two-hundred day simple moving average is $66.92. Carvana Co. has a 12-month low of $12.06 and a 12-month high of $129.00.

Carvana (NYSE:CVNAGet Free Report) last announced its earnings results on Wednesday, May 1st. The company reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.35. The company had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $2.72 billion. On average, equities analysts predict that Carvana Co. will post -0.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CVNA. William Blair restated an “outperform” rating on shares of Carvana in a research report on Thursday, May 2nd. Royal Bank of Canada upped their target price on Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a research note on Thursday, May 2nd. TD Cowen upped their target price on Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, April 29th. JMP Securities reaffirmed a “market outperform” rating and set a $135.00 target price on shares of Carvana in a research note on Tuesday, May 14th. Finally, Wedbush upped their target price on Carvana from $80.00 to $120.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $77.60.

Read Our Latest Research Report on Carvana

Institutional Trading of Carvana

Hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. purchased a new stake in shares of Carvana during the 4th quarter valued at $29,000. Plato Investment Management Ltd purchased a new stake in shares of Carvana during the 1st quarter valued at $55,000. Parallel Advisors LLC raised 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 last quarter. Hanseatic Management Services Inc. purchased a new position in Carvana in the 3rd quarter worth $34,000. Finally, Tidemark LLC purchased a new position in Carvana in the 4th quarter worth $50,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

About Carvana

(Get Free Report)

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.

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