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

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 60,000 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $105.14, for a total transaction of $6,308,400.00. Following the transaction, the insider now directly owns 1,597,500 shares of the company’s stock, valued at $167,961,150. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Carvana Price Performance

Shares of NYSE:CVNA opened at $107.92 on Tuesday. The company’s fifty day moving average price is $96.75 and its 200-day moving average price is $70.39. The firm has a market capitalization of $21.86 billion, a price-to-earnings ratio of 47.33 and a beta of 3.29. Carvana Co. has a one year low of $18.46 and a one year high of $129.00.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, May 1st. The company reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.35. The firm had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $2.72 billion. As a group, equities research analysts expect that Carvana Co. will post -0.8 EPS for the current year.

Hedge Funds Weigh In On Carvana

A number of large investors have recently modified their holdings of the company. Parallel Advisors LLC grew its position in Carvana by 39.0% during the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after acquiring an additional 194 shares during the last quarter. Diversified Trust Co boosted its stake in shares of Carvana by 6.0% in the 4th quarter. Diversified Trust Co now owns 5,659 shares of the company’s stock valued at $300,000 after purchasing an additional 319 shares in the last quarter. Lazard Asset Management LLC grew its holdings in shares of Carvana by 21.2% during the 1st quarter. Lazard Asset Management LLC now owns 1,866 shares of the company’s stock valued at $163,000 after purchasing an additional 326 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in Carvana by 11.9% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,687 shares of the company’s stock worth $412,000 after purchasing an additional 500 shares during the period. Finally, Blue Trust Inc. bought a new stake in Carvana in the fourth quarter worth $29,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on CVNA shares. Jefferies Financial Group raised Carvana from an “underperform” rating to a “hold” rating and increased their price objective for the company from $30.00 to $85.00 in a report on Tuesday, March 12th. Wells Fargo & Company increased their target price on Carvana from $60.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 2nd. Wedbush lifted their price target on Carvana from $80.00 to $120.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. JPMorgan Chase & Co. boosted their price objective on Carvana from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Morgan Stanley raised their price objective on shares of Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a research report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $84.36.

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.