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 company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $108.86, for a total value of $6,531,600.00. Following the sale, the insider now owns 1,057,500 shares of the company’s stock, valued at $115,119,450. The transaction was disclosed in a filing with the SEC, which is accessible 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 Trading Up 2.9 %

Shares of CVNA stock opened at $112.99 on Monday. The stock has a 50-day moving average of $102.06 and a 200-day moving average of $75.64. Carvana Co. has a 1-year low of $20.60 and a 1-year high of $129.00. The stock has a market cap of $22.89 billion, a price-to-earnings ratio of 49.56 and a beta of 3.29.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate 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. Sell-side analysts forecast that Carvana Co. will post -0.75 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Wedbush upped their price objective on Carvana from $80.00 to $120.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Robert W. Baird upped their price objective on Carvana from $65.00 to $110.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Evercore ISI upped their price objective on Carvana from $111.00 to $118.00 and gave the stock an “in-line” rating in a research report on Thursday. JPMorgan Chase & Co. upped their price objective on Carvana from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. Finally, Morgan Stanley upped their target price on Carvana from $32.00 to $45.00 and gave the stock an “underweight” rating in a report on Monday, February 26th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $87.29.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cetera Advisors LLC purchased a new stake in shares of Carvana during the first quarter valued at approximately $461,000. Cetera Investment Advisers increased its position in Carvana by 171.7% in the first quarter. Cetera Investment Advisers now owns 20,862 shares of the company’s stock worth $1,834,000 after buying an additional 13,185 shares during the last quarter. Plato Investment Management Ltd purchased a new stake in Carvana in the first quarter worth $55,000. Tidal Investments LLC purchased a new stake in Carvana in the first quarter worth $1,783,000. Finally, Motley Fool Asset Management LLC purchased a new stake in Carvana in the first quarter worth $636,000. Institutional investors own 56.71% of the company’s stock.

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.