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 that occurred on Monday, June 24th. The stock was sold at an average price of $115.77, for a total transaction of $6,946,200.00. Following the completion of the transaction, the insider now directly owns 937,500 shares of the company’s stock, valued at $108,534,375. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Carvana Stock Down 1.6 %

Shares of NYSE:CVNA opened at $126.57 on Thursday. The stock has a market cap of $25.64 billion, a PE ratio of 55.51 and a beta of 3.29. The company’s fifty day moving average is $105.36 and its 200 day moving average is $77.18. Carvana Co. has a 52 week low of $21.15 and a 52 week high of $131.41.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.35. The firm had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $2.72 billion. Sell-side analysts anticipate that Carvana Co. will post -0.75 EPS for the current year.

Hedge Funds Weigh In On Carvana

Several hedge funds and other institutional investors have recently modified their holdings of CVNA. UBS Group AG raised its stake in shares of Carvana by 132.6% during the third quarter. UBS Group AG now owns 81,620 shares of the company’s stock valued at $3,426,000 after acquiring an additional 331,892 shares during the last quarter. Deutsche Bank AG raised its stake in Carvana by 13.8% in the third quarter. Deutsche Bank AG now owns 50,439 shares of the company’s stock worth $2,117,000 after buying an additional 6,129 shares in the last quarter. Rhumbline Advisers raised its stake in Carvana by 3.3% in the third quarter. Rhumbline Advisers now owns 149,633 shares of the company’s stock worth $6,282,000 after buying an additional 4,785 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in Carvana in the third quarter worth about $64,000. Finally, Algert Global LLC raised its stake in Carvana by 4.3% in the third quarter. Algert Global LLC now owns 37,250 shares of the company’s stock worth $1,564,000 after buying an additional 1,550 shares in the last quarter. 56.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Robert W. Baird raised their price target on shares of Carvana from $65.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. raised their price target on shares of Carvana from $130.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, June 10th. TD Cowen raised their price target on shares of Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a report on Monday, April 29th. Evercore ISI raised their price target on shares of Carvana from $111.00 to $118.00 and gave the company an “in-line” rating in a report on Thursday, June 20th. Finally, Wedbush reissued a “neutral” rating and issued a $120.00 price target on shares of Carvana in a report on Wednesday. One research 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. According to MarketBeat.com, Carvana currently has a consensus rating of “Hold” and a consensus price target of $87.29.

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.