Carvana (NYSE:CVNA) Shares Down 6.4% on Insider Selling

Carvana Co. (NYSE:CVNA)’s stock price traded down 6.4% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $124.11 and last traded at $124.38. 3,523,063 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 5,574,333 shares. The stock had previously closed at $132.88.

Specifically, insider Thomas Taira sold 4,197 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $82.84, for a total transaction of $347,679.48. Following the completion of the sale, the insider now owns 164,827 shares in the company, valued at $13,654,268.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Carvana news, insider Thomas Taira sold 4,197 shares of Carvana stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $82.84, for a total value of $347,679.48. Following the transaction, the insider now owns 164,827 shares in the company, valued at $13,654,268.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ernest C. Garcia III sold 9,390 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $82.83, for a total transaction of $777,773.70. Following the sale, the chief executive officer now directly owns 861,458 shares of the company’s stock, valued at $71,354,566.14. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,801,829 shares of company stock worth $193,562,233. 17.12% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CVNA shares. Jefferies Financial Group raised Carvana from an “underperform” rating to a “hold” rating and upped their price target for the stock from $30.00 to $85.00 in a report on Tuesday, March 12th. Evercore ISI lifted their price target on Carvana from $111.00 to $118.00 and gave the stock an “in-line” rating in a research note on Thursday, June 20th. TD Cowen lifted their target price on shares of Carvana from $58.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, April 29th. Wedbush reiterated a “neutral” rating and issued a $120.00 target price on shares of Carvana in a research report on Wednesday. Finally, JPMorgan Chase & Co. boosted their price target on shares of Carvana from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $87.29.

Carvana Stock Performance

The firm has a market capitalization of $26.05 billion, a PE ratio of 56.40 and a beta of 3.29. The business’s 50 day moving average price is $107.74 and its 200-day moving average price is $78.19.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) earnings per share 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 analyst estimates of $2.72 billion. As a group, analysts anticipate that Carvana Co. will post -0.75 earnings per share for the current year.

Institutional Trading of Carvana

A number of institutional investors and hedge funds have recently bought and sold shares of CVNA. Vanguard Group Inc. boosted its holdings in Carvana by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after purchasing an additional 655,603 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Carvana by 6.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 831,879 shares of the company’s stock valued at $44,040,000 after buying an additional 53,318 shares during the period. Blue Trust Inc. acquired a new position in shares of Carvana during the fourth quarter worth about $29,000. Rafferty Asset Management LLC increased its stake in shares of Carvana by 38.6% during the fourth quarter. Rafferty Asset Management LLC now owns 43,792 shares of the company’s stock worth $2,318,000 after buying an additional 12,193 shares during the period. Finally, Investmentaktiengesellschaft Fuer Langfristige Investoren TGV raised its holdings in Carvana by 17.6% in the fourth quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 500,000 shares of the company’s stock valued at $26,470,000 after acquiring an additional 75,000 shares in the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

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.