Carvana Co. (NYSE:CVNA) Major Shareholder Sells $9,882,000.00 in Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 75,000 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $131.76, for a total transaction of $9,882,000.00. Following the sale, the insider now directly owns 637,500 shares in the company, valued at $83,997,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% 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 $127.55 on Wednesday. The business’s 50 day simple moving average is $109.83 and its 200 day simple moving average is $79.75. Carvana Co. has a 1 year low of $23.43 and a 1 year high of $136.92. The company has a market capitalization of $25.84 billion, a P/E ratio of 55.94 and a beta of 3.37.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.41) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.35. The company had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $2.72 billion. On average, sell-side analysts anticipate that Carvana Co. will post -0.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CVNA. Morgan Stanley boosted its stake in shares of Carvana by 13.8% in the 3rd quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock valued at $619,478,000 after purchasing an additional 1,784,009 shares in the last quarter. Vanguard Group Inc. lifted its stake in Carvana by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 10,290,551 shares of the company’s stock valued at $904,642,000 after purchasing an additional 266,972 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Carvana by 39.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock valued at $655,727,000 after buying an additional 2,112,463 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Carvana by 17.1% during the fourth quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock worth $78,560,000 after buying an additional 216,893 shares during the last quarter. Finally, Goodnow Investment Group LLC increased its holdings in shares of Carvana by 1.6% during the fourth quarter. Goodnow Investment Group LLC now owns 1,464,528 shares of the company’s stock worth $77,532,000 after buying an additional 23,140 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CVNA has been the topic of a number of research analyst reports. William Blair reaffirmed an “outperform” rating on shares of Carvana in a report on Thursday, May 2nd. Royal Bank of Canada raised their price objective on Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a research report on Thursday, May 2nd. Needham & Company LLC reissued a “hold” rating on shares of Carvana in a report on Wednesday, June 26th. JPMorgan Chase & Co. increased their price target on Carvana from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. Finally, Jefferies Financial Group raised shares of Carvana from an “underperform” rating to a “hold” rating and lifted their price objective for the stock from $30.00 to $85.00 in a research report on Tuesday, March 12th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Carvana presently has an average rating of “Hold” and a consensus price target of $88.50.

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.