Ernest C. Garcia II Sells 75,000 Shares of Carvana Co. (NYSE:CVNA) Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 75,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $124.72, for a total transaction of $9,354,000.00. Following the completion of the transaction, the insider now directly owns 562,500 shares of the company’s stock, valued at approximately $70,155,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Carvana Stock Performance

NYSE:CVNA opened at $127.70 on Thursday. The stock has a market capitalization of $25.87 billion, a PE ratio of 56.01 and a beta of 3.37. Carvana Co. has a fifty-two week low of $23.43 and a fifty-two week high of $136.92. The company has a fifty day moving average of $110.88 and a two-hundred day moving average of $80.08.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.35. The firm had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $2.72 billion. Research analysts forecast that Carvana Co. will post -0.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. TD Cowen raised their target price on Carvana from $58.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, April 29th. JPMorgan Chase & Co. lifted their target price on Carvana from $130.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. JMP Securities increased their price target on shares of Carvana from $135.00 to $150.00 and gave the stock a “market outperform” rating in a report on Friday, June 7th. Robert W. Baird lifted their price objective on shares of Carvana from $65.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Finally, Jefferies Financial Group upgraded shares of Carvana from an “underperform” rating to a “hold” rating and increased their price objective for the stock from $30.00 to $85.00 in a research note 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $88.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in Carvana by 127.9% during the second quarter. GAMMA Investing LLC now owns 458 shares of the company’s stock worth $59,000 after acquiring an additional 257 shares during the last quarter. Blue Trust Inc. purchased a new stake in Carvana in the 4th quarter valued at $29,000. Plato Investment Management Ltd purchased a new stake in Carvana in the 1st quarter valued at $55,000. Parallel Advisors LLC increased its stake in shares of Carvana by 39.0% in the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after acquiring an additional 194 shares during the last quarter. Finally, Tidemark LLC purchased a new position in shares of Carvana during the 4th quarter worth $50,000. Hedge funds and other 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.