Carvana Co. (NYSE:CVNA) Major Shareholder Sells $19,070,000.00 in Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $190.70, for a total transaction of $19,070,000.00. Following the sale, the insider now directly owns 38,458,131 shares of the company’s stock, valued at $7,333,965,581.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Ernest C. Garcia II also recently made the following trade(s):

• On Monday, October 7th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $180.49, for a total transaction of $18,049,000.00.
• On Friday, October 4th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $179.06, for a total transaction of $17,906,000.00.
• On Wednesday, October 2nd, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $174.64, for a total transaction of $17,464,000.00.
• On Monday, September 30th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $171.68, for a total transaction of $17,168,000.00.
• On Friday, September 27th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $169.88, for a total transaction of $16,988,000.00.
• On Wednesday, September 25th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $170.51, for a total transaction of $17,051,000.00.
• On Monday, September 23rd, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $172.66, for a total transaction of $17,266,000.00.
• On Thursday, September 19th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $168.46, for a total transaction of $16,846,000.00.
• On Tuesday, September 17th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $155.00, for a total transaction of $15,500,000.00.
• On Monday, September 9th, Ernest C. Garcia II sold 75,000 shares of Carvana stock. The shares were sold at an average price of $135.73, for a total transaction of $10,179,750.00.

Carvana Stock Performance

Shares of CVNA opened at $192.25 on Monday. The stock has a 50-day simple moving average of $157.06 and a 200-day simple moving average of $125.77. The stock has a market capitalization of $38.94 billion, a PE ratio of 84.32 and a beta of 3.44. Carvana Co. has a 1 year low of $25.09 and a 1 year high of $194.75. The company has a debt-to-equity ratio of 47.20, a quick ratio of 2.02 and a current ratio of 3.11.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, July 31st. The company reported $0.14 earnings per share for the quarter. The business had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.23 billion. On average, analysts predict that Carvana Co. will post 0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on CVNA shares. Robert W. Baird started coverage on shares of Carvana in a research report on Thursday, August 1st. They issued a “neutral” rating and a $160.00 price target for the company. Wells Fargo & Company upgraded shares of Carvana from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $77.00 to $175.00 in a research report on Thursday, August 1st. Evercore ISI restated an “in-line” rating and issued a $178.00 price target on shares of Carvana in a report on Thursday, September 26th. Stephens started coverage on shares of Carvana in a report on Thursday, September 12th. They issued an “overweight” rating and a $190.00 price target for the company. Finally, Bank of America raised their price objective on shares of Carvana from $185.00 to $210.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $171.76.

Institutional Trading of Carvana

A number of institutional investors have recently modified their holdings of CVNA. Price T Rowe Associates Inc. MD grew its holdings 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 purchasing an additional 2,112,463 shares during the last quarter. Vanguard Group Inc. boosted its stake in Carvana by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock worth $530,648,000 after buying an additional 655,603 shares during the last quarter. Sylebra Capital LLC acquired a new stake in Carvana in the 2nd quarter worth about $67,686,000. Senator Investment Group LP acquired a new stake in Carvana in the 2nd quarter worth about $63,767,000. Finally, Driehaus Capital Management LLC raised its holdings in shares of Carvana by 124.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock worth $74,888,000 after purchasing an additional 323,153 shares during the period. 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.