Carvana Co (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 86,254 shares of Carvana stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $45.60, for a total transaction of $3,933,182.40. Following the completion of the transaction, the insider now directly owns 52,937,458 shares of the company’s stock, valued at approximately $2,413,948,084.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.
Shares of CVNA stock traded up $0.11 during midday trading on Monday, hitting $46.44. 1,383,500 shares of the company were exchanged, compared to its average volume of 1,020,338. The company has a market capitalization of $6.49 billion, a price-to-earnings ratio of -38.18 and a beta of 2.13. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.78 and a current ratio of 1.47. Carvana Co has a 52 week low of $12.87 and a 52 week high of $72.59.
Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, August 8th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.03). The company had revenue of $475.29 million for the quarter, compared to the consensus estimate of $425.16 million. Carvana had a negative return on equity of 33.44% and a negative net margin of 5.30%. The business’s quarterly revenue was up 127.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.28) EPS. Sell-side analysts forecast that Carvana Co will post -1.5 EPS for the current year.
A number of research analysts have recently commented on CVNA shares. Wells Fargo & Co lifted their price objective on shares of Carvana from $60.00 to $72.00 and gave the company an “outperform” rating in a research report on Monday, October 1st. Wolfe Research started coverage on shares of Carvana in a research report on Tuesday, October 2nd. They issued an “outperform” rating for the company. Citigroup lifted their price objective on shares of Carvana from $67.00 to $77.00 and gave the company a “buy” rating in a research report on Tuesday, September 11th. They noted that the move was a valuation call. Robert W. Baird lifted their price objective on shares of Carvana from $53.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, August 9th. Finally, Craig Hallum reissued a “hold” rating on shares of Carvana in a research report on Thursday, September 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company’s stock. Carvana has an average rating of “Buy” and an average target price of $55.86.
Several hedge funds have recently made changes to their positions in CVNA. Frontier Capital Management Co. LLC bought a new stake in shares of Carvana during the 2nd quarter worth about $43,726,000. BlackRock Inc. boosted its holdings in shares of Carvana by 94.3% during the 2nd quarter. BlackRock Inc. now owns 1,858,986 shares of the company’s stock worth $77,335,000 after buying an additional 902,271 shares during the period. Whale Rock Capital Management LLC bought a new stake in shares of Carvana during the 2nd quarter worth about $35,039,000. Gilder Gagnon Howe & Co. LLC boosted its holdings in shares of Carvana by 76.2% during the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 645,271 shares of the company’s stock worth $26,843,000 after buying an additional 279,022 shares during the period. Finally, Point72 Asset Management L.P. boosted its holdings in shares of Carvana by 208.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 411,100 shares of the company’s stock worth $17,102,000 after buying an additional 277,792 shares during the period. 25.96% of the stock is owned by institutional investors and hedge funds.
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Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying used cars in the United States. The company purchases, reconditions, sells, and delivers vehicles. Its platform allows customers to research and identify a vehicle; inspect it using company's proprietary 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up.
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