Ernest C. Garcia II Sells 50,000 Shares of Carvana Co. (NYSE:CVNA) Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $85.38, for a total transaction of $4,269,000.00. Following the sale, the insider now owns 3,212,500 shares in the company, valued at approximately $274,283,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Carvana Stock Down 1.0 %

Shares of NYSE CVNA traded down $0.81 during trading hours on Tuesday, reaching $82.95. 3,915,287 shares of the stock traded hands, compared to its average volume of 5,980,688. The company has a market capitalization of $16.75 billion, a P/E ratio of 153.56 and a beta of 3.32. The company’s 50-day simple moving average is $78.09 and its two-hundred day simple moving average is $54.27. Carvana Co. has a 52-week low of $6.70 and a 52-week high of $94.04.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.56 billion. The company’s revenue was down 14.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.97) EPS. As a group, sell-side analysts forecast that Carvana Co. will post -3.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Jefferies Financial Group upgraded 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 report on Tuesday, March 12th. JPMorgan Chase & Co. increased their price objective on Carvana from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, April 18th. Evercore ISI reduced their target price on Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a report on Tuesday, April 16th. JMP Securities reiterated a “market outperform” rating and set a $80.00 price target on shares of Carvana in a report on Wednesday, April 17th. Finally, Robert W. Baird lifted their price target on shares of Carvana from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $56.75.

Institutional Investors Weigh In On Carvana

Several large investors have recently bought and sold shares of the business. Blue Trust Inc. bought a new stake in Carvana in the 4th quarter worth approximately $29,000. Hanseatic Management Services Inc. purchased a new position in shares of Carvana during the 3rd quarter worth $34,000. Parallel Advisors LLC lifted its position in Carvana by 39.0% during the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after purchasing an additional 194 shares in the last quarter. Harvest Fund Management Co. Ltd increased its position in Carvana by 1,225.6% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock worth $50,000 after buying an additional 1,103 shares in the last quarter. Finally, Tidemark LLC bought a new position in shares of Carvana in the fourth quarter worth about $50,000. 56.71% of the stock is currently owned by 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.