Insider Selling: Carvana Co. (NYSE:CVNA) Major Shareholder Sells 75,000 Shares of Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 75,000 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $125.43, for a total value of $9,407,250.00. Following the completion of the sale, the insider now owns 2,917,500 shares of the company’s stock, valued at $365,942,025. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Carvana Trading Down 1.9 %

CVNA traded down $2.27 on Wednesday, hitting $114.39. The company had a trading volume of 3,649,464 shares, compared to its average volume of 6,279,654. The firm has a market cap of $23.10 billion, a P/E ratio of 51.17 and a beta of 3.28. The company’s fifty day moving average price is $83.59 and its 200 day moving average price is $57.44. Carvana Co. has a 1 year low of $10.16 and a 1 year high of $129.00.

Carvana (NYSE:CVNA) last posted its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter last year, the firm posted ($0.97) earnings per share. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. On average, analysts predict that Carvana Co. will post -3.05 earnings per share for the current year.

Hedge Funds Weigh In On Carvana

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Morgan Stanley lifted its stake in Carvana by 13.8% in the third quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock worth $619,478,000 after acquiring an additional 1,784,009 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Carvana by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock worth $530,648,000 after purchasing an additional 655,603 shares during the last quarter. FMR LLC grew its stake in shares of Carvana by 0.5% during the third quarter. FMR LLC now owns 4,696,510 shares of the company’s stock worth $197,160,000 after purchasing an additional 24,560 shares in the last quarter. First Trust Advisors LP increased its holdings in Carvana by 17.1% in the fourth quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock valued at $78,560,000 after buying an additional 216,893 shares during the last quarter. Finally, Goodnow Investment Group LLC lifted its holdings in Carvana by 1.6% during the 4th 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 during the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CVNA has been the topic of a number of research analyst reports. William Blair reissued an “outperform” rating on shares of Carvana in a research note on Thursday, May 2nd. Needham & Company LLC restated a “hold” rating on shares of Carvana in a research report on Thursday, May 2nd. Wedbush raised their price target on shares of Carvana from $80.00 to $120.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. TD Cowen increased their target price on Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a report on Monday, April 29th. Finally, JMP Securities raised their target price on Carvana from $80.00 to $135.00 and gave the company a “market outperform” rating in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $73.44.

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.