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

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $85.38, for a total transaction of $4,269,000.00. Following the sale, the insider now directly owns 3,212,500 shares of the company’s stock, valued at approximately $274,283,250. The sale was disclosed in a document filed with the SEC, which can be accessed 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.

Carvana Price Performance

CVNA stock traded down $0.81 during mid-day trading on Tuesday, reaching $82.95. 3,915,287 shares of the company’s stock were exchanged, compared to its average volume of 5,980,688. The stock’s 50 day moving average is $78.09 and its 200 day moving average is $54.27. The company has a market cap of $16.75 billion, a price-to-earnings ratio of 153.56 and a beta of 3.32. Carvana Co. has a 12-month low of $6.70 and a 12-month high of $94.04.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing analysts’ consensus estimates 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. The business’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.97) EPS. On average, research analysts forecast that Carvana Co. will post -3.32 earnings per share for the current fiscal year.

Institutional Trading of Carvana

Hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC boosted its stake in Carvana by 39.0% during the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after purchasing an additional 194 shares during the period. Diversified Trust Co raised its stake in Carvana by 6.0% during the 4th quarter. Diversified Trust Co now owns 5,659 shares of the company’s stock valued at $300,000 after acquiring an additional 319 shares during the last quarter. Arizona State Retirement System lifted its position in Carvana by 1.5% during the 3rd quarter. Arizona State Retirement System now owns 25,698 shares of the company’s stock worth $1,079,000 after acquiring an additional 377 shares during the period. Blue Trust Inc. purchased a new position in shares of Carvana in the 4th quarter valued at approximately $29,000. Finally, New York State Common Retirement Fund increased its holdings in shares of Carvana by 1.4% in the third quarter. New York State Common Retirement Fund now owns 40,263 shares of the company’s stock valued at $1,690,000 after purchasing an additional 563 shares during the period. Institutional investors and hedge funds own 56.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CVNA. William Blair raised shares of Carvana from a “market perform” rating to an “outperform” rating in a report on Friday, February 23rd. Royal Bank of Canada raised shares of Carvana from an “underperform” rating to a “sector perform” rating and upped their target price for the stock from $45.00 to $90.00 in a research report on Friday, March 8th. Raymond James upgraded shares of Carvana from an “underperform” rating to a “market perform” rating in a report on Friday, February 23rd. Jefferies Financial Group raised Carvana from an “underperform” rating to a “hold” rating and lifted their price objective for the stock from $30.00 to $85.00 in a report on Tuesday, March 12th. Finally, Wedbush reissued a “neutral” rating and issued a $80.00 target price (up previously from $60.00) on shares of Carvana in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $56.75.

Carvana Company Profile

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.