Shares of Carvana Co (NYSE:CVNA) fell 6.1% on Friday after an insider sold shares in the company. The stock traded as low as $58.52 and last traded at $59.39. 2,374,526 shares changed hands during mid-day trading, an increase of 30% from the average session volume of 1,832,100 shares. The stock had previously closed at $63.28.

Specifically, major shareholder Ernest C. Garcia II sold 394,663 shares of Carvana stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $66.24, for a total value of $26,142,477.12. Following the completion of the sale, the insider now owns 52,937,458 shares of the company’s stock, valued at $3,506,577,217.92. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul W. Breaux sold 37,500 shares of Carvana stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $64.82, for a total value of $2,430,750.00. Following the completion of the sale, the insider now directly owns 48,194 shares of the company’s stock, valued at approximately $3,123,935.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,784,951 shares of company stock valued at $221,696,588. Company insiders own 13.02% of the company’s stock.

A number of brokerages have recently commented on CVNA. Barrington Research downgraded Carvana from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 3rd. Wells Fargo & Co lifted their target price on Carvana from $57.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, May 6th. Cowen began coverage on Carvana in a report on Monday, May 20th. They issued an “outperform” rating and a $81.00 target price on the stock. Wedbush lifted their target price on Carvana from $52.00 to $65.00 and gave the company a “neutral” rating in a report on Tuesday, April 30th. Finally, Robert W. Baird lifted their target price on Carvana from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Monday, March 25th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $67.42.

The firm has a market cap of $9.22 billion, a price-to-earnings ratio of -34.33 and a beta of 2.43. The company has a debt-to-equity ratio of 2.73, a current ratio of 1.39 and a quick ratio of 0.56.

Carvana (NYSE:CVNA) last issued its earnings results on Wednesday, May 8th. The company reported ($0.53) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.50) by ($0.03). Carvana had a negative net margin of 3.54% and a negative return on equity of 30.85%. The firm had revenue of $755.23 million during the quarter, compared to analyst estimates of $696.61 million. As a group, research analysts expect that Carvana Co will post -1.78 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of CVNA. Keybank National Association OH lifted its stake in shares of Carvana by 1.5% during the first quarter. Keybank National Association OH now owns 9,759 shares of the company’s stock worth $567,000 after purchasing an additional 141 shares in the last quarter. Taylor Frigon Capital Management LLC lifted its stake in shares of Carvana by 0.7% during the fourth quarter. Taylor Frigon Capital Management LLC now owns 50,133 shares of the company’s stock worth $1,640,000 after purchasing an additional 329 shares in the last quarter. Parkside Advisors LLC lifted its stake in shares of Carvana by 5.6% during the first quarter. Parkside Advisors LLC now owns 8,275 shares of the company’s stock worth $480,000 after purchasing an additional 440 shares in the last quarter. Valeo Financial Advisors LLC lifted its stake in shares of Carvana by 100.0% during the first quarter. Valeo Financial Advisors LLC now owns 1,000 shares of the company’s stock worth $58,000 after purchasing an additional 500 shares in the last quarter. Finally, Fifth Third Bancorp acquired a new position in shares of Carvana during the first quarter worth about $29,000. Hedge funds and other institutional investors own 34.92% of the company’s stock.

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Carvana Company Profile (NYSE:CVNA)

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 proprietary 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.

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