Carvana Co. (NYSE:CVNA) Major Shareholder Sells $7,021,200.00 in Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 60,000 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $117.02, for a total value of $7,021,200.00. Following the completion of the sale, the insider now directly owns 2,377,500 shares of the company’s stock, valued at $278,215,050. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 Up 0.6 %

CVNA stock opened at $115.72 on Thursday. Carvana Co. has a 52 week low of $10.68 and a 52 week high of $129.00. The company has a market cap of $23.44 billion, a P/E ratio of 50.75 and a beta of 3.28. The company’s 50-day moving average price is $92.08 and its 200 day moving average price is $64.04.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.35. The firm had revenue of $3.06 billion during the quarter, compared to analyst estimates of $2.72 billion. On average, equities research analysts expect that Carvana Co. will post -0.96 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on CVNA. TD Cowen upped their price target on shares of Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, April 29th. William Blair reissued an “outperform” rating on shares of Carvana in a report on Thursday, May 2nd. Robert W. Baird upped their price objective on Carvana from $65.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Raymond James upgraded Carvana from an “underperform” rating to a “market perform” rating in a research note on Friday, February 23rd. Finally, Jefferies Financial Group upgraded Carvana from an “underperform” rating to a “hold” rating and upped their price target for the stock from $30.00 to $85.00 in a research note on Tuesday, March 12th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $77.60.

Institutional Investors Weigh In On Carvana

A number of institutional investors and hedge funds have recently modified their holdings of CVNA. Blue Trust Inc. acquired a new stake in shares of Carvana in the 4th quarter worth approximately $29,000. Hanseatic Management Services Inc. acquired a new stake in shares of Carvana in the 3rd quarter worth approximately $34,000. Parallel Advisors LLC grew its holdings in shares of Carvana by 39.0% in the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after acquiring an additional 194 shares during the period. Harvest Fund Management Co. Ltd grew its holdings in shares of Carvana by 1,225.6% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock worth $50,000 after acquiring an additional 1,103 shares during the period. Finally, Tidemark LLC acquired a new stake in Carvana during the 4th quarter valued at $50,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

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.