Carvana Co. (NYSE:CVNA) Major Shareholder Sells $7,221,000.00 in Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 60,000 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $120.35, for a total value of $7,221,000.00. Following the completion of the transaction, the insider now directly owns 2,992,500 shares of the company’s stock, valued at $360,147,375. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Carvana Stock Performance

NYSE:CVNA opened at $114.39 on Thursday. The stock has a 50 day moving average price of $84.37 and a 200 day moving average price of $57.84. The stock has a market cap of $23.10 billion, a PE ratio of 50.17 and a beta of 3.28. Carvana Co. has a one year low of $10.16 and a one year high of $129.00.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The firm had revenue of $2.42 billion for 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 revenue was down 14.6% on a year-over-year basis. As a group, analysts predict that Carvana Co. will post -3.05 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. raised shares of Carvana from a “neutral” rating to an “overweight” rating and increased their target price for the company from $70.00 to $130.00 in a research report on Thursday, May 2nd. Needham & Company LLC reiterated a “hold” rating on shares of Carvana in a report on Thursday, May 2nd. Evercore ISI dropped their target price on Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research note on Tuesday, April 16th. JMP Securities increased their price target on Carvana from $80.00 to $135.00 and gave the company a “market outperform” rating in a research note on Friday, May 3rd. Finally, William Blair restated an “outperform” rating on shares of Carvana in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $77.60.

Institutional Trading of Carvana

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Xponance Inc. purchased a new position in shares of Carvana during the 3rd quarter worth $240,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Carvana by 20.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,324 shares of the company’s stock valued at $769,000 after acquiring an additional 3,115 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in shares of Carvana in the 3rd quarter valued at approximately $236,000. Strs Ohio lifted its holdings in shares of Carvana by 272.5% in the 3rd quarter. Strs Ohio now owns 14,900 shares of the company’s stock worth $625,000 after acquiring an additional 10,900 shares during the last quarter. Finally, TD Asset Management Inc purchased a new position in shares of Carvana during the 3rd quarter worth approximately $22,906,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

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.