Insider Selling: Carvana Co. (NYSE:CVNA) Major Shareholder Sells 50,000 Shares of Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 50,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $83.03, for a total value of $4,151,500.00. Following the transaction, the insider now directly owns 3,112,500 shares of the company’s stock, valued at approximately $258,430,875. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Carvana Price Performance

Shares of Carvana stock opened at $116.36 on Friday. Carvana Co. has a one year low of $6.92 and a one year high of $122.30. The stock’s 50-day moving average is $79.47 and its 200 day moving average is $54.84. The firm has a market cap of $23.49 billion, a price-to-earnings ratio of 215.49 and a beta of 3.28.

Carvana (NYSE:CVNA) last announced its earnings results on Thursday, February 22nd. The company reported ($1.00) 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 the consensus estimate of $2.56 billion. During the same quarter last year, the firm posted ($0.97) EPS. Carvana’s quarterly revenue was down 14.6% compared to the same quarter last year. On average, sell-side analysts expect that Carvana Co. will post -3.32 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on CVNA. TD Cowen upped their target price on Carvana from $58.00 to $70.00 and gave the stock a “hold” rating in a report on Monday. Evercore ISI lowered their target price on Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a report on Tuesday, April 16th. Robert W. Baird upped their target price on Carvana from $65.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday. Wedbush upped their target price on Carvana from $80.00 to $120.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Morgan Stanley upped their target price on Carvana from $32.00 to $45.00 and gave the stock an “underweight” rating in a report on Monday, February 26th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $70.00.

Institutional Investors Weigh In On Carvana

Several institutional investors and hedge funds have recently made changes to their positions in the business. Exchange Traded Concepts LLC boosted its holdings in Carvana by 59.8% in the third quarter. Exchange Traded Concepts LLC now owns 2,687 shares of the company’s stock worth $113,000 after acquiring an additional 1,006 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in Carvana by 12.3% in the third quarter. Handelsbanken Fonder AB now owns 19,200 shares of the company’s stock worth $806,000 after acquiring an additional 2,100 shares in the last quarter. Xponance Inc. bought a new position in Carvana in the third quarter worth approximately $240,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Carvana by 20.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,324 shares of the company’s stock worth $769,000 after acquiring an additional 3,115 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new position in Carvana in the third quarter worth approximately $236,000. Institutional investors 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.