Carvana Co. (NYSE:CVNA) Major Shareholder Sells $4,151,500.00 in Stock

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

Carvana Stock Performance

Shares of CVNA traded up $29.27 during mid-day trading on Thursday, hitting $116.36. 24,199,700 shares of the company’s stock were exchanged, compared to its average volume of 6,288,210. The company has a market cap of $23.49 billion, a price-to-earnings ratio of 210.17 and a beta of 3.28. Carvana Co. has a fifty-two week low of $6.92 and a fifty-two week high of $122.30. The stock’s 50-day moving average is $79.47 and its 200-day moving average is $54.84.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) 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 analyst estimates of $2.56 billion. The business’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.97) earnings per share. As a group, equities research analysts anticipate that Carvana Co. will post -3.32 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Raymond James upgraded shares of Carvana from an “underperform” rating to a “market perform” rating in a research note on Friday, February 23rd. Robert W. Baird boosted their target price on shares of Carvana from $65.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday. Morgan Stanley upped their price objective on shares of Carvana from $32.00 to $45.00 and gave the stock an “underweight” rating in a research report on Monday, February 26th. TD Cowen upped their price objective on shares of Carvana from $58.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday. Finally, JMP Securities restated a “market outperform” rating and set a $80.00 price objective on shares of Carvana in a research report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $70.00.

Institutional Trading of Carvana

Several hedge funds have recently made changes to their positions in the business. Blue Trust Inc. acquired a new stake in Carvana in the fourth quarter valued at approximately $29,000. Hanseatic Management Services Inc. acquired a new stake in Carvana in the third quarter valued at approximately $34,000. Parallel Advisors LLC raised its holdings in Carvana by 39.0% in the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after acquiring an additional 194 shares in the last quarter. Harvest Fund Management Co. Ltd raised its holdings in Carvana by 1,225.6% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock valued at $50,000 after acquiring an additional 1,103 shares in the last quarter. Finally, Tidemark LLC acquired a new stake in Carvana in the fourth quarter valued at approximately $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.