Carvana Co. (NYSE:CVNA) Major Shareholder Ernest C. Garcia II Sells 60,000 Shares

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 60,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $120.35, for a total transaction of $7,221,000.00. Following the completion of the transaction, the insider now owns 2,992,500 shares of the company’s stock, valued at approximately $360,147,375. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Carvana Stock Performance

Shares of NYSE:CVNA opened at $123.03 on Tuesday. The company has a 50-day simple moving average of $81.81 and a 200 day simple moving average of $56.19. The company has a market capitalization of $24.84 billion, a P/E ratio of 56.36 and a beta of 3.28. Carvana Co. has a 52-week low of $8.86 and a 52-week high of $129.00.

Carvana (NYSE:CVNA) last issued 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 firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the prior year, the company earned ($0.97) EPS. The company’s revenue for the quarter was down 14.6% compared to the same quarter last year. As a group, equities analysts forecast that Carvana Co. will post -3.05 earnings per share for the current year.

Hedge Funds Weigh In On Carvana

Several large investors have recently modified their holdings of the stock. Xponance Inc. acquired a new stake in Carvana during the third quarter worth approximately $240,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Carvana by 20.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,324 shares of the company’s stock valued at $769,000 after buying an additional 3,115 shares during the period. Mackenzie Financial Corp bought a new stake in shares of Carvana during the 3rd quarter worth approximately $236,000. Strs Ohio boosted its position in shares of Carvana by 272.5% during 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 in the last quarter. Finally, TD Asset Management Inc bought a new position in Carvana in the third quarter valued at approximately $22,906,000. 56.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Raymond James raised shares of Carvana from an “underperform” rating to a “market perform” rating in a research note on Friday, February 23rd. JPMorgan Chase & Co. upgraded Carvana from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $70.00 to $130.00 in a report on Thursday, May 2nd. TD Cowen boosted their target price on Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, April 29th. Jefferies Financial Group raised shares of Carvana from an “underperform” rating to a “hold” rating and raised their price target for the stock from $30.00 to $85.00 in a research note on Tuesday, March 12th. Finally, William Blair reissued an “outperform” rating on shares of Carvana in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Carvana presently has an average rating of “Hold” and an average price target of $73.44.

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.