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

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $108.86, for a total transaction of $6,531,600.00. Following the transaction, the insider now owns 1,057,500 shares of the company’s stock, valued at approximately $115,119,450. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Carvana Price Performance

CVNA stock opened at $128.58 on Wednesday. The company has a fifty day moving average price of $104.21 and a 200 day moving average price of $76.84. Carvana Co. has a 12 month low of $20.60 and a 12 month high of $129.41. The company has a market cap of $26.05 billion, a price-to-earnings ratio of 56.39 and a beta of 3.29.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.35. The firm had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $2.72 billion. As a group, analysts anticipate that Carvana Co. will post -0.75 earnings per share for the current year.

Hedge Funds Weigh In On Carvana

Large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in Carvana by 6.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 831,879 shares of the company’s stock worth $44,040,000 after buying an additional 53,318 shares during the last quarter. Blue Trust Inc. purchased a new position in Carvana during the 4th quarter worth $29,000. Vanguard Group Inc. grew its stake in shares of Carvana by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 9,367,976 shares of the company’s stock worth $393,268,000 after purchasing an additional 62,820 shares during the period. Rafferty Asset Management LLC grew its stake in shares of Carvana by 38.6% during the 4th quarter. Rafferty Asset Management LLC now owns 43,792 shares of the company’s stock worth $2,318,000 after purchasing an additional 12,193 shares during the period. Finally, Investmentaktiengesellschaft Fuer Langfristige Investoren TGV grew its stake in shares of Carvana by 17.6% during the 4th quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 500,000 shares of the company’s stock worth $26,470,000 after purchasing an additional 75,000 shares during the period. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CVNA shares. JPMorgan Chase & Co. boosted their price target on shares of Carvana from $130.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. William Blair reiterated an “outperform” rating on shares of Carvana in a report on Thursday, May 2nd. Wedbush boosted their price target on shares of Carvana from $80.00 to $120.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Wells Fargo & Company upped their target price on shares of Carvana from $60.00 to $77.00 and gave the company an “equal weight” rating in a report on Thursday, May 2nd. Finally, Royal Bank of Canada upped their target price on shares of Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a report on Thursday, May 2nd. One 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.com, the stock presently has a consensus rating of “Hold” and an average target price of $87.29.

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.