Ernest C. Garcia II Sells 75,000 Shares of Carvana Co. (NYSE:CVNA) Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 75,000 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $125.72, for a total transaction of $9,429,000.00. Following the transaction, the insider now owns 337,500 shares in the company, valued at approximately $42,430,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Carvana Trading Up 4.2 %

NYSE CVNA opened at $130.97 on Thursday. The stock has a market cap of $26.53 billion, a PE ratio of 57.44 and a beta of 3.37. Carvana Co. has a twelve month low of $25.09 and a twelve month high of $136.92. The stock has a fifty day simple moving average of $115.26 and a 200-day simple moving average of $82.54.

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

Hedge Funds Weigh In On Carvana

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in shares of Carvana by 127.9% during the 2nd quarter. GAMMA Investing LLC now owns 458 shares of the company’s stock worth $59,000 after purchasing an additional 257 shares during the period. Hilltop National Bank purchased a new position in Carvana during the 2nd quarter valued at about $68,000. Blue Trust Inc. purchased a new position in Carvana during the 4th quarter valued at about $29,000. Plato Investment Management Ltd purchased a new position in Carvana during the 1st quarter valued at about $55,000. Finally, Parallel Advisors LLC boosted its holdings in Carvana by 39.0% during the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after acquiring an additional 194 shares during the period. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on CVNA shares. JPMorgan Chase & Co. upped their target price on Carvana from $130.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, June 10th. TD Cowen increased their price objective on Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, April 29th. Wedbush reissued a “neutral” rating and issued a $120.00 price objective on shares of Carvana in a research note on Wednesday, June 26th. Wells Fargo & Company increased their price objective on Carvana from $60.00 to $77.00 and gave the company an “equal weight” rating in a research note on Thursday, May 2nd. Finally, William Blair reissued 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, twelve have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $93.27.

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.