Carvana (NYSE:CVNA) Trading Down 2.2% After Insider Selling

Carvana Co. (NYSE:CVNA) dropped 2.2% during trading on Tuesday following insider selling activity. The stock traded as low as $170.69 and last traded at $171.29. Approximately 285,652 shares changed hands during trading, a decline of 94% from the average daily volume of 5,084,950 shares. The stock had previously closed at $175.15.

Specifically, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.46, for a total value of $16,846,000.00. Following the transaction, the insider now directly owns 39,858,131 shares in the company, valued at approximately $6,714,500,748.26. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Daniel J. Gill sold 30,000 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $175.00, for a total value of $5,250,000.00. Following the completion of the transaction, the insider now directly owns 328,329 shares in the company, valued at approximately $57,457,575. The disclosure for this sale can be found here. In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the completion of the sale, the insider now owns 40,058,131 shares of the company’s stock, valued at approximately $6,209,010,305. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Wedbush upgraded shares of Carvana to a “neutral” rating and increased their price target for the stock from $120.00 to $150.00 in a research report on Monday, August 19th. BTIG Research lifted their target price on Carvana from $155.00 to $188.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Bank of America restated a “buy” rating and issued a $185.00 price target on shares of Carvana in a research report on Tuesday, September 17th. Stephens assumed coverage on Carvana in a research report on Thursday, September 12th. They set an “overweight” rating and a $190.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their target price on shares of Carvana from $150.00 to $155.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Carvana currently has an average rating of “Hold” and a consensus price target of $153.88.

Carvana Trading Down 1.7 %

The company has a debt-to-equity ratio of 47.20, a current ratio of 3.11 and a quick ratio of 2.02. The stock has a market cap of $35.12 billion, a PE ratio of 74.43 and a beta of 3.43. The stock has a 50-day moving average price of $145.05 and a two-hundred day moving average price of $117.26.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.14 earnings per share (EPS) for the quarter. The firm had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.23 billion. Sell-side analysts forecast that Carvana Co. will post 0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Carvana

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Carvana by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after purchasing an additional 655,603 shares during the period. Rafferty Asset Management LLC lifted its position in Carvana by 38.6% in the fourth quarter. Rafferty Asset Management LLC now owns 43,792 shares of the company’s stock worth $2,318,000 after buying an additional 12,193 shares during the last quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV lifted its position in Carvana by 17.6% in the fourth quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 500,000 shares of the company’s stock worth $26,470,000 after buying an additional 75,000 shares during the last quarter. Tidal Investments LLC purchased a new position in Carvana during the first quarter worth $1,783,000. Finally, US Bancorp DE increased its position in Carvana by 724.5% during the first quarter. US Bancorp DE now owns 5,549 shares of the company’s stock valued at $488,000 after acquiring an additional 4,876 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

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.