Carvana Co. (NYSE:CVNA) Major Shareholder Sells $9,522,750.00 in Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 75,000 shares of the firm’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $126.97, for a total transaction of $9,522,750.00. Following the completion of the sale, the insider now directly owns 787,500 shares in the company, valued at approximately $99,988,875. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Major 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

Shares of NYSE:CVNA opened at $128.72 on Friday. The business has a fifty day moving average price of $107.74 and a 200-day moving average price of $78.46. The company has a market capitalization of $26.07 billion, a PE ratio of 56.46 and a beta of 3.29. Carvana Co. has a 1-year low of $23.43 and a 1-year high of $136.92.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.35. The firm had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $2.72 billion. On average, sell-side analysts anticipate that Carvana Co. will post -0.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Carvana

Hedge funds have recently added to or reduced their stakes in the company. UBS Group AG raised its position in Carvana by 132.6% in the 3rd quarter. UBS Group AG now owns 81,620 shares of the company’s stock worth $3,426,000 after buying an additional 331,892 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Carvana by 3.3% during the third quarter. Rhumbline Advisers now owns 149,633 shares of the company’s stock valued at $6,282,000 after purchasing an additional 4,785 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in Carvana during the third quarter valued at approximately $64,000. Profund Advisors LLC bought a new position in Carvana during the third quarter valued at approximately $732,000. Finally, 3G Capital Partners LP boosted its holdings in Carvana by 91.7% in the third quarter. 3G Capital Partners LP now owns 115,000 shares of the company’s stock worth $4,828,000 after purchasing an additional 55,000 shares during the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CVNA shares. Jefferies Financial Group raised Carvana from an “underperform” rating to a “hold” rating and raised their target price for the stock from $30.00 to $85.00 in a research note on Tuesday, March 12th. Wells Fargo & Company boosted their target price on Carvana from $60.00 to $77.00 and gave the company an “equal weight” rating in a research note on Thursday, May 2nd. TD Cowen raised their price target on Carvana from $58.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, April 29th. Royal Bank of Canada boosted their price objective on shares of Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a research report on Thursday, May 2nd. Finally, Wedbush reaffirmed a “neutral” rating and issued a $120.00 target price on shares of Carvana in a research report on Wednesday. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average 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.