Carvana (NYSE:CVNA) Shares Down 0.8% Following Insider Selling

Carvana Co. (NYSE:CVNA) was down 0.8% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $148.69 and last traded at $150.37. Approximately 667,520 shares traded hands during trading, a decline of 88% from the average daily volume of 5,411,746 shares. The stock had previously closed at $151.56.

Specifically, Director Ira J. Platt sold 664 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $150.00, for a total value of $99,600.00. Following the completion of the transaction, the director now directly owns 30,227 shares in the company, valued at $4,534,050. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ira J. Platt sold 7,338 shares of Carvana stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $141.62, for a total value of $1,039,207.56. Following the sale, the director now owns 30,891 shares of the company’s stock, valued at approximately $4,374,783.42. The disclosure for this sale can be found here. In other news, major shareholder Ernest C. Garcia II sold 75,000 shares of Carvana stock in a transaction on Monday, August 12th. The shares were sold at an average price of $134.06, for a total transaction of $10,054,500.00. Following the completion of the sale, the insider now directly owns 940,814 shares of the company’s stock, valued at approximately $126,125,524.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Royal Bank of Canada boosted their target price on Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a research note on Thursday, May 2nd. William Blair reiterated an “outperform” rating on shares of Carvana in a report on Thursday, May 2nd. Robert W. Baird assumed coverage on Carvana in a research note on Thursday, August 1st. They issued a “neutral” rating and a $160.00 price target on the stock. Wedbush reiterated a “neutral” rating and set a $120.00 price objective on shares of Carvana in a research note on Monday, July 29th. Finally, JMP Securities increased their target price on Carvana from $150.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Carvana presently has an average rating of “Hold” and an average target price of $143.73.

Carvana Stock Down 1.6 %

The company has a debt-to-equity ratio of 47.20, a current ratio of 3.11 and a quick ratio of 1.62. The company has a 50-day moving average of $126.90 and a two-hundred day moving average of $98.11. The company has a market capitalization of $30.21 billion, a PE ratio of 65.95 and a beta of 3.37.

Institutional Investors Weigh In On Carvana

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its holdings in Carvana by 39.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock worth $655,727,000 after buying an additional 2,112,463 shares during the period. Vanguard Group Inc. raised its position in shares of Carvana by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after buying an additional 655,603 shares in the last quarter. Driehaus Capital Management LLC boosted its holdings in shares of Carvana by 124.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock worth $74,888,000 after purchasing an additional 323,153 shares during the period. Assenagon Asset Management S.A. purchased a new position in Carvana during the second quarter worth $39,997,000. Finally, First Trust Advisors LP boosted its stake in shares of Carvana by 17.1% during the 4th quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock worth $78,560,000 after purchasing an additional 216,893 shares during the period. Institutional investors own 56.71% of the company’s stock.

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.