Carvana Co. (NYSE:CVNA) Major Shareholder Ernest C. Garcia II Sells 50,000 Shares

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $339.58, for a total value of $16,979,000.00. Following the transaction, the insider now directly owns 37,242,317 shares in the company, valued at approximately $12,646,746,006.86. This represents a 0.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Ernest C. Garcia II also recently made the following trade(s):

• On Monday, June 2nd, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $325.94, for a total value of $16,297,000.00.
• On Friday, May 30th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $325.16, for a total transaction of $16,258,000.00.

Carvana Stock Down 0.5%

Shares of Carvana stock opened at $341.68 on Friday. The company’s fifty day simple moving average is $258.50 and its two-hundred day simple moving average is $238.48. Carvana Co. has a 12-month low of $100.05 and a 12-month high of $351.43. The company has a current ratio of 3.64, a quick ratio of 2.12 and a debt-to-equity ratio of 3.82. The company has a market cap of $73.17 billion, a P/E ratio of 217.63 and a beta of 3.61.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.76. Carvana had a net margin of 1.54% and a return on equity of 36.59%. The company had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $3.94 billion. During the same period in the prior year, the firm earned $0.23 earnings per share. Carvana’s revenue was up 38.3% on a year-over-year basis. Research analysts anticipate that Carvana Co. will post 2.85 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on CVNA. Evercore ISI decreased their target price on shares of Carvana from $250.00 to $240.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 11th. Robert W. Baird raised their price objective on Carvana from $200.00 to $275.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. Piper Sandler set a $340.00 target price on Carvana and gave the company an “overweight” rating in a research note on Thursday, May 22nd. Royal Bank of Canada increased their target price on Carvana from $320.00 to $340.00 and gave the company an “outperform” rating in a report on Thursday, May 8th. Finally, DA Davidson lifted their price target on Carvana from $220.00 to $260.00 and gave the stock a “neutral” rating in a research note on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Carvana has an average rating of “Moderate Buy” and a consensus price target of $275.65.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CVNA. Quent Capital LLC purchased a new position in shares of Carvana in the 4th quarter valued at approximately $28,000. Brooklyn Investment Group lifted its position in Carvana by 961.5% during the first quarter. Brooklyn Investment Group now owns 138 shares of the company’s stock valued at $29,000 after buying an additional 125 shares during the period. Global Retirement Partners LLC boosted its holdings in shares of Carvana by 109.9% during the 4th quarter. Global Retirement Partners LLC now owns 149 shares of the company’s stock valued at $30,000 after buying an additional 78 shares in the last quarter. Rialto Wealth Management LLC bought a new stake in shares of Carvana during the 4th quarter valued at $31,000. Finally, N.E.W. Advisory Services LLC purchased a new stake in shares of Carvana in the 1st quarter worth about $33,000. Hedge funds and other 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.