Insider Selling: Carvana Co. (NYSE:CVNA) CEO Sells 10,000 Shares of Stock

Carvana Co. (NYSE:CVNA) CEO Ernest C. Garcia III sold 10,000 shares of the firm’s stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $346.15, for a total value of $3,461,500.00. Following the completion of the transaction, the chief executive officer owned 686,440 shares of the company’s stock, valued at approximately $237,611,206. The trade was a 1.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Carvana Stock Down 3.2%

Shares of NYSE CVNA opened at $345.90 on Wednesday. Carvana Co. has a 12-month low of $118.50 and a 12-month high of $364.00. The company has a market cap of $74.07 billion, a P/E ratio of 121.37, a P/E/G ratio of 1.39 and a beta of 3.59. The company has a current ratio of 3.81, a quick ratio of 2.70 and a debt-to-equity ratio of 2.97. The stock has a fifty day moving average price of $310.23 and a 200 day moving average price of $250.09.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.76. Carvana had a return on equity of 44.86% and a net margin of 2.68%. The firm 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 EPS. The firm’s quarterly revenue was up 38.3% compared to the same quarter last year. Research analysts anticipate that Carvana Co. will post 2.85 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on CVNA. Needham & Company LLC reiterated a “buy” rating and set a $340.00 price target on shares of Carvana in a research report on Thursday, May 8th. Wells Fargo & Company lifted their price target on Carvana from $290.00 to $310.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. lowered their price target on Carvana from $365.00 to $325.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Stephens boosted their price objective on Carvana from $300.00 to $375.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Evercore ISI boosted their price objective on Carvana from $295.00 to $305.00 and gave the stock an “in-line” rating in a research note on Tuesday, June 24th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Carvana presently has an average rating of “Moderate Buy” and an average target price of $303.59.

Hedge Funds Weigh In On Carvana

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CVNA. Brooklyn Investment Group boosted its position in Carvana by 961.5% in the 1st 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 last quarter. Rialto Wealth Management LLC purchased a new position in Carvana in the 4th quarter valued at about $31,000. N.E.W. Advisory Services LLC purchased a new position in Carvana in the 1st quarter valued at about $33,000. Transce3nd LLC purchased a new position in Carvana in the 4th quarter valued at about $48,000. Finally, Geneos Wealth Management Inc. boosted its position in Carvana by 251.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 253 shares of the company’s stock valued at $53,000 after buying an additional 181 shares during the last quarter. 56.71% of the stock is owned by hedge funds and other institutional investors.

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.