Carvana Co. (NYSE:CVNA) Major Shareholder Sells $6,615,000.00 in Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 60,000 shares of the stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $110.25, for a total transaction of $6,615,000.00. Following the completion of the transaction, the insider now owns 1,357,500 shares of the company’s stock, valued at $149,664,375. The sale was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Carvana Price Performance

NYSE:CVNA opened at $103.06 on Monday. The firm has a market capitalization of $20.88 billion, a price-to-earnings ratio of 45.20 and a beta of 3.29. The business has a fifty day moving average price of $99.04 and a 200-day moving average price of $72.74. Carvana Co. has a one year low of $20.60 and a one year high of $129.00.

Carvana (NYSE:CVNA) last posted 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 company had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $2.72 billion. On average, equities research analysts expect that Carvana Co. will post -0.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Carvana

A number of hedge funds have recently modified their holdings of CVNA. Parallel Advisors LLC boosted its holdings in Carvana by 39.0% in the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after buying an additional 194 shares during the period. Diversified Trust Co boosted its stake in shares of Carvana by 6.0% in the fourth quarter. Diversified Trust Co now owns 5,659 shares of the company’s stock worth $300,000 after acquiring an additional 319 shares during the period. Lazard Asset Management LLC grew its position in shares of Carvana by 21.2% during the first quarter. Lazard Asset Management LLC now owns 1,866 shares of the company’s stock worth $163,000 after purchasing an additional 326 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in Carvana by 11.9% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,687 shares of the company’s stock valued at $412,000 after purchasing an additional 500 shares during the period. Finally, Blue Trust Inc. purchased a new position in Carvana in the 4th quarter worth approximately $29,000. 56.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CVNA shares. JMP Securities lifted their target price on shares of Carvana from $135.00 to $150.00 and gave the company a “market outperform” rating in a report on Friday, June 7th. JPMorgan Chase & Co. increased their target price on Carvana from $130.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, June 10th. Robert W. Baird lifted their price target on Carvana from $65.00 to $110.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Royal Bank of Canada raised their price objective on shares of Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a research note on Thursday, May 2nd. Finally, Morgan Stanley upped their target price on shares of Carvana from $32.00 to $45.00 and gave the stock an “underweight” rating in a research note on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $84.36.

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.