Carvana (NYSE:CVNA) Trading Down 2.5% Following Insider Selling

Carvana Co. (NYSE:CVNA) dropped 2.5% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $142.49 and last traded at $142.86. Approximately 967,978 shares traded hands during trading, a decline of 82% from the average daily volume of 5,435,624 shares. The stock had previously closed at $146.49.

Specifically, major shareholder Ernest C. Garcia II sold 60,000 shares of Carvana stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $117.02, for a total value of $7,021,200.00. Following the transaction, the insider now directly owns 2,377,500 shares in the company, valued at approximately $278,215,050. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, major shareholder Ernest C. Garcia II sold 60,000 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $117.02, for a total transaction of $7,021,200.00. Following the completion of the transaction, the insider now directly owns 2,377,500 shares of the company’s stock, valued at approximately $278,215,050. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Mark W. Jenkins sold 5,000 shares of Carvana stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $99.25, for a total value of $496,250.00. Following the completion of the sale, the chief financial officer now owns 192,552 shares in the company, valued at $19,110,786. The disclosure for this sale can be found here. Insiders have sold 2,468,234 shares of company stock worth $303,722,677 in the last quarter. Company insiders own 17.12% of the company’s stock.

Analyst Ratings Changes

CVNA has been the topic of several research reports. Royal Bank of Canada upped their target price on Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a report on Thursday, May 2nd. TD Cowen upped their price target on shares of Carvana from $110.00 to $148.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Robert W. Baird assumed coverage on Carvana in a research report on Thursday, August 1st. They set a “neutral” rating and a $160.00 price target for the company. Wedbush restated a “neutral” rating and issued a $120.00 price objective on shares of Carvana in a research report on Monday, July 29th. Finally, Piper Sandler boosted their target price on shares of Carvana from $105.00 to $151.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $143.73.

Carvana Trading Down 1.1 %

The business has a fifty day moving average price of $125.18 and a 200 day moving average price of $97.42. The company has a market capitalization of $29.35 billion, a PE ratio of 62.66 and a beta of 3.37. The company has a debt-to-equity ratio of 47.20, a quick ratio of 1.62 and a current ratio of 3.11.

Institutional Investors Weigh In On Carvana

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Carvana by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 10,290,551 shares of the company’s stock valued at $904,642,000 after buying an additional 266,972 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Carvana by 39.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock valued at $655,727,000 after purchasing an additional 2,112,463 shares during the period. Lingotto Investment Management LLP boosted its position in Carvana by 1.4% during the 2nd quarter. Lingotto Investment Management LLP now owns 3,776,747 shares of the company’s stock valued at $486,143,000 after purchasing an additional 52,833 shares during the period. First Trust Advisors LP boosted its position in Carvana by 17.1% during the 4th quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock valued at $78,560,000 after purchasing an additional 216,893 shares during the period. Finally, Goodnow Investment Group LLC boosted its position in Carvana by 1.6% during the 4th quarter. Goodnow Investment Group LLC now owns 1,464,528 shares of the company’s stock valued at $77,532,000 after purchasing an additional 23,140 shares during the period. 56.71% of the stock is currently 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.