Insider Selling: Carvana Co. (NYSE:CVNA) Major Shareholder Sells 100,000 Shares of Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $172.66, for a total transaction of $17,266,000.00. Following the completion of the sale, the insider now owns 39,658,131 shares of the company’s stock, valued at approximately $6,847,372,898.46. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Thursday, September 19th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $168.46, for a total transaction of $16,846,000.00.
• On Tuesday, September 17th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $155.00, for a total value of $15,500,000.00.
• On Monday, September 9th, Ernest C. Garcia II sold 75,000 shares of Carvana stock. The shares were sold at an average price of $135.73, for a total value of $10,179,750.00.
• On Thursday, September 5th, Ernest C. Garcia II sold 75,000 shares of Carvana stock. The stock was sold at an average price of $141.72, for a total value of $10,629,000.00.
• On Friday, August 30th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $149.16, for a total value of $14,916,000.00.
• On Wednesday, August 28th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $155.69, for a total transaction of $15,569,000.00.
• On Monday, August 26th, Ernest C. Garcia II sold 9,186 shares of Carvana stock. The stock was sold at an average price of $156.95, for a total transaction of $1,441,742.70.
• On Friday, July 12th, Ernest C. Garcia II sold 37,500 shares of Carvana stock. The shares were sold at an average price of $136.63, for a total transaction of $5,123,625.00.

Carvana Stock Performance

NYSE:CVNA opened at $171.22 on Friday. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. Carvana Co. has a twelve month low of $25.09 and a twelve month high of $176.33. The company has a fifty day moving average of $145.89 and a 200-day moving average of $117.64. The firm has a market capitalization of $34.68 billion, a P/E ratio of 75.10 and a beta of 3.43.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.14 earnings per share for the quarter. The company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.23 billion. As a group, sell-side analysts anticipate that Carvana Co. will post 0.27 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Morgan Stanley raised their target price on Carvana from $75.00 to $110.00 and gave the company an “underweight” rating in a report on Thursday, August 1st. Evercore ISI reiterated an “in-line” rating and issued a $178.00 target price on shares of Carvana in a research report on Thursday. Royal Bank of Canada raised shares of Carvana to a “sector perform” rating and increased their target price for the stock from $166.00 to $170.00 in a report on Monday, August 19th. Stephens started coverage on shares of Carvana in a research report on Thursday, September 12th. They set an “overweight” rating and a $190.00 price objective for the company. Finally, JPMorgan Chase & Co. raised their target price on shares of Carvana from $150.00 to $155.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $155.12.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in Carvana by 39.5% during the first 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 last quarter. Vanguard Group Inc. raised its holdings in shares of Carvana by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock worth $530,648,000 after acquiring an additional 655,603 shares during the last quarter. Sylebra Capital LLC bought a new position in Carvana in the 2nd quarter valued at about $67,686,000. Senator Investment Group LP acquired a new position in Carvana during the 2nd quarter valued at about $63,767,000. Finally, Driehaus Capital Management LLC increased its holdings in Carvana by 124.9% during 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 in the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

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.