Carvana Co. (NYSE:CVNA) Major Shareholder Ernest C. Garcia II Sells 75,000 Shares of Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 75,000 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $125.43, for a total value of $9,407,250.00. Following the completion of the transaction, the insider now directly owns 2,917,500 shares in the company, valued at approximately $365,942,025. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Carvana Trading Down 1.9 %

NYSE:CVNA opened at $114.39 on Thursday. Carvana Co. has a 12 month low of $10.16 and a 12 month high of $129.00. The firm has a market cap of $23.10 billion, a P/E ratio of 50.17 and a beta of 3.28. The stock has a 50 day moving average of $84.37 and a two-hundred day moving average of $57.84.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same quarter in the previous year, the company posted ($0.97) EPS. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. On average, research analysts forecast that Carvana Co. will post -3.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CVNA. Morgan Stanley increased their price target on shares of Carvana from $32.00 to $45.00 and gave the stock an “underweight” rating in a research report on Monday, February 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of Carvana in a research report on Thursday, May 2nd. Raymond James upgraded shares of Carvana from an “underperform” rating to a “market perform” rating in a research note on Friday, February 23rd. TD Cowen raised their price objective on shares of Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, April 29th. Finally, Royal Bank of Canada upped their price objective on Carvana from $90.00 to $130.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $77.60.

Institutional Trading of Carvana

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. purchased a new position in shares of Carvana in the fourth quarter valued at approximately $29,000. Parallel Advisors LLC increased its holdings in Carvana by 39.0% in the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after buying an additional 194 shares during the last quarter. Hanseatic Management Services Inc. purchased a new stake in Carvana during the 3rd quarter worth about $34,000. Tidemark LLC purchased a new position in shares of Carvana in the 4th quarter valued at about $50,000. Finally, Harvest Fund Management Co. Ltd lifted its stake in Carvana by 1,225.6% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock worth $50,000 after purchasing an additional 1,103 shares during the last quarter. 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.