Insider Selling: Carvana Co. (NYSE:CVNA) Major Shareholder Sells 60,000 Shares of Stock

Carvana Co. (NYSE:CVNAGet Free Report) major shareholder Ernest C. Garcia II sold 60,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $105.62, for a total value of $6,337,200.00. Following the completion of the sale, the insider now directly owns 2,017,500 shares in the company, valued at $213,088,350. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Carvana Trading Up 0.4 %

NYSE CVNA traded up $0.46 on Wednesday, hitting $105.05. 2,671,070 shares of the company were exchanged, compared to its average volume of 5,853,560. The company has a market cap of $21.28 billion, a PE ratio of 46.07 and a beta of 3.28. The stock has a fifty day moving average of $94.42 and a 200-day moving average of $66.40. Carvana Co. has a 12 month low of $12.06 and a 12 month high of $129.00.

Carvana (NYSE:CVNAGet Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.35. The firm had revenue of $3.06 billion for the quarter, compared to analyst estimates of $2.72 billion. On average, analysts expect that Carvana Co. will post -0.96 earnings per share for the current year.

Institutional Trading of Carvana

Several hedge funds have recently bought and sold shares of CVNA. Morgan Stanley lifted its stake in shares of Carvana by 13.8% in the third quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock valued at $619,478,000 after buying an additional 1,784,009 shares in the last quarter. Vanguard Group Inc. lifted its position in Carvana by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 10,290,551 shares of the company’s stock valued at $904,642,000 after acquiring an additional 266,972 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake 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 last quarter. FMR LLC increased its holdings in Carvana by 0.5% during the 3rd quarter. FMR LLC now owns 4,696,510 shares of the company’s stock worth $197,160,000 after purchasing an additional 24,560 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Carvana by 17.1% in the fourth quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock worth $78,560,000 after purchasing an additional 216,893 shares during the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CVNA shares. Jefferies Financial Group raised shares of Carvana from an “underperform” rating to a “hold” rating and lifted their price target for the company from $30.00 to $85.00 in a report on Tuesday, March 12th. Royal Bank of Canada upped their price target on shares of Carvana from $90.00 to $130.00 and gave the stock a “sector perform” rating in a report on Thursday, May 2nd. Raymond James raised Carvana from an “underperform” rating to a “market perform” rating in a report on Friday, February 23rd. William Blair reaffirmed an “outperform” rating on shares of Carvana in a report on Thursday, May 2nd. Finally, TD Cowen increased their target price on Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, April 29th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $77.60.

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Carvana Company Profile

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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.

Further Reading

Insider Buying and Selling by Quarter for Carvana (NYSE:CVNA)

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