Carvana Co. (NYSE:CVNA) Major Shareholder Ernest C. Garcia II Sells 50,000 Shares of Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 50,000 shares of the company’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $330.27, for a total value of $16,513,500.00. Following the completion of the transaction, the insider now directly owns 36,992,317 shares in the company, valued at approximately $12,217,452,535.59. This trade represents a 0.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own at least 10% 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 Friday, June 6th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $346.99, for a total value of $34,699,000.00.
• On Wednesday, June 4th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $339.58, for a total value of $16,979,000.00.
• On Monday, June 2nd, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $325.94, for a total value of $16,297,000.00.
• On Friday, May 30th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $325.16, for a total value of $16,258,000.00.

Carvana Trading Up 0.4%

CVNA opened at $340.00 on Thursday. Carvana Co. has a one year low of $100.05 and a one year high of $351.43. The company has a market cap of $72.81 billion, a P/E ratio of 216.56 and a beta of 3.65. The company has a debt-to-equity ratio of 3.82, a quick ratio of 2.12 and a current ratio of 3.64. The business’s 50-day simple moving average is $267.47 and its 200-day simple moving average is $240.37.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.76. Carvana had a return on equity of 36.59% and a net margin of 1.54%. The business had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $3.94 billion. During the same quarter in the prior year, the business posted $0.23 EPS. The business’s revenue for the quarter was up 38.3% on a year-over-year basis. As a group, equities research analysts expect that Carvana Co. will post 2.85 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wedbush raised Carvana to a “hold” rating in a research note on Thursday, May 8th. Bank of America increased their target price on Carvana from $325.00 to $375.00 and gave the stock a “buy” rating in a research note on Tuesday. Robert W. Baird increased their target price on Carvana from $200.00 to $275.00 and gave the stock a “neutral” rating in a research note on Thursday, May 8th. Morgan Stanley increased their target price on Carvana from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Thursday, May 15th. Finally, JPMorgan Chase & Co. cut their price target on Carvana from $365.00 to $325.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $280.35.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CVNA. abrdn plc purchased a new position in shares of Carvana in the 4th quarter valued at about $294,000. Yousif Capital Management LLC purchased a new position in shares of Carvana in the 4th quarter valued at about $247,000. Bleakley Financial Group LLC grew its stake in Carvana by 2.8% during the 4th quarter. Bleakley Financial Group LLC now owns 2,373 shares of the company’s stock worth $483,000 after buying an additional 65 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Carvana by 8,600.6% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 219,256 shares of the company’s stock worth $44,588,000 after buying an additional 216,736 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in Carvana during the 4th quarter worth approximately $2,091,000. 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.