Insider Selling: Carvana Co. (NYSE:CVNA) Major Shareholder Sells 50,000 Shares of Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $83.03, for a total value of $4,151,500.00. Following the sale, the insider now owns 3,112,500 shares of the company’s stock, valued at approximately $258,430,875. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Carvana Price Performance

CVNA traded up $29.27 during trading on Thursday, hitting $116.36. 24,199,700 shares of the stock traded hands, compared to its average volume of 6,288,210. The company has a market cap of $23.49 billion, a price-to-earnings ratio of 210.17 and a beta of 3.28. The business has a 50 day moving average price of $79.47 and a 200 day moving average price of $54.84. Carvana Co. has a twelve month low of $6.92 and a twelve month high of $122.30.

Carvana (NYSE:CVNA) last posted its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the previous year, the company earned ($0.97) EPS. Carvana’s revenue was down 14.6% compared to the same quarter last year. On average, equities research analysts predict that Carvana Co. will post -3.32 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CVNA shares. Needham & Company LLC restated a “hold” rating on shares of Carvana in a report on Thursday. JMP Securities restated a “market outperform” rating and set a $80.00 price objective on shares of Carvana in a report on Wednesday, April 17th. Morgan Stanley boosted their price objective on Carvana from $32.00 to $45.00 and gave the stock an “underweight” rating in a report on Monday, February 26th. Wedbush lifted their price target on shares of Carvana from $80.00 to $120.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Jefferies Financial Group upgraded 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 research report on Tuesday, March 12th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $70.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Morgan Stanley boosted its holdings in Carvana by 13.8% in the 3rd quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock worth $619,478,000 after buying an additional 1,784,009 shares during the period. Vanguard Group Inc. boosted its holdings in 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 buying an additional 655,603 shares during the period. TD Asset Management Inc bought a new position in Carvana in the 3rd quarter worth approximately $22,906,000. UBS Group AG boosted its holdings in Carvana by 132.6% in the 3rd quarter. UBS Group AG now owns 81,620 shares of the company’s stock worth $3,426,000 after buying an additional 331,892 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Carvana by 56.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 778,561 shares of the company’s stock worth $32,684,000 after buying an additional 280,851 shares during the period. 56.71% of the stock is owned by institutional investors.

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.