Carvana Co. (NYSE:CVNA) CEO Ernest C. Garcia III Sells 2,920 Shares

Key Points

• CEO Ernest C. Garcia III sold 2,920 shares of Carvana stock for approximately $1.07 million, reducing his holdings by 0.50% to 576,440 shares, valued at over $210 million.
• In the recent quarter, Carvana reported an earnings per share (EPS) of $1.28, beating expectations, and revenue of $4.84 billion, which was also above analyst predictions.
• Analysts have raised their price targets for Carvana, with ratings now averaging a "Moderate Buy" and a target price of around $379.65.

Carvana Co. (NYSE:CVNA - Get Free Report) CEO Ernest C. Garcia III sold 2,920 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $365.34, for a total value of $1,066,792.80. Following the sale, the chief executive officer owned 576,440 shares in the company, valued at $210,596,589.60. The trade was a 0.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Carvana Price Performance

NYSE CVNA traded up $2.16 during trading on Thursday, reaching $357.05. 2,180,172 shares of the company traded hands, compared to its average volume of 4,235,505. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. The stock's 50 day moving average price is $336.17 and its two-hundred day moving average price is $270.13. The company has a market cap of $76.46 billion, a price-to-earnings ratio of 89.49, a P/E/G ratio of 1.16 and a beta of 3.57. Carvana Co. has a 1-year low of $124.39 and a 1-year high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.09 by $0.19. The company had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.54 billion. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The business's revenue for the quarter was up 41.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.05) EPS. As a group, analysts anticipate that Carvana Co. will post 2.85 EPS for the current year.

Hedge Funds Weigh In On Carvana

A number of large investors have recently modified their holdings of the business. Orion Portfolio Solutions LLC boosted its position in shares of Carvana by 8.9% during the 4th quarter. Orion Portfolio Solutions LLC now owns 2,038 shares of the company's stock worth $414,000 after acquiring an additional 167 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Carvana by 4.1% during the 4th quarter. Wellington Management Group LLP now owns 36,215 shares of the company's stock worth $7,365,000 after acquiring an additional 1,430 shares in the last quarter. Prudential PLC acquired a new stake in shares of Carvana during the 4th quarter worth approximately $374,000. Aviva PLC acquired a new stake in shares of Carvana during the 4th quarter worth approximately $304,000. Finally, Envestnet Asset Management Inc. boosted its position in shares of Carvana by 2.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 35,242 shares of the company's stock worth $7,167,000 after acquiring an additional 810 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Stephens boosted their price target on Carvana from $300.00 to $375.00 and gave the company an "overweight" rating in a report on Monday, July 7th. DA Davidson boosted their price target on Carvana from $260.00 to $380.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Bank of America boosted their price target on Carvana from $375.00 to $425.00 and gave the company a "buy" rating in a report on Thursday, July 31st. JPMorgan Chase & Co. boosted their price objective on Carvana from $350.00 to $415.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Finally, Wedbush upgraded Carvana to a "hold" rating in a research report on Thursday, May 8th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $379.65.

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.

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