Carvana Co. (NYSE:CVNA) CEO Sells $1,090,341.00 in Stock

Key Points

• Carvana CEO Ernest C. Garcia III sold 2,700 shares for over $1 million, reducing his stake by 0.45% to 591,440 shares, valued at approximately $238.8 million.
• The company reported a 41.9% year-over-year revenue increase for the latest quarter, with earnings per share (EPS) of $1.28, beating estimates by $0.19.
• Several Wall Street analysts raised their target prices for Carvana, with Bank of America increasing its target from $375 to **$425** and Needham & Company setting a target of **$500**.

Carvana Co. (NYSE:CVNA - Get Free Report) CEO Ernest C. Garcia III sold 2,700 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $403.83, for a total transaction of $1,090,341.00. Following the completion of the transaction, the chief executive officer directly owned 591,440 shares of the company's stock, valued at $238,841,215.20. The trade was a 0.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Carvana Price Performance

CVNA traded down $21.78 during trading on Friday, hitting $368.39. The company's stock had a trading volume of 5,040,022 shares, compared to its average volume of 4,274,298. The firm's 50 day moving average price is $332.32 and its two-hundred day moving average price is $266.23. The company has a quick ratio of 2.70, a current ratio of 3.81 and a debt-to-equity ratio of 2.97. Carvana Co. has a 12 month low of $118.50 and a 12 month high of $413.33. The stock has a market capitalization of $78.89 billion, a price-to-earnings ratio of 92.33, a price-to-earnings-growth ratio of 1.26 and a beta of 3.59.

Carvana (NYSE:CVNA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.19. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.54 billion. Carvana had a return on equity of 49.19% and a net margin of 3.46%. 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. Sell-side analysts forecast that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CVNA shares. Bank of America boosted their target price on shares of Carvana from $375.00 to $425.00 and gave the company a "buy" rating in a research note on Thursday. Needham & Company LLC set a $500.00 target price on Carvana and gave the stock a "buy" rating in a report on Thursday. Evercore ISI boosted their target price on Carvana from $295.00 to $305.00 and gave the stock an "in-line" rating in a report on Tuesday, June 24th. Royal Bank Of Canada boosted their target price on Carvana from $400.00 to $460.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, Citigroup restated an "outperform" rating on shares of Carvana in a report on Thursday. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Carvana has an average rating of "Moderate Buy" and a consensus price target of $357.37.

Institutional Investors Weigh In On Carvana

A number of institutional investors and hedge funds have recently made changes to their positions in CVNA. Hilltop National Bank bought a new stake in shares of Carvana during the second quarter worth $25,000. Brooklyn Investment Group raised its position in shares of Carvana by 961.5% during the first quarter. Brooklyn Investment Group now owns 138 shares of the company's stock worth $29,000 after acquiring an additional 125 shares during the last quarter. N.E.W. Advisory Services LLC bought a new stake in shares of Carvana during the first quarter worth $33,000. SJS Investment Consulting Inc. raised its position in shares of Carvana by 960.0% during the second quarter. SJS Investment Consulting Inc. now owns 106 shares of the company's stock worth $36,000 after acquiring an additional 96 shares during the last quarter. Finally, LRI Investments LLC bought a new stake in shares of Carvana during the second quarter worth $42,000. 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.

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