Carvana Co. (NYSE:CVNA) Major Shareholder Ernest C. Garcia II Sells 100,000 Shares

Key Points

• Ernest C. Garcia II, a major shareholder of Carvana Co., sold 100,000 shares of the firm, realizing approximately $37.1 million from the transaction, which represents a slight decrease in his holdings.
• The stock price of Carvana recently saw a range between a 12-month low of $118.50 and a high of $413.33, trading at $360.79 at the time of the report.
• Analysts have been optimistic about Carvana, with several increasing their target price for the stock and maintaining a consensus rating of "Moderate Buy."

Carvana Co. (NYSE:CVNA - Get Free Report) major shareholder Ernest C. Garcia II sold 100,000 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $371.30, for a total transaction of $37,130,000.00. Following the sale, the insider owned 35,142,792 shares in the company, valued at approximately $13,048,518,669.60. This trade represents a 0.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

Ernest C. Garcia II also recently made the following trade(s):

• On Thursday, July 31st, Ernest C. Garcia II sold 6,624 shares of Carvana stock. The stock was sold at an average price of $409.89, for a total transaction of $2,715,111.36.
• On Wednesday, July 30th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $332.21, for a total transaction of $16,610,500.00.
• On Monday, July 28th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $335.66, for a total transaction of $16,783,000.00.
• On Friday, July 25th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $335.34, for a total transaction of $16,767,000.00.
• On Wednesday, July 23rd, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $337.22, for a total transaction of $16,861,000.00.
• On Monday, July 21st, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $342.96, for a total transaction of $17,148,000.00.
• On Friday, July 18th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $341.08, for a total transaction of $17,054,000.00.
• On Wednesday, July 16th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $352.40, for a total transaction of $35,240,000.00.
• On Tuesday, July 15th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $343.97, for a total transaction of $17,198,500.00.
• On Monday, July 14th, Ernest C. Garcia II sold 98,528 shares of Carvana stock. The stock was sold at an average price of $349.77, for a total transaction of $34,462,138.56.

Carvana Price Performance

Shares of CVNA traded down $6.99 during mid-day trading on Monday, reaching $360.79. The stock had a trading volume of 3,782,462 shares, compared to its average volume of 3,164,308. 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 business has a fifty day moving average of $333.58 and a 200 day moving average of $268.06. Carvana Co. has a 12 month low of $118.50 and a 12 month high of $413.33. The firm has a market cap of $77.26 billion, a price-to-earnings ratio of 90.42, a PEG ratio of 1.25 and a beta of 3.57.

Carvana (NYSE:CVNA - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.19. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The firm had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.54 billion. During the same quarter in the prior year, the business earned ($0.05) earnings per share. Carvana's revenue for the quarter was up 41.9% on a year-over-year basis. Equities analysts predict that Carvana Co. will post 2.85 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on CVNA. Wedbush raised shares of Carvana to a "hold" rating in a research note on Thursday, May 8th. Stephens lifted their target price on shares of Carvana from $300.00 to $375.00 and gave the stock an "overweight" rating in a report on Monday, July 7th. Bank of America lifted their target price on shares of Carvana from $375.00 to $425.00 and gave the stock a "buy" rating in a report on Thursday. William Blair reaffirmed an "outperform" rating on shares of Carvana in a report on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Carvana from $350.00 to $415.00 and gave the stock an "overweight" rating in a report on Thursday. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $379.65.

Hedge Funds Weigh In On Carvana

Several institutional investors have recently bought and sold shares of CVNA. Simon Quick Advisors LLC lifted its holdings in shares of Carvana by 20.7% in the 2nd quarter. Simon Quick Advisors LLC now owns 1,484 shares of the company's stock worth $500,000 after acquiring an additional 255 shares during the last quarter. Strs Ohio increased its stake in Carvana by 387.6% in the 2nd quarter. Strs Ohio now owns 19,878 shares of the company's stock worth $6,698,000 after buying an additional 15,801 shares during the period. Amalgamated Bank increased its stake in Carvana by 52.4% in the 2nd quarter. Amalgamated Bank now owns 9,660 shares of the company's stock worth $3,255,000 after buying an additional 3,323 shares during the period. Atria Investments Inc purchased a new position in Carvana in the 2nd quarter worth about $744,000. Finally, Assetmark Inc. increased its stake in Carvana by 458.2% in the 2nd quarter. Assetmark Inc. now owns 441 shares of the company's stock worth $149,000 after buying an additional 362 shares during the period. 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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