Carvana Co. (NYSE:CVNA) Major Shareholder Sells $16,873,000.00 in Stock

Carvana Co. (NYSE:CVNA - Get Free Report) major shareholder Ernest C. Garcia II sold 50,000 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $337.46, for a total value of $16,873,000.00. Following the completion of the transaction, the insider now owns 36,892,317 shares in the company, valued at $12,449,681,294.82. The trade was a 0.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Large shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

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

• On Monday, June 9th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $330.27, for a total value of $16,513,500.00.
• On Friday, June 6th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was 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 transaction of $16,979,000.00.
• On Monday, June 2nd, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $325.94, for a total transaction 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 transaction of $16,258,000.00.

Carvana Stock Down 7.0%

Shares of NYSE CVNA traded down $22.24 during midday trading on Friday, reaching $296.71. The company's stock had a trading volume of 6,604,157 shares, compared to its average volume of 3,933,060. The stock has a market capitalization of $63.54 billion, a price-to-earnings ratio of 188.99 and a beta of 3.65. Carvana Co. has a fifty-two week low of $100.05 and a fifty-two week high of $351.43. The stock has a 50 day simple moving average of $270.50 and a 200-day simple moving average of $240.77. The company has a current ratio of 3.64, a quick ratio of 2.12 and a debt-to-equity ratio of 3.82.

Carvana (NYSE:CVNA - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.76. The business had revenue of $4.23 billion for the quarter, compared to analyst estimates of $3.94 billion. Carvana had a return on equity of 36.59% and a net margin of 1.54%. Carvana's revenue was up 38.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.23 earnings per share. Equities research analysts predict that Carvana Co. will post 2.85 earnings per share for the current year.

Analysts Set New Price Targets

CVNA has been the topic of several recent research reports. Needham & Company LLC restated a "buy" rating and issued a $340.00 price target on shares of Carvana in a research report on Thursday, May 8th. Morgan Stanley raised their target price on Carvana from $280.00 to $290.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Piper Sandler set a $340.00 price target on Carvana and gave the company an "overweight" rating in a research note on Thursday, May 22nd. Wells Fargo & Company lifted their price objective on shares of Carvana from $290.00 to $310.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Finally, William Blair restated an "outperform" rating on shares of Carvana in a report on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $280.35.

Institutional Trading of Carvana

Large investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in Carvana by 13.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company's stock valued at $3,125,749,000 after purchasing an additional 1,823,218 shares during the last quarter. Vanguard Group Inc. raised its stake in Carvana by 9.7% in the first quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company's stock valued at $2,620,785,000 after buying an additional 1,109,476 shares during the period. Norges Bank acquired a new stake in shares of Carvana in the fourth quarter valued at approximately $179,364,000. Castle Hook Partners LP bought a new position in shares of Carvana during the 4th quarter worth approximately $116,020,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of Carvana by 89.8% during the 4th quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company's stock worth $207,086,000 after acquiring an additional 481,912 shares during the last quarter. Institutional investors and hedge funds 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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