Carvana Co. (NYSE:CVNA) Major Shareholder Sells $36,020,000.00 in Stock

Key Points

• Ernest C. Garcia II, a major shareholder of Carvana Co., sold 100,000 shares on August 5th for a total of $36,020,000, reducing his ownership by 0.29% to approximately 34.9 million shares.
• Following Garcia's transactions, Carvana's stock price reached $354.91 on midday trading Wednesday, suggesting a growing interest in the company's stock amid recent sales.
• Carvana reported earnings of $1.28 EPS for the quarter, surpassing analysts' expectations and indicating a 41.9% year-over-year revenue increase.

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 Tuesday, August 5th. The shares were sold at an average price of $360.20, for a total value of $36,020,000.00. Following the transaction, the insider owned 34,942,792 shares of the company's stock, valued at $12,586,393,678.40. The trade was a 0.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

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

• On Friday, August 1st, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $371.30, for a total transaction of $37,130,000.00.
• On Thursday, July 31st, Ernest C. Garcia II sold 6,624 shares of Carvana stock. The shares were 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 shares were 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 shares were 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 value of $16,861,000.00.
• On Monday, July 21st, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was 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 value of $35,240,000.00.
• On Tuesday, July 15th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $343.97, for a total value of $17,198,500.00.

Carvana Stock Performance

Shares of NYSE CVNA traded up $4.17 during midday trading on Wednesday, reaching $354.91. The company had a trading volume of 1,984,364 shares, compared to its average volume of 3,221,156. The stock has a market cap of $76.00 billion, a P/E ratio of 88.95, a P/E/G ratio of 1.16 and a beta of 3.57. The company has a current ratio of 4.00, a quick ratio of 2.58 and a debt-to-equity ratio of 2.51. Carvana Co. has a 1 year low of $124.39 and a 1 year high of $413.33. The business's 50-day simple moving average is $335.47 and its 200 day simple moving average is $269.54.

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

Institutional Trading of Carvana

Institutional investors and hedge funds have recently bought and sold shares of the business. Orion Portfolio Solutions LLC raised its holdings in shares of Carvana by 8.9% during the fourth quarter. Orion Portfolio Solutions LLC now owns 2,038 shares of the company's stock worth $414,000 after purchasing an additional 167 shares during the last quarter. Schroder Investment Management Group acquired a new position in shares of Carvana in the 4th quarter valued at $642,000. Wellington Management Group LLP increased its stake in shares of Carvana by 4.1% in the 4th quarter. Wellington Management Group LLP now owns 36,215 shares of the company's stock valued at $7,365,000 after purchasing an additional 1,430 shares in the last quarter. Prudential PLC purchased a new position in shares of Carvana during the 4th quarter valued at approximately $374,000. Finally, Resona Asset Management Co. Ltd. purchased a new stake in shares of Carvana during the fourth quarter worth about $6,554,000. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CVNA has been the subject of a number of research analyst reports. William Blair reaffirmed an "outperform" rating on shares of Carvana in a report on Wednesday, July 23rd. DA Davidson lifted their price target on shares of Carvana from $260.00 to $380.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Morgan Stanley increased their price objective on shares of Carvana from $280.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Stephens boosted their target price on Carvana from $300.00 to $375.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Finally, Needham & Company LLC raised their price target on Carvana from $340.00 to $500.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Carvana has a consensus rating of "Moderate Buy" and an average target price 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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