Carvana Co. (NYSE:CVNA) Major Shareholder Sells $36,805,084.16 in Stock

Key Points

• Ernest C. Garcia II, a major shareholder of Carvana, sold approximately $36.8 million worth of stock, significantly reducing his stake by 93.38% to just 6,624 shares.
• Carvana's stock price recently experienced a decline of 1.9%, with shares trading at $360.79 amid average trading volume.
• Despite recent sales by insiders, several analysts have upgraded their target price for Carvana, with estimates ranging from $375 to $460, reflecting a consensus rating of "Moderate Buy."

Carvana Co. (NYSE:CVNA - Get Free Report) major shareholder Ernest C. Garcia II sold 93,376 shares of the stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $394.16, for a total transaction of $36,805,084.16. Following the completion of the sale, the insider owned 6,624 shares of the company's stock, valued at approximately $2,610,915.84. The trade was a 93.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own more than 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 Friday, August 1st, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were 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 shares were 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 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 stock was 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.

Carvana Stock Down 1.9%

CVNA stock traded down $6.99 during mid-day trading on Monday, hitting $360.79. 3,782,462 shares of the company were exchanged, compared to its average volume of 3,164,308. The company has a market capitalization of $77.26 billion, a PE ratio of 90.42, a price-to-earnings-growth ratio of 1.25 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 twelve month low of $118.50 and a twelve month high of $413.33. The firm has a fifty day simple moving average of $333.58 and a 200 day simple moving average of $268.06.

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

Analyst Ratings Changes

A number of equities research analysts have recently commented on CVNA shares. Piper Sandler upped their target price on shares of Carvana from $340.00 to $440.00 and gave the company an "overweight" rating in a report on Thursday. Stephens upped their target price on shares of Carvana from $300.00 to $375.00 and gave the company an "overweight" rating in a report on Monday, July 7th. Morgan Stanley upped their target price on shares of Carvana from $280.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Royal Bank Of Canada boosted their price target on shares of Carvana from $400.00 to $460.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, Oppenheimer upgraded shares of Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 price target on the stock in a research note on Friday, July 25th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $379.65.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CVNA. J.Safra Asset Management Corp lifted its position in Carvana by 140.8% in the 1st quarter. J.Safra Asset Management Corp now owns 3,390 shares of the company's stock valued at $709,000 after purchasing an additional 1,982 shares during the last quarter. Worldquant Millennium Advisors LLC bought a new stake in Carvana in the 4th quarter valued at about $51,091,000. Farther Finance Advisors LLC lifted its position in Carvana by 333.1% in the 1st quarter. Farther Finance Advisors LLC now owns 3,482 shares of the company's stock valued at $740,000 after purchasing an additional 2,678 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Carvana in the 4th quarter valued at about $36,527,000. Finally, Brucke Financial Inc. bought a new stake in Carvana in the 4th quarter valued at about $415,000. 56.71% of the stock is currently owned by institutional investors.

Carvana Company Profile

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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