Carvana (NYSE:CVNA) CEO Ernest C. Garcia III Sells 10,000 Shares

Key Points

• Carvana CEO Ernest Garcia III sold 10,000 shares of the company at an average price of $364.64, totaling $3,646,400 and decreasing his holdings by 2.03%.
• The company reported a 41.9% increase in quarterly revenue year-over-year, amounting to $4.84 billion, with earnings per share (EPS) of $1.28 beating estimates.
• Wall Street analysts maintain an average rating of "Moderate Buy" for Carvana, with a consensus price target of $383.47.

Carvana Co. (NYSE:CVNA - Get Free Report) CEO Ernest C. Garcia III sold 10,000 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $364.64, for a total value of $3,646,400.00. Following the transaction, the chief executive officer directly owned 476,440 shares of the company's stock, valued at $173,729,081.60. This represents a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Carvana Stock Down 0.3%

Carvana stock traded down $0.94 during midday trading on Friday, reaching $369.23. The stock had a trading volume of 2,443,272 shares, compared to its average volume of 2,311,703. The stock has a market capitalization of $79.46 billion, a P/E ratio of 92.54, a price-to-earnings-growth ratio of 1.22 and a beta of 3.51. The firm's fifty day simple moving average is $351.83 and its 200-day simple moving average is $285.87. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. Carvana Co. has a 1-year low of $124.39 and a 1-year high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly 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. 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 40.57% and a net margin of 3.46%.The business's revenue was up 41.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.05) EPS. As a group, analysts expect that Carvana Co. will post 2.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Carvana

Institutional investors have recently bought and sold shares of the business. American Trust bought a new stake in Carvana in the second quarter valued at approximately $394,000. Orion Porfolio Solutions LLC boosted its stake in shares of Carvana by 27.3% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 4,380 shares of the company's stock worth $1,476,000 after acquiring an additional 940 shares during the period. B. Riley Wealth Advisors Inc. acquired a new position in shares of Carvana during the 2nd quarter worth approximately $228,000. Marex Group plc bought a new stake in Carvana in the 2nd quarter valued at $4,824,000. Finally, State of Wyoming lifted its holdings in Carvana by 27.0% during the 2nd quarter. State of Wyoming now owns 1,149 shares of the company's stock valued at $387,000 after purchasing an additional 244 shares during the last quarter. Institutional investors and hedge funds own 56.71% of the company's stock.

Analyst Ratings Changes

CVNA has been the subject of a number of analyst reports. Oppenheimer raised shares of Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 target price for the company in a research report on Friday, July 25th. Bank of America increased their price objective on shares of Carvana from $375.00 to $425.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Evercore ISI raised their price objective on Carvana from $365.00 to $370.00 and gave the company an "in-line" rating in a report on Tuesday, August 12th. Morgan Stanley upped 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. Finally, William Blair reissued an "outperform" rating on shares of Carvana in a research report on Wednesday, July 23rd. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Carvana currently has an average rating of "Moderate Buy" and an average price target of $383.47.

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.