Carvana (NYSE:CVNA) CEO Ernest Garcia III Sells 8,699 Shares

Key Points

• Carvana CEO Ernest Garcia III sold 8,699 shares of the company's stock for approximately $3.34 million, reducing his ownership by 2.09% to 407,090 shares valued at over $156 million.
• Carvana reported a 41.9% increase in revenue, totaling $4.84 billion for the last quarter, and EPS of $1.28, exceeding expectations.
• Research analysts have a predominantly positive outlook on Carvana, with a majority rating it as a "buy" and an average price target of $387.88.

Carvana Co. (NYSE:CVNA - Get Free Report) CEO Ernest Garcia III sold 8,699 shares of Carvana stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $383.72, for a total transaction of $3,337,980.28. Following the transaction, the chief executive officer directly owned 407,090 shares of the company's stock, valued at $156,208,574.80. The trade was a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Carvana Trading Down 0.9%

NYSE CVNA traded down $3.25 on Thursday, hitting $371.56. 3,073,036 shares of the stock were exchanged, compared to its average volume of 3,926,042. 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 stock has a fifty day moving average price of $358.66 and a two-hundred day moving average price of $299.00. The firm has a market capitalization of $79.96 billion, a P/E ratio of 93.12, a P/E/G ratio of 1.24 and a beta of 3.51. Carvana Co. has a 52-week low of $148.25 and a 52-week high of $413.33.

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

Institutional Trading of Carvana

Several institutional investors and hedge funds have recently made changes to their positions in CVNA. Hilltop National Bank purchased a new position in Carvana in the second quarter valued at about $25,000. SJS Investment Consulting Inc. grew its stake in shares of Carvana by 960.0% during the second quarter. SJS Investment Consulting Inc. now owns 106 shares of the company's stock worth $36,000 after acquiring an additional 96 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in shares of Carvana during the second quarter worth about $38,000. LRI Investments LLC purchased a new stake in shares of Carvana during the second quarter worth about $42,000. Finally, Brooklyn Investment Group grew its stake in shares of Carvana by 961.5% during the first quarter. Brooklyn Investment Group now owns 138 shares of the company's stock worth $29,000 after acquiring an additional 125 shares during the last quarter. 56.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. DA Davidson lifted their price objective on shares of Carvana from $260.00 to $380.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Wall Street Zen upgraded Carvana from a "hold" rating to a "buy" rating in a research report on Saturday, September 20th. Needham & Company LLC lifted their target price on Carvana from $340.00 to $500.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. JMP Securities lifted their target price on Carvana from $440.00 to $460.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. lifted their target price on Carvana from $415.00 to $425.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 17th. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Carvana presently has an average rating of "Moderate Buy" and an average price target of $387.88.

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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