Carvana (NYSE:CVNA) CEO Ernest Garcia III Sells 9,406 Shares

Key Points

• Carvana CEO Ernest Garcia III sold 9,406 shares at an average price of $379.65, totaling approximately $3.57 million, reducing his stake by 2.40% to 381,737 shares.
• Carvana's stock price rose by 4.8%, reaching $395.41, with a 52-week range of $148.25 to $413.33 and a current market cap of $85.09 billion.
• Institutional investors own 56.71% of Carvana, with significant recent increases in holdings from firms like Price T Rowe Associates and Vanguard Group.

Carvana Co. (NYSE:CVNA - Get Free Report) CEO Ernest Garcia III sold 9,406 shares of the business's stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $379.65, for a total transaction of $3,570,987.90. Following the completion of the transaction, the chief executive officer directly owned 381,737 shares of the company's stock, valued at approximately $144,926,452.05. This represents a 2.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Carvana Stock Up 4.8%

Shares of CVNA stock traded up $18.17 on Wednesday, hitting $395.41. The stock had a trading volume of 3,299,082 shares, compared to its average volume of 2,624,867. Carvana Co. has a 52-week low of $148.25 and a 52-week high of $413.33. 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 firm has a market capitalization of $85.09 billion, a price-to-earnings ratio of 99.10, a P/E/G ratio of 1.23 and a beta of 3.55. The stock's 50 day moving average is $362.38 and its 200-day moving average is $306.14.

Carvana (NYSE:CVNA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.19. The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate 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 last year, the firm posted ($0.05) EPS. As a group, research analysts expect that Carvana Co. will post 2.85 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Carvana by 13.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company's stock worth $3,125,749,000 after buying an additional 1,823,218 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of 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 in the last quarter. Sands Capital Management LLC lifted its holdings in Carvana by 1,374.3% during the 2nd quarter. Sands Capital Management LLC now owns 901,227 shares of the company's stock worth $303,677,000 after buying an additional 840,096 shares during the last quarter. Norges Bank acquired a new stake in shares of Carvana during the second quarter worth about $259,468,000. Finally, Massachusetts Financial Services Co. MA acquired a new position in Carvana during the 2nd quarter worth approximately $193,091,000. 56.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CVNA. Evercore ISI increased their price objective on shares of Carvana from $365.00 to $370.00 and gave the company an "in-line" rating in a research note on Tuesday, August 12th. 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 report on Friday, July 25th. Bank of America lifted their price objective on shares of Carvana from $375.00 to $425.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Wall Street Zen raised shares of Carvana from a "hold" rating to a "buy" rating in a research report on Saturday, September 20th. Finally, Stephens reaffirmed an "overweight" rating and issued a $440.00 price objective on shares of Carvana in a research note on Tuesday, September 23rd. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Carvana presently has a consensus rating of "Moderate Buy" and an average price target of $404.94.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.