Carvana (NYSE:CVNA) CEO Sells $3,583,197.00 in Stock

Key Points

• Carvana CEO Ernest Garcia III sold 9,300 shares of the company’s stock for approximately $3.58 million, resulting in a 2.16% decrease in his ownership.
• Carvana reported a 41.9% increase in quarterly revenue compared to the same period last year, with earnings per share exceeding analysts' expectations.
• Several brokerages have increased their price targets for Carvana, with JPMorgan Chase raising its target from $415 to $425 and Royal Bank of Canada from $400 to $460, reflecting positive analyst sentiment.

Carvana Co. (NYSE:CVNA - Get Free Report) CEO Ernest C. Garcia III sold 9,300 shares of the business's stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $385.29, for a total value of $3,583,197.00. Following the sale, the chief executive officer owned 421,790 shares in the company, valued at approximately $162,511,469.10. The trade was a 2.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Carvana Price Performance

CVNA traded down $0.79 during trading on Monday, reaching $391.10. 1,701,639 shares of the stock were exchanged, compared to its average volume of 2,358,169. The business's 50 day moving average price is $357.62 and its two-hundred day moving average price is $297.91. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.58. The company has a market capitalization of $84.16 billion, a price-to-earnings ratio of 98.02, a P/E/G ratio of 1.28 and a beta of 3.51. Carvana Co. has a 1 year low of $148.25 and a 1 year high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last posted its 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. The company had revenue of $4.84 billion for 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%.Carvana's quarterly revenue was up 41.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.05) earnings per share. As a group, equities research analysts anticipate that Carvana Co. will post 2.85 earnings per share for the current year.

Institutional Investors Weigh In On Carvana

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

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Piper Sandler boosted their target price on Carvana from $340.00 to $440.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Oppenheimer raised Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 price target for the company in a report on Friday, July 25th. Royal Bank Of Canada boosted their price target on Carvana from $400.00 to $460.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Evercore ISI boosted their price target on Carvana from $365.00 to $370.00 and gave the stock an "in-line" rating in a report on Tuesday, August 12th. Finally, Citigroup reissued an "outperform" rating on shares of Carvana in a report on Thursday, July 31st. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, Carvana has a consensus rating of "Moderate Buy" and a consensus price target of $384.06.

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.