Carvana (NYSE:CVNA) CEO Sells $3,703,400.00 in Stock

Key Points

• Carvana CEO Ernest Garcia III sold 10,000 shares for approximately $3.7 million, resulting in a 2.69% decrease in his overall ownership of the company.
• Following the sale, Carvana's stock price experienced a decline of 2.6% on October 8th, dropping to $360.80 per share.
• Recent analyst ratings show optimism for Carvana, with updated price targets from Piper Sandler and JMP Securities, now set between $440.00 and $460.00, indicating a "market outperform" status.

Carvana Co. (NYSE:CVNA - Get Free Report) CEO Ernest Garcia III sold 10,000 shares of Carvana stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $370.34, for a total transaction of $3,703,400.00. Following the completion of the sale, the chief executive officer owned 361,440 shares of the company's stock, valued at approximately $133,855,689.60. This trade represents a 2.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Carvana Stock Down 2.6%

Shares of NYSE:CVNA traded down $9.51 during midday trading on Wednesday, reaching $360.80. The company had a trading volume of 2,697,530 shares, compared to its average volume of 2,720,657. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.58. Carvana Co. has a one year low of $148.25 and a one year high of $413.33. The stock's fifty day moving average price is $366.54 and its 200-day moving average price is $312.80. The stock has a market capitalization of $77.64 billion, a P/E ratio of 90.43, a PEG ratio of 1.21 and a beta of 3.55.

Carvana (NYSE:CVNA - Get Free Report) last released its earnings results 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 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%. The firm's revenue for the quarter was up 41.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. Equities research analysts expect that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CVNA. Piper Sandler upped their price objective on shares of Carvana from $340.00 to $440.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. JMP Securities upped their price target on shares of Carvana from $440.00 to $460.00 and gave the company a "market outperform" rating in a report on Thursday, July 31st. Wall Street Zen downgraded shares of Carvana from a "buy" rating to a "hold" rating in a report on Friday, October 3rd. William Blair restated an "outperform" rating on shares of Carvana in a report on Wednesday, July 23rd. Finally, Oppenheimer upgraded Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 price objective on the stock in a report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $404.94.

Hedge Funds Weigh In On Carvana

A number of hedge funds have recently added to or reduced their stakes in the company. Warren Street Wealth Advisors LLC increased its holdings in Carvana by 2.8% in the second quarter. Warren Street Wealth Advisors LLC now owns 1,153 shares of the company's stock worth $388,000 after buying an additional 31 shares during the last quarter. MAI Capital Management boosted its position in Carvana by 1.8% during the second quarter. MAI Capital Management now owns 1,757 shares of the company's stock worth $592,000 after purchasing an additional 31 shares during the period. Gilder Gagnon Howe & Co. LLC boosted its position in Carvana by 1.7% during the second quarter. Gilder Gagnon Howe & Co. LLC now owns 1,846 shares of the company's stock worth $622,000 after purchasing an additional 31 shares during the period. Yousif Capital Management LLC boosted its position in Carvana by 4.1% during the first quarter. Yousif Capital Management LLC now owns 1,266 shares of the company's stock worth $265,000 after purchasing an additional 50 shares during the period. Finally, Kingsview Wealth Management LLC boosted its position in Carvana by 1.2% during the second quarter. Kingsview Wealth Management LLC now owns 4,611 shares of the company's stock worth $1,554,000 after purchasing an additional 53 shares during the period. Institutional investors and hedge funds own 56.71% of the company's stock.

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.

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