Carvana (NYSE:CVNA) CEO Sells $3,901,400.00 in Stock

Key Points

• Carvana CEO Ernest Garcia III sold 10,000 shares of the company's stock for approximately $3.9 million, resulting in a 2.37% decrease in his ownership.
• Carvana's stock has seen a 3.2% decline recently, trading at $378.33 amid fluctuations in trading volume.
• Several analysts have raised their price targets for Carvana, with Wells Fargo increasing theirs to $425.00 and maintaining an "overweight" rating.

Carvana Co. (NYSE:CVNA - Get Free Report) CEO Ernest Garcia III sold 10,000 shares of the stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $390.14, for a total transaction of $3,901,400.00. Following the sale, the chief executive officer owned 411,440 shares in the company, valued at approximately $160,519,201.60. This trade represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Carvana Stock Down 3.2%

Carvana stock traded down $12.53 during mid-day trading on Tuesday, reaching $378.33. 3,425,765 shares of the company's stock were exchanged, compared to its average volume of 3,941,956. The company has a market cap of $81.42 billion, a P/E ratio of 94.82, a P/E/G ratio of 1.28 and a beta of 3.51. Carvana Co. has a twelve month low of $148.25 and a twelve month high of $413.33. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51. The company has a fifty day moving average of $357.62 and a 200-day moving average of $297.91.

Carvana (NYSE:CVNA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.19. The business had revenue of $4.84 billion for 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 company's revenue was up 41.9% on a year-over-year basis. During the same period last year, the business earned ($0.05) EPS. Sell-side analysts expect that Carvana Co. will post 2.85 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CVNA. Wells Fargo & Company increased their target price on shares of Carvana from $390.00 to $425.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Gordon Haskett assumed coverage on shares of Carvana in a research report on Monday, July 14th. They set a "hold" rating and a $329.00 price objective on the stock. Evercore ISI raised their price objective on shares of Carvana from $365.00 to $370.00 and gave the stock an "in-line" rating in a research report on Tuesday, August 12th. Bank of America raised their price objective on shares of Carvana from $375.00 to $425.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. lifted their target price on shares of Carvana from $415.00 to $425.00 and gave the company an "overweight" rating in a report on Wednesday, September 17th. Twelve research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $387.88.

Hedge Funds Weigh In On Carvana

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hilltop National Bank acquired a new position in Carvana during the second quarter worth about $25,000. Brooklyn Investment Group grew its holdings 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 buying an additional 125 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new stake in shares of Carvana during the first quarter worth about $33,000. SJS Investment Consulting Inc. grew its holdings 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 buying an additional 96 shares in the last quarter. Finally, 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. 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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