Carvana (NYSE:CVNA) Shares Down 5.2% on Insider Selling

Carvana Co. (NYSE:CVNA - Get Free Report)'s share price fell 5.2% on Thursday after an insider sold shares in the company. The stock traded as low as $322.62 and last traded at $322.73. 2,663,688 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 3,930,733 shares. The stock had previously closed at $340.32.

Specifically, major shareholder Ernest C. Garcia II sold 50,000 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $330.27, for a total value of $16,513,500.00. Following the sale, the insider now directly owns 36,992,317 shares of the company's stock, valued at $12,217,452,535.59. This trade represents a 0.13% 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. Also, insider Ryan S. Keeton sold 11,276 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $340.68, for a total value of $3,841,507.68. Following the transaction, the insider now directly owns 136,628 shares of the company's stock, valued at $46,546,427.04. The trade was a 7.62% decrease in their position. The disclosure for this sale can be found here. In other news, CEO Ernest C. Garcia III sold 4,552 shares of Carvana stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $333.23, for a total value of $1,516,862.96. Following the sale, the chief executive officer now directly owns 762,724 shares in the company, valued at approximately $254,162,518.52. This trade represents a 0.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $340.00 price target on shares of Carvana in a research note on Thursday, May 8th. Morgan Stanley upped their price objective on shares of Carvana from $280.00 to $290.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Bank of America lifted their target price on shares of Carvana from $325.00 to $375.00 and gave the company a "buy" rating in a research note on Tuesday. Piper Sandler set a $340.00 price target on shares of Carvana and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. Finally, Citigroup lifted their price objective on Carvana from $280.00 to $325.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Carvana currently has an average rating of "Moderate Buy" and an average price target of $280.35.

Carvana Stock Down 4.8%

The company has a debt-to-equity ratio of 3.82, a current ratio of 3.64 and a quick ratio of 2.12. The stock has a 50 day simple moving average of $270.50 and a 200-day simple moving average of $240.77. The firm has a market cap of $65.01 billion, a PE ratio of 193.57 and a beta of 3.65.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.51 EPS for the quarter, beating analysts' consensus estimates of $0.75 by $0.76. The firm had revenue of $4.23 billion for the quarter, compared to analysts' expectations of $3.94 billion. Carvana had a net margin of 1.54% and a return on equity of 36.59%. The business's revenue for the quarter was up 38.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.23 earnings per share. Sell-side analysts predict that Carvana Co. will post 2.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Carvana

Hedge funds have recently bought and sold shares of the business. Strs Ohio bought a new stake in shares of Carvana in the first quarter worth $852,000. Geneos Wealth Management Inc. raised its stake in shares of Carvana by 251.4% in the first quarter. Geneos Wealth Management Inc. now owns 253 shares of the company's stock worth $53,000 after buying an additional 181 shares during the period. IFM Investors Pty Ltd raised its stake in shares of Carvana by 0.6% in the first quarter. IFM Investors Pty Ltd now owns 21,061 shares of the company's stock worth $4,403,000 after buying an additional 135 shares during the period. Bayforest Capital Ltd lifted its position in shares of Carvana by 41.5% during the 1st quarter. Bayforest Capital Ltd now owns 1,773 shares of the company's stock valued at $371,000 after buying an additional 520 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Carvana by 27.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 529,596 shares of the company's stock valued at $110,728,000 after acquiring an additional 114,526 shares during the period. Hedge funds and other institutional investors own 56.71% of the company's stock.

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.