Carvana (NYSE:CVNA) Trading Down 5.2% After Insider Selling

Carvana Co. (NYSE:CVNA - Get Free Report)'s share price traded down 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 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 Carvana stock in a transaction on Monday, June 9th. The shares were sold at an average price of $330.27, for a total value of $16,513,500.00. Following the sale, the insider now owns 36,992,317 shares of the company's stock, valued at approximately $12,217,452,535.59. This trade represents a 0.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ryan S. Keeton sold 11,276 shares of Carvana stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $340.68, for a total transaction of $3,841,507.68. Following the completion of the sale, the insider now directly owns 136,628 shares in the company, valued at $46,546,427.04. This represents a 7.62% decrease in their position. The disclosure for this sale can be found here. In related news, CEO Ernest C. Garcia III sold 4,552 shares of Carvana stock in a transaction on Tuesday, June 10th. The shares were 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 owns 762,724 shares of the company's stock, valued at approximately $254,162,518.52. This trade represents a 0.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Bank of America lifted their price target on shares of Carvana from $325.00 to $375.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Citigroup raised their price objective on Carvana from $280.00 to $325.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Royal Bank of Canada raised their price objective on Carvana from $320.00 to $340.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Piper Sandler set a $340.00 price objective on Carvana and gave the company an "overweight" rating in a report on Thursday, May 22nd. Finally, Wells Fargo & Company raised their price objective on Carvana from $290.00 to $310.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Carvana currently has a consensus rating of "Moderate Buy" and a consensus target price of $280.35.

Carvana Stock Performance

The company has a current ratio of 3.64, a quick ratio of 2.12 and a debt-to-equity ratio of 3.82. The firm has a fifty day moving average price of $272.91 and a 200 day moving average price of $240.85. The firm has a market cap of $63.54 billion, a PE ratio of 188.99 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, topping the consensus estimate of $0.75 by $0.76. Carvana had a return on equity of 36.59% and a net margin of 1.54%. The business had revenue of $4.23 billion for the quarter, compared to analyst estimates of $3.94 billion. During the same quarter in the previous year, the firm earned $0.23 EPS. The company's quarterly revenue was up 38.3% compared to the same quarter last year. As a group, equities research analysts expect that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Institutional Trading of Carvana

A number of hedge funds and other institutional investors have recently modified their holdings of CVNA. Brooklyn Investment Group increased its position in shares of Carvana by 961.5% during the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company's stock worth $29,000 after purchasing an additional 125 shares during the last quarter. Global Retirement Partners LLC increased its position in shares of Carvana by 109.9% during the 4th quarter. Global Retirement Partners LLC now owns 149 shares of the company's stock worth $30,000 after purchasing an additional 78 shares during the last quarter. Rialto Wealth Management LLC acquired a new stake in shares of Carvana during the 4th quarter worth about $31,000. N.E.W. Advisory Services LLC acquired a new stake in shares of Carvana during the 1st quarter worth about $33,000. Finally, Venturi Wealth Management LLC increased its position in shares of Carvana by 79.2% during the 4th quarter. Venturi Wealth Management LLC now owns 224 shares of the company's stock worth $46,000 after purchasing an additional 99 shares during the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

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.