Carvana Co. (NYSE:CVNA) Major Shareholder Ernest C. Garcia II Sells 72,500 Shares

Key Points

• Ernest C. Garcia II, a major shareholder of Carvana Co., sold 72,500 shares at an average price of $348.07, totaling approximately $25.24 million, reducing his stake by 0.21%.
• Carvana reported earnings per share of $1.28 for the last quarter, exceeding expectations, along with a revenue of $4.84 billion, indicating a year-over-year increase of 41.9%.
• The stock has seen analysts adjusting their target prices upward, with JMP Securities setting a new target of $460.00 while maintaining a "market outperform" rating.

Carvana Co. (NYSE:CVNA - Get Free Report) major shareholder Ernest C. Garcia II sold 72,500 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $348.07, for a total value of $25,235,075.00. Following the transaction, the insider owned 34,620,292 shares of the company's stock, valued at $12,050,285,036.44. The trade was a 0.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Large shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Ernest C. Garcia II also recently made the following trade(s):

• On Tuesday, August 12th, Ernest C. Garcia II sold 82,888 shares of Carvana stock. The stock was sold at an average price of $346.26, for a total value of $28,700,798.88.
• On Wednesday, August 13th, Ernest C. Garcia II sold 95,087 shares of Carvana stock. The stock was sold at an average price of $349.09, for a total value of $33,193,920.83.
• On Monday, August 11th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $344.68, for a total value of $17,234,000.00.
• On Thursday, August 7th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $359.63, for a total value of $35,963,000.00.
• On Tuesday, August 5th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $360.20, for a total value of $36,020,000.00.
• On Friday, August 1st, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $371.30, for a total value of $37,130,000.00.
• On Thursday, July 31st, Ernest C. Garcia II sold 6,624 shares of Carvana stock. The stock was sold at an average price of $409.89, for a total value of $2,715,111.36.
• On Wednesday, July 30th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $332.21, for a total value of $16,610,500.00.
• On Monday, July 28th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $335.66, for a total value of $16,783,000.00.
• On Friday, July 25th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $335.34, for a total value of $16,767,000.00.

Carvana Trading Up 2.2%

CVNA traded up $7.41 during trading on Friday, hitting $350.00. The company's stock had a trading volume of 3,650,161 shares, compared to its average volume of 3,192,514. Carvana Co. has a twelve month low of $124.39 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 stock's fifty day moving average price is $337.99 and its 200-day moving average price is $275.67. The firm has a market capitalization of $75.32 billion, a P/E ratio of 87.72, a PEG ratio of 1.16 and a beta of 3.57.

Carvana (NYSE:CVNA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.19. Carvana had a return on equity of 40.57% and a net margin of 3.46%. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.54 billion. During the same period in the previous year, the firm earned ($0.05) earnings per share. The company's revenue was up 41.9% compared to the same quarter last year. Analysts anticipate that Carvana Co. will post 2.85 EPS for the current year.

Wall Street Analyst Weigh In

CVNA has been the topic of a number of recent research reports. DA Davidson lifted their price target on Carvana from $260.00 to $380.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Wedbush raised Carvana to a "hold" rating in a research note on Thursday, May 8th. William Blair reissued an "outperform" rating on shares of Carvana in a research note on Wednesday, July 23rd. Royal Bank Of Canada lifted their price target on Carvana from $400.00 to $460.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Piper Sandler lifted their price target on Carvana from $340.00 to $440.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $383.47.

Hedge Funds Weigh In On Carvana

Institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its position in Carvana by 13.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company's stock valued at $3,125,749,000 after buying an additional 1,823,218 shares during the last quarter. Vanguard Group Inc. boosted its stake in Carvana by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 12,764,230 shares of the company's stock worth $4,301,035,000 after purchasing an additional 229,387 shares during the period. State Street Corp boosted its position in shares of Carvana by 15.0% during the 2nd quarter. State Street Corp now owns 2,765,046 shares of the company's stock valued at $931,710,000 after acquiring an additional 361,624 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Carvana by 11.0% during the 2nd quarter. Geode Capital Management LLC now owns 2,232,179 shares of the company's stock valued at $750,301,000 after buying an additional 221,161 shares in the last quarter. Finally, Durable Capital Partners LP raised its holdings in shares of Carvana by 6.3% during the 4th quarter. Durable Capital Partners LP now owns 2,168,232 shares of the company's stock valued at $440,932,000 after buying an additional 129,246 shares in 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.