Carvana Co. (NYSE:CVNA) Major Shareholder Ernest C. Garcia II Sells 82,888 Shares

Key Points

• Ernest C. Garcia II, a major shareholder of Carvana Co., sold 82,888 shares for approximately $28.7 million on August 12th, reducing his stake by 0.24%.
• Carvana's stock is trading near $343.20 with a market capitalization of $73.86 billion, and has shown significant price movement with a 12 month low of $124.39 and a high of $413.33.
• Carvana recently reported a 41.9% increase in quarterly revenue year-over-year, surpassing analyst expectations with $4.84 billion in revenue and $1.28 EPS.

Carvana Co. (NYSE:CVNA - Get Free Report) major shareholder Ernest C. Garcia II sold 82,888 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $346.26, for a total transaction of $28,700,798.88. Following the completion of the sale, the insider directly owned 34,537,404 shares in the company, valued at approximately $11,958,921,509.04. The trade was a 0.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

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

• 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 transaction of $33,193,920.83.
• On Monday, August 11th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $344.68, for a total value of $17,234,000.00.
• On Friday, August 8th, Ernest C. Garcia II sold 72,500 shares of Carvana stock. The stock was sold at an average price of $348.07, for a total value of $25,235,075.00.
• On Thursday, August 7th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was 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 shares were sold at an average price of $360.20, for a total transaction of $36,020,000.00.
• On Friday, August 1st, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $371.30, for a total transaction of $37,130,000.00.
• On Thursday, July 31st, Ernest C. Garcia II sold 6,624 shares of Carvana stock. The shares were 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 stock was sold at an average price of $332.21, for a total transaction 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 transaction 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 Price Performance

NYSE:CVNA traded down $10.15 during mid-day trading on Tuesday, hitting $349.36. The company's stock had a trading volume of 550,965 shares, compared to its average volume of 4,141,970. The company has a current ratio of 4.00, a quick ratio of 2.58 and a debt-to-equity ratio of 2.51. The company has a market capitalization of $75.18 billion, a price-to-earnings ratio of 87.72, a P/E/G ratio of 1.16 and a beta of 3.57. Carvana Co. has a fifty-two week low of $124.39 and a fifty-two week high of $413.33. The stock has a fifty day moving average of $338.38 and a 200-day moving average of $276.67.

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

Analysts Set New Price Targets

CVNA has been the subject of several research analyst reports. DA Davidson upped their price objective on shares of Carvana from $260.00 to $380.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Stephens boosted their target price on shares of Carvana from $300.00 to $375.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Piper Sandler raised their target price on Carvana from $340.00 to $440.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Oppenheimer raised 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. Finally, Citigroup reaffirmed an "outperform" rating on shares of Carvana in a research note on Thursday, July 31st. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Carvana has a consensus rating of "Moderate Buy" and a consensus price target of $383.47.

Institutional Investors Weigh In On Carvana

Several institutional investors have recently added to or reduced their stakes in CVNA. Hilltop National Bank purchased a new position in Carvana in the 2nd quarter worth $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 valued at $29,000 after buying an additional 125 shares during the last quarter. N.E.W. Advisory Services LLC bought a new position in shares of Carvana during the first quarter valued at $33,000. SJS Investment Consulting Inc. raised 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 valued at $36,000 after purchasing an additional 96 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in shares of Carvana in the second quarter worth $38,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

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.