Carvana Co. (NYSE:CVNA) CEO Ernest C. Garcia III Sells 10,000 Shares

Key Points

• Carvana CEO Ernest C. Garcia III sold 10,000 shares of the company at an average price of $344.64, totaling over $3.4 million, which decreased his ownership by 1.77%.
• Carvana's stock recently traded at $350.17 with a market capitalization of $75.36 billion and significant institutional ownership at 56.71%.
• The company reported $1.28 earnings per share for the last quarter, exceeding expectations and showing a 41.9% increase in revenue year-over-year.

Carvana Co. (NYSE:CVNA - Get Free Report) CEO Ernest C. Garcia III sold 10,000 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $344.64, for a total value of $3,446,400.00. Following the transaction, the chief executive officer directly owned 556,440 shares of the company's stock, valued at approximately $191,771,481.60. This trade represents a 1.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Carvana Stock Up 3.4%

Shares of NYSE:CVNA traded up $11.98 during mid-day trading on Monday, hitting $361.97. 1,151,874 shares of the company traded hands, compared to its average volume of 4,151,633. 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 stock has a market cap of $77.90 billion, a P/E ratio of 90.72, a P/E/G ratio of 1.16 and a beta of 3.57. The stock has a 50-day moving average price of $337.99 and a two-hundred day moving average price of $275.89. Carvana Co. has a 12-month low of $124.39 and a 12-month high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last released its earnings results 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. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.54 billion. During the same period in the prior year, the firm earned ($0.05) EPS. The company's revenue was up 41.9% compared to the same quarter last year. On average, equities research analysts forecast that Carvana Co. will post 2.85 earnings per share for the current year.

Analyst Upgrades and Downgrades

CVNA has been the subject of a number of recent research reports. Piper Sandler lifted their price objective on Carvana from $340.00 to $440.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Citigroup reissued an "outperform" rating on shares of Carvana in a research report on Thursday, July 31st. Wells Fargo & Company upped their price objective on Carvana from $390.00 to $425.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. DA Davidson upped their price objective on Carvana from $260.00 to $380.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Finally, 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. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $383.47.

Institutional Trading of Carvana

A number of large investors have recently modified their holdings of CVNA. Price T Rowe Associates Inc. MD increased its stake in shares of Carvana by 13.9% during the first 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 period. Vanguard Group Inc. lifted its position in Carvana by 9.7% in the 1st quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company's stock valued at $2,620,785,000 after acquiring an additional 1,109,476 shares in the last quarter. Sands Capital Management LLC raised its position in Carvana by 1,374.3% in the 2nd quarter. Sands Capital Management LLC now owns 901,227 shares of the company's stock worth $303,677,000 after buying an additional 840,096 shares during the last quarter. Norges Bank purchased a new position in shares of Carvana during the second quarter valued at approximately $259,468,000. Finally, Massachusetts Financial Services Co. MA bought a new stake in shares of Carvana in the second quarter worth $193,091,000. 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.