Insider Selling: Carvana (NYSE:CVNA) CEO Sells 10,000 Shares of Stock

Key Points

• Ernest Garcia III, CEO of Carvana, sold 10,000 shares at an average price of $370.23, totaling $3.7 million, resulting in a 2.01% decrease in his ownership position.
• Carvana reported a 41.9% year-over-year revenue increase in its last quarterly earnings, posting $4.84 billion in revenue and $1.28 earnings per share.
• Analysts have provided a consensus rating of "Moderate Buy" for Carvana's stock, with an average price target of $383.47.

Carvana Co. (NYSE:CVNA - Get Free Report) CEO Ernest C. Garcia III sold 10,000 shares of the business's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $370.23, for a total transaction of $3,702,300.00. Following the completion of the sale, the chief executive officer owned 486,440 shares in the company, valued at $180,094,681.20. This represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Carvana Price Performance

Shares of Carvana stock traded down $0.94 on Friday, hitting $369.23. The company's stock had a trading volume of 2,443,272 shares, compared to its average volume of 2,330,485. The company has a market capitalization of $79.46 billion, a P/E ratio of 92.54, a price-to-earnings-growth ratio of 1.22 and a beta of 3.51. 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 firm has a fifty day moving average price of $351.83 and a 200-day moving average price of $285.61. Carvana Co. has a 52-week low of $124.39 and a 52-week 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 (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.19. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.54 billion. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The firm's quarterly revenue was up 41.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.05) EPS. On average, equities research analysts expect that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CVNA shares. Royal Bank Of Canada upped their target price on shares of Carvana from $400.00 to $460.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Citigroup restated an "outperform" rating on shares of Carvana in a report on Thursday, July 31st. Morgan Stanley upped their target price on shares of Carvana from $280.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Evercore ISI upped their target price on shares of Carvana from $365.00 to $370.00 and gave the company an "in-line" rating in a report on Tuesday, August 12th. Finally, Piper Sandler upped their price objective on shares of Carvana from $340.00 to $440.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Twelve investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $383.47.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its position in Carvana by 13.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company's stock worth $3,125,749,000 after purchasing an additional 1,823,218 shares in the last quarter. Vanguard Group Inc. increased its position in Carvana by 1.8% during 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 in the last quarter. State Street Corp boosted its holdings in Carvana by 15.0% in the 2nd quarter. State Street Corp now owns 2,765,046 shares of the company's stock worth $931,710,000 after acquiring an additional 361,624 shares during the period. Geode Capital Management LLC boosted its holdings in Carvana by 11.0% in the 2nd quarter. Geode Capital Management LLC now owns 2,232,179 shares of the company's stock worth $750,301,000 after acquiring an additional 221,161 shares during the period. Finally, Durable Capital Partners LP boosted its holdings in Carvana by 6.3% in the 4th quarter. Durable Capital Partners LP now owns 2,168,232 shares of the company's stock worth $440,932,000 after acquiring an additional 129,246 shares during the period. Institutional investors and hedge funds own 56.71% of the company's stock.

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.