Ernest Garcia III Sells 10,000 Shares of Carvana (NYSE:CVNA) Stock

Key Points

• Ernest Garcia III, CEO of Carvana, sold 10,000 shares of CVNA stock at an average price of $367.06, resulting in a total transaction value of $3,670,600.
• Carvana's stock has experienced a trading volume of over 3.5 million shares and is currently priced at $354.89, down from its 12-month high of $413.33.
• Analysts have upgraded Carvana's rating and increased their price targets, with an average consensus target price currently set at $383.47.

Carvana Co. (NYSE:CVNA - Get Free Report) CEO Ernest Garcia III sold 10,000 shares of the company's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $367.06, for a total value of $3,670,600.00. Following the completion of the sale, the chief executive officer owned 451,440 shares of the company's stock, valued at approximately $165,705,566.40. The trade was a 2.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Carvana Stock Performance

Shares of NYSE CVNA traded down $10.23 during trading on Thursday, hitting $354.89. The company had a trading volume of 3,506,624 shares, compared to its average volume of 2,279,158. Carvana Co. has a 12 month low of $133.57 and a 12 month high of $413.33. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. The firm has a market capitalization of $76.37 billion, a P/E ratio of 91.51, a price-to-earnings-growth ratio of 1.21 and a beta of 3.51. The stock has a 50 day simple moving average of $353.67 and a 200 day simple moving average of $288.06.

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, topping the consensus estimate of $1.09 by $0.19. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The company had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.54 billion. During the same period in the prior year, the firm posted ($0.05) EPS. The firm's quarterly revenue was up 41.9% compared to the same quarter last year. As a group, analysts anticipate that Carvana Co. will post 2.85 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CVNA shares. Stephens raised their price objective on shares of Carvana from $300.00 to $375.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. Evercore ISI increased their price target on Carvana from $365.00 to $370.00 and gave the stock an "in-line" rating in a research note on Tuesday, August 12th. JMP Securities raised their price target on Carvana from $440.00 to $460.00 and gave the company a "market outperform" rating in a report on Thursday, July 31st. Piper Sandler upped their price objective on Carvana from $340.00 to $440.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Finally, Oppenheimer upgraded Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 target price for the company in a research report on Friday, July 25th. Twelve research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $383.47.

Hedge Funds Weigh In On Carvana

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its position in shares of 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 valued at $3,125,749,000 after buying an additional 1,823,218 shares in the last quarter. Vanguard Group Inc. grew its position in Carvana by 1.8% in the second quarter. Vanguard Group Inc. now owns 12,764,230 shares of the company's stock worth $4,301,035,000 after acquiring an additional 229,387 shares in the last quarter. State Street Corp increased its stake in Carvana by 15.0% during the second 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 last quarter. Geode Capital Management LLC raised its position in Carvana by 11.0% during the second quarter. Geode Capital Management LLC now owns 2,232,179 shares of the company's stock valued at $750,301,000 after purchasing an additional 221,161 shares during the period. Finally, Whale Rock Capital Management LLC raised its position in Carvana by 29.8% during the fourth quarter. Whale Rock Capital Management LLC now owns 1,214,679 shares of the company's stock valued at $247,017,000 after purchasing an additional 278,760 shares during the period. 56.71% of the stock is owned by institutional investors.

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.

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