Ernest Garcia III Sells 4,800 Shares of Carvana (NYSE:CVNA) Stock

Key Points

• Ernest Garcia III, CEO of Carvana, sold 4,800 shares of the company’s stock for a total of $1,875,600, resulting in a 1.23% decrease in his ownership stake.
• Carvana's stock price reached $395.41 during trading on Wednesday, reflecting strong trading volume and a notable price performance rebound.
• The company reported earnings of $1.28 per share for the last quarter, exceeding analysts' expectations, with revenue increasing by 41.9% year-over-year.

Carvana Co. (NYSE:CVNA - Get Free Report) CEO Ernest Garcia III sold 4,800 shares of the stock in a transaction on Monday, September 29th. The shares were sold at an average price of $390.75, for a total value of $1,875,600.00. Following the completion of the transaction, the chief executive officer directly owned 386,440 shares in the company, valued at approximately $151,001,430. This represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Carvana Price Performance

NYSE CVNA traded up $18.17 during trading hours on Wednesday, reaching $395.41. 3,299,082 shares of the stock traded hands, compared to its average volume of 2,624,867. The stock has a 50 day simple moving average of $362.38 and a two-hundred day simple moving average of $306.14. Carvana Co. has a 1 year low of $148.25 and a 1 year high of $413.33. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.58. The company has a market cap of $85.09 billion, a price-to-earnings ratio of 99.10, a price-to-earnings-growth ratio of 1.23 and a beta of 3.55.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly 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 return on equity of 40.57% and a net margin of 3.46%.The business had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.54 billion. During the same quarter last year, the business posted ($0.05) earnings per share. The company's revenue for the quarter was up 41.9% on a year-over-year basis. On average, analysts predict that Carvana Co. will post 2.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Carvana

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Corient Private Wealth LLC boosted its holdings in shares of Carvana by 213.4% in the second quarter. Corient Private Wealth LLC now owns 6,494 shares of the company's stock worth $2,188,000 after buying an additional 4,422 shares during the last quarter. American Trust purchased a new position in Carvana during the second quarter valued at approximately $394,000. Orion Porfolio Solutions LLC lifted its holdings in Carvana by 27.3% during the second quarter. Orion Porfolio Solutions LLC now owns 4,380 shares of the company's stock valued at $1,476,000 after purchasing an additional 940 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in Carvana during the second quarter valued at approximately $228,000. Finally, Marex Group plc purchased a new position in shares of Carvana in the second quarter worth $4,824,000. Hedge funds and other institutional investors own 56.71% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Citigroup reaffirmed an "outperform" rating on shares of Carvana in a research note on Thursday, July 31st. Royal Bank Of Canada increased their price target on shares of Carvana from $400.00 to $460.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. William Blair reissued an "outperform" rating on shares of Carvana in a research report on Wednesday, July 23rd. Bank of America increased their price target on shares of Carvana from $375.00 to $425.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Finally, DA Davidson raised their target price on shares of Carvana from $260.00 to $380.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $404.94.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.