Carvana (NYSE:CVNA) Stock: Insider Ira Platt Sells 30,000 Shares

Key Points

• Director Ira Platt sold 30,000 Carvana shares at an average of $71.74, receiving about $2.15 million. He retained 186,470 shares after the sale, a 13.86% reduction in his position.
• Carvana’s latest quarter showed revenue up 42.4% year over year to $8.04 billion, ahead of estimates, while EPS of $0.39 missed the $0.44 consensus.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $82.09; shares traded at $71.38 on Tuesday.

Carvana Co. (NYSE:CVNA - Get Free Report) Director Ira Platt sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $71.74, for a total transaction of $2,152,200.00. Following the completion of the transaction, the director directly owned 186,470 shares of the company's stock, valued at approximately $13,377,357.80. This represents a 13.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Carvana Price Performance

Shares of Carvana stock traded down $0.62 on Tuesday, hitting $71.38. 9,959,162 shares of the company traded hands, compared to its average volume of 13,071,145. The firm's 50-day simple moving average is $65.83 and its 200 day simple moving average is $69.31. The company has a current ratio of 3.93, a quick ratio of 2.33 and a debt-to-equity ratio of 0.94. The company has a market cap of $78.55 billion, a P/E ratio of 35.84, a P/E/G ratio of 1.75 and a beta of 3.55. Carvana Co. has a 12-month low of $54.46 and a 12-month high of $97.38.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.05). Carvana had a return on equity of 36.63% and a net margin of 6.21%. The company had revenue of $8.04 billion for the quarter, compared to the consensus estimate of $7.71 billion. During the same period in the prior year, the firm posted $1.03 earnings per share. The business's revenue was up 42.4% on a year-over-year basis. Analysts expect that Carvana Co. will post 1.59 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CVNA shares. Barclays lifted their price target on Carvana from $80.00 to $82.00 and gave the stock an "overweight" rating in a research note on Friday. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $85.00 price objective on shares of Carvana in a research report on Thursday, October 29th. UBS Group reissued a "buy" rating and set a $84.00 price objective (up from $83.00) on shares of Carvana in a report on Thursday, October 29th. Citigroup restated a "market outperform" rating on shares of Carvana in a research report on Wednesday, October 28th. Finally, Needham & Company LLC cut their target price on Carvana from $120.00 to $100.00 and set a "buy" rating for the company in a research note on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $82.09.

Hedge Funds Weigh In On Carvana

Large investors have recently added to or reduced their stakes in the business. Provenance Wealth Advisors LLC purchased a new position in Carvana in the 3rd quarter worth $25,000. Ascentis Independent Advisors purchased a new stake in Carvana during the first quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC grew its stake in shares of Carvana by 152.6% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 96 shares of the company's stock valued at $30,000 after buying an additional 58 shares during the last quarter. Transamerica Financial Advisors LLC grew its stake in shares of Carvana by 558.0% during the second quarter. Transamerica Financial Advisors LLC now owns 454 shares of the company's stock valued at $30,000 after buying an additional 385 shares during the last quarter. Finally, GoalVest Advisory LLC grew its stake in shares of Carvana by 400.0% during the second quarter. GoalVest Advisory LLC now owns 500 shares of the company's stock valued at $33,000 after buying an additional 400 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company's stock.

Carvana Company Profile

Carvana Co NYSE: CVNA is an online automotive retailer that sells used vehicles through its digital platform. Customers can browse vehicles, review detailed descriptions and vehicle history information, arrange financing, complete transactions online and choose home delivery or pickup at a Carvana location.

The company also provides vehicle trade-in services and offers related products, including vehicle protection plans and other automotive services. Carvana is known for its automated, glass-enclosed vehicle vending machines, which provide an alternative pickup experience in select markets.

Founded in 2012 and headquartered in Tempe, Arizona, Carvana began operations as an online used-car retailer in 2013 and went public in 2017.

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