Insider Selling: Carvana (NYSE:CVNA) Insider Sells $1,184,967.62 in Stock

Key Points

• Carvana insider Thomas Taira sold 16,789 shares at an average price of $70.58, generating approximately $1.18 million. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced his direct ownership by 4.37% to 366,987 shares.
• Carvana shares recently traded at $65.38, with a market capitalization of about $71.95 billion. The stock has ranged from $54.46 to $97.38 over the past year.
• The company exceeded quarterly expectations, reporting adjusted earnings of $0.42 per share and revenue of $7.38 billion, up 52.4% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $84.14.

Carvana Co. (NYSE:CVNA - Get Free Report) insider Thomas Taira sold 16,789 shares of the company's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $70.58, for a total value of $1,184,967.62. Following the sale, the insider directly owned 366,987 shares in the company, valued at $25,901,942.46. This trade represents a 4.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Carvana Price Performance

Shares of NYSE CVNA traded down $1.52 during midday trading on Wednesday, reaching $65.38. 8,549,373 shares of the stock traded hands, compared to its average volume of 13,743,702. The company's 50 day moving average is $69.43 and its 200 day moving average is $68.48. Carvana Co. has a one year low of $54.46 and a one year high of $97.38. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.93 and a quick ratio of 2.33. The stock has a market capitalization of $71.95 billion, a PE ratio of 36.16, a P/E/G ratio of 2.04 and a beta of 3.49.

Carvana (NYSE:CVNA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.03. The company had revenue of $7.38 billion for the quarter, compared to analysts' expectations of $6.90 billion. Carvana had a net margin of 6.26% and a return on equity of 37.06%. Carvana's quarterly revenue was up 52.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.51 earnings per share. On average, equities research analysts anticipate that Carvana Co. will post 1.68 earnings per share for the current year.

Institutional Trading of Carvana

A number of large investors have recently modified their holdings of CVNA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Carvana by 345.8% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,325,237 shares of the company's stock valued at $218,867,000 after acquiring an additional 2,579,295 shares in the last quarter. Amundi grew its holdings in Carvana by 379.7% during the 2nd quarter. Amundi now owns 2,421,045 shares of the company's stock worth $159,353,000 after acquiring an additional 1,916,349 shares in the last quarter. Capital Research Global Investors increased its position in Carvana by 42.9% during the 4th quarter. Capital Research Global Investors now owns 5,700,953 shares of the company's stock valued at $2,405,959,000 after purchasing an additional 1,711,144 shares during the period. The Manufacturers Life Insurance Company increased its position in Carvana by 384.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,898,095 shares of the company's stock valued at $124,933,000 after purchasing an additional 1,506,145 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of Carvana by 372.0% in the 2nd quarter. Bank of America Corp DE now owns 1,791,844 shares of the company's stock valued at $117,939,000 after purchasing an additional 1,412,188 shares in the last quarter. Hedge funds and other institutional investors own 56.71% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CVNA. Jefferies Financial Group decreased their target price on shares of Carvana from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, July 14th. Morgan Stanley set a $90.00 price objective on Carvana and gave the stock an "overweight" rating in a research note on Thursday, July 30th. Royal Bank Of Canada set a $82.00 price objective on Carvana and gave the company an "outperform" rating in a research report on Thursday, July 30th. Evercore set a $75.00 price objective on Carvana in a research note on Thursday, July 30th. Finally, BTIG Research reaffirmed a "buy" rating and issued a $87.00 price objective on shares of Carvana in a research note on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Carvana has a consensus rating of "Moderate Buy" and a consensus target price of $84.14.

About Carvana

Carvana Co NYSE: CVNA is an online used-car retailer that enables consumers to research, purchase, finance and sell vehicles through its website and mobile platform. The company offers a selection of used cars, trucks and SUVs, with vehicle listings that generally include photographs, pricing and vehicle-history information.

Customers can complete much of the vehicle-buying process online, including applying for financing, arranging trade-ins and scheduling vehicle pickup or delivery.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.