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

Key Points

• Carvana CEO Ernest C. Garcia III sold 10,000 shares of stock for approximately $3.47 million, reducing his ownership by 1.75% to 561,440 shares.
• The company's stock price recently reached $345.06, showing a strong rebound following an earnings report where Carvana surpassed analysts' estimates.
• Equities analysts have raised their price targets for Carvana, with Bank of America increasing theirs from $375 to $425 and Royal Bank Of Canada from $400 to $460.

Carvana Co. (NYSE:CVNA - Get Free Report) CEO Ernest C. Garcia III sold 10,000 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $346.61, for a total transaction of $3,466,100.00. Following the completion of the sale, the chief executive officer owned 561,440 shares in the company, valued at $194,600,718.40. This represents a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Carvana Price Performance

Carvana stock traded down $2.50 on Monday, reaching $345.06. The company's stock had a trading volume of 2,262,853 shares, compared to its average volume of 4,213,078. 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 company has a market cap of $74.26 billion, a price-to-earnings ratio of 86.48, a PEG ratio of 1.15 and a beta of 3.57. The business's fifty day moving average price is $337.34 and its 200 day moving average price is $272.27. Carvana Co. has a twelve month low of $124.39 and a twelve month 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 for the quarter, topping analysts' consensus estimates of $1.09 by $0.19. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.54 billion. Carvana had a return on equity of 40.57% and a net margin of 3.46%. The firm's quarterly revenue was up 41.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.05) earnings per share. Equities analysts expect that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CVNA shares. Bank of America upped their price target on shares of Carvana from $375.00 to $425.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Royal Bank Of Canada upped their price objective on Carvana from $400.00 to $460.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. JMP Securities increased their target price on Carvana from $440.00 to $460.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 31st. Citigroup reissued an "outperform" rating on shares of Carvana in a research report on Thursday, July 31st. Finally, Wall Street Zen raised Carvana from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $379.65.

Institutional Trading of Carvana

A number of large investors have recently made changes to their positions in CVNA. J.Safra Asset Management Corp lifted its holdings in shares of Carvana by 140.8% during the 1st quarter. J.Safra Asset Management Corp now owns 3,390 shares of the company's stock valued at $709,000 after purchasing an additional 1,982 shares in the last quarter. Worldquant Millennium Advisors LLC bought a new position in Carvana during the 4th quarter worth about $51,091,000. Farther Finance Advisors LLC increased its holdings in Carvana by 333.1% during the 1st quarter. Farther Finance Advisors LLC now owns 3,482 shares of the company's stock worth $740,000 after purchasing an additional 2,678 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Carvana in the fourth quarter valued at about $36,527,000. Finally, Brucke Financial Inc. bought a new stake in shares of Carvana in the fourth quarter valued at about $415,000. Institutional investors 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.

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.