Ernest C. Garcia II Sells 50,000 Shares of Carvana Co. (NYSE:CVNA) Stock

Carvana Co. (NYSE:CVNA - Get Free Report) major shareholder Ernest C. Garcia II sold 50,000 shares of the company's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $340.07, for a total transaction of $17,003,500.00. Following the completion of the sale, the insider directly owned 36,637,346 shares in the company, valued at $12,459,262,254.22. This represents a 0.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

Ernest C. Garcia II also recently made the following trade(s):

• On Tuesday, July 8th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $353.76, for a total transaction of $35,376,000.00.
• On Monday, June 30th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $327.07, for a total value of $16,353,500.00.
• On Wednesday, June 25th, Ernest C. Garcia II sold 4,971 shares of Carvana stock. The stock was sold at an average price of $325.15, for a total transaction of $1,616,320.65.
• On Tuesday, June 24th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $325.81, for a total transaction of $16,290,500.00.
• On Wednesday, June 11th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $337.46, for a total transaction of $16,873,000.00.
• On Monday, June 9th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $330.27, for a total transaction of $16,513,500.00.
• On Friday, June 6th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $346.99, for a total transaction of $34,699,000.00.
• On Wednesday, June 4th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $339.58, for a total value of $16,979,000.00.
• On Monday, June 2nd, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $325.94, for a total transaction of $16,297,000.00.
• On Friday, May 30th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $325.16, for a total transaction of $16,258,000.00.

Carvana Stock Down 1.5%

NYSE CVNA traded down $5.10 during mid-day trading on Thursday, reaching $345.99. 2,130,945 shares of the company's stock traded hands, compared to its average volume of 3,834,428. Carvana Co. has a 1-year low of $118.50 and a 1-year high of $364.00. The company has a fifty day simple moving average of $314.24 and a 200-day simple moving average of $251.63. The company has a current ratio of 3.81, a quick ratio of 2.70 and a debt-to-equity ratio of 2.97. The company has a market cap of $74.09 billion, a price-to-earnings ratio of 121.40, a P/E/G ratio of 1.37 and a beta of 3.59.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.76. The company had revenue of $4.23 billion during the quarter, compared to analysts' expectations of $3.94 billion. Carvana had a return on equity of 44.86% and a net margin of 2.68%. The company's revenue for the quarter was up 38.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.23 earnings per share. As a group, equities research analysts expect that Carvana Co. will post 2.85 EPS for the current year.

Institutional Investors Weigh In On Carvana

A number of hedge funds and other institutional investors have recently made changes to their positions in CVNA. Brooklyn Investment Group increased its holdings in shares of Carvana by 961.5% during the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company's stock valued at $29,000 after acquiring an additional 125 shares during the last quarter. Rialto Wealth Management LLC acquired a new position in shares of Carvana during the 4th quarter valued at about $31,000. N.E.W. Advisory Services LLC bought a new stake in Carvana during the 1st quarter valued at approximately $33,000. Transce3nd LLC bought a new stake in Carvana during the 4th quarter valued at approximately $48,000. Finally, Geneos Wealth Management Inc. boosted its stake in Carvana by 251.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 253 shares of the company's stock valued at $53,000 after purchasing an additional 181 shares during the period. 56.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Citigroup increased their target price on Carvana from $325.00 to $415.00 and gave the company a "buy" rating in a research report on Tuesday. Piper Sandler set a $340.00 target price on shares of Carvana and gave the stock an "overweight" rating in a report on Thursday, May 22nd. Wall Street Zen upgraded shares of Carvana from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Morgan Stanley boosted their price objective on shares of Carvana from $280.00 to $290.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Finally, Wells Fargo & Company boosted their price objective on shares of Carvana from $290.00 to $310.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Carvana presently has a consensus rating of "Moderate Buy" and an average price target of $303.59.

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.