Ira Platt Sells 15,000 Shares of Carvana (NYSE:CVNA) Stock

Key Points

• Director Ira Platt sold 15,000 Carvana shares at an average price of $75.50, generating $1.13 million and reducing his ownership by 7.45% to 186,470 shares.
• Carvana shares fell $5.48 to $70.11 in Monday trading. The stock has ranged from $54.46 to $97.38 over the past year and carries a market capitalization of approximately $77.15 billion.
• Carvana exceeded quarterly expectations, reporting $0.42 in earnings per share versus the $0.39 consensus and $7.38 billion in revenue, 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) Director Ira Platt sold 15,000 shares of Carvana stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $75.50, for a total value of $1,132,500.00. Following the completion of the transaction, the director owned 186,470 shares in the company, valued at $14,078,485. This trade represents a 7.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Carvana Stock Performance

Shares of Carvana stock traded down $5.48 during trading hours on Monday, hitting $70.11. 7,505,786 shares of the company were exchanged, compared to its average volume of 14,558,223. Carvana Co. has a 1 year low of $54.46 and a 1 year high of $97.38. 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 business has a 50-day moving average of $67.23 and a 200-day moving average of $69.18. The stock has a market capitalization of $77.15 billion, a price-to-earnings ratio of 38.78, a P/E/G ratio of 2.75 and a beta of 3.46.

Carvana (NYSE:CVNA - Get Free Report) last issued 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 firm had revenue of $7.38 billion during the quarter, compared to the consensus estimate of $6.90 billion. Carvana had a return on equity of 37.06% and a net margin of 6.26%.The company's revenue for the quarter was up 52.4% on a year-over-year basis. During the same period last year, the company earned $1.51 earnings per share. As a group, analysts expect that Carvana Co. will post 1.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CVNA. Royal Bank Of Canada set a $82.00 price target on shares of Carvana and gave the stock an "outperform" rating in a research note on Thursday, July 30th. Morgan Stanley set a $90.00 price objective on shares of Carvana and gave the company an "overweight" rating in a research report on Thursday, July 30th. Gordon Haskett lifted their price objective on Carvana from $67.00 to $85.00 and gave the company a "hold" rating in a report on Thursday, April 30th. BTIG Research dropped their target price on Carvana from $97.00 to $87.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. Finally, DA Davidson set a $67.00 target price on Carvana in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Carvana presently has a consensus rating of "Moderate Buy" and an average target price of $84.14.

Hedge Funds Weigh In On Carvana

Large investors have recently made changes to their positions in the stock. Proficio Capital Partners LLC acquired a new stake in shares of Carvana in the second quarter valued at about $227,000. Transamerica Financial Advisors LLC grew its position in Carvana by 558.0% during the second quarter. Transamerica Financial Advisors LLC now owns 454 shares of the company's stock worth $30,000 after buying an additional 385 shares during the period. Corient Private Wealth LP increased its holdings in Carvana by 704.0% in the second quarter. Corient Private Wealth LP now owns 49,336 shares of the company's stock valued at $3,248,000 after buying an additional 43,200 shares in the last quarter. Palestra Capital Management LLC increased its holdings in Carvana by 99.9% in the second quarter. Palestra Capital Management LLC now owns 795,635 shares of the company's stock valued at $52,369,000 after buying an additional 397,628 shares in the last quarter. Finally, Parkwood LLC lifted its position in shares of Carvana by 3,147.7% during the 2nd quarter. Parkwood LLC now owns 139,000 shares of the company's stock valued at $9,149,000 after acquiring an additional 134,720 shares during the period. Hedge funds and other institutional investors own 56.71% of the company's stock.

About Carvana

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana's model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.

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