Insider Selling: Carvana Co. (NYSE:CVNA) Major Shareholder Sells 60,000 Shares of Stock

Carvana Co. (NYSE:CVNA - Get Free Report) major shareholder Ernest C. Garcia II sold 60,000 shares of the company's stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $114.04, for a total transaction of $6,842,400.00. Following the completion of the transaction, the insider now directly owns 2,797,500 shares of the company's stock, valued at $319,026,900. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

Carvana Price Performance

Carvana stock traded down $3.48 during trading hours on Friday, hitting $116.93. The company had a trading volume of 3,011,190 shares, compared to its average volume of 6,211,259. The firm has a market cap of $23.61 billion, a PE ratio of 51.32 and a beta of 3.28. Carvana Co. has a one year low of $10.16 and a one year high of $129.00. The firm has a 50-day moving average of $85.26 and a 200 day moving average of $58.27.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The business had revenue of $2.42 billion for the quarter, compared to analysts' expectations of $2.56 billion. The firm's revenue for the quarter was down 14.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.97) earnings per share. As a group, research analysts expect that Carvana Co. will post -3.05 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CVNA shares. JPMorgan Chase & Co. raised shares of Carvana from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $70.00 to $130.00 in a research note on Thursday, May 2nd. TD Cowen increased their price objective on shares of Carvana from $58.00 to $70.00 and gave the stock a "hold" rating in a research note on Monday, April 29th. William Blair restated an "outperform" rating on shares of Carvana in a research note on Thursday, May 2nd. JMP Securities increased their price objective on shares of Carvana from $80.00 to $135.00 and gave the stock a "market outperform" rating in a research note on Friday, May 3rd. Finally, Evercore ISI reduced their price objective on shares of Carvana from $78.00 to $77.00 and set an "in-line" rating for the company in a research note on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $77.60.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CVNA. Parallel Advisors LLC lifted its holdings in shares of Carvana by 39.0% during the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company's stock worth $37,000 after purchasing an additional 194 shares during the period. Diversified Trust Co lifted its holdings in shares of Carvana by 6.0% during the fourth quarter. Diversified Trust Co now owns 5,659 shares of the company's stock worth $300,000 after purchasing an additional 319 shares during the period. Arizona State Retirement System lifted its holdings in shares of Carvana by 1.5% during the third quarter. Arizona State Retirement System now owns 25,698 shares of the company's stock worth $1,079,000 after purchasing an additional 377 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in shares of Carvana by 11.9% during the first quarter. Sequoia Financial Advisors LLC now owns 4,687 shares of the company's stock worth $412,000 after purchasing an additional 500 shares during the period. Finally, Blue Trust Inc. acquired a new position in shares of Carvana during the fourth quarter worth $29,000. 56.71% of the stock is owned by institutional investors.

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.

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