Carvana Co. (NYSE:CVNA) Major Shareholder Ernest C. Garcia II Sells 100,000 Shares of Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 100,000 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $174.64, for a total transaction of $17,464,000.00. Following the completion of the sale, the insider now directly owns 39,058,131 shares in the company, valued at approximately $6,821,111,997.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Monday, September 30th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $171.68, for a total value of $17,168,000.00.
• On Friday, September 27th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $169.88, for a total value of $16,988,000.00.
• On Wednesday, September 25th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $170.51, for a total value of $17,051,000.00.
• On Monday, September 23rd, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $172.66, for a total value of $17,266,000.00.
• On Thursday, September 19th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $168.46, for a total transaction of $16,846,000.00.
• On Tuesday, September 17th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $155.00, for a total transaction of $15,500,000.00.
• On Monday, September 9th, Ernest C. Garcia II sold 75,000 shares of Carvana stock. The stock was sold at an average price of $135.73, for a total value of $10,179,750.00.
• On Thursday, September 5th, Ernest C. Garcia II sold 75,000 shares of Carvana stock. The shares were sold at an average price of $141.72, for a total value of $10,629,000.00.
• On Friday, August 30th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $149.16, for a total value of $14,916,000.00.
• On Wednesday, August 28th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $155.69, for a total value of $15,569,000.00.

Carvana Trading Down 0.1 %

CVNA opened at $176.69 on Friday. The company has a debt-to-equity ratio of 47.20, a quick ratio of 2.02 and a current ratio of 3.11. Carvana Co. has a twelve month low of $25.09 and a twelve month high of $179.93. The firm’s fifty day moving average is $149.60 and its two-hundred day moving average is $120.60. The firm has a market cap of $35.79 billion, a PE ratio of 77.50 and a beta of 3.43.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, July 31st. The company reported $0.14 earnings per share (EPS) for the quarter. The business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.23 billion. Equities research analysts anticipate that Carvana Co. will post 0.27 EPS for the current year.

Hedge Funds Weigh In On Carvana

Several institutional investors and hedge funds have recently modified their holdings of CVNA. Vanguard Group Inc. lifted its stake in Carvana by 2.7% in the first quarter. Vanguard Group Inc. now owns 10,290,551 shares of the company’s stock valued at $904,642,000 after buying an additional 266,972 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Carvana by 39.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock worth $655,727,000 after acquiring an additional 2,112,463 shares during the period. Lingotto Investment Management LLP lifted its position in Carvana by 1.4% in the 2nd quarter. Lingotto Investment Management LLP now owns 3,776,747 shares of the company’s stock valued at $486,143,000 after acquiring an additional 52,833 shares in the last quarter. First Trust Advisors LP boosted its stake in Carvana by 17.1% in the 4th quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock worth $78,560,000 after purchasing an additional 216,893 shares during the period. Finally, Goodnow Investment Group LLC increased its holdings in Carvana by 1.6% during the 4th quarter. Goodnow Investment Group LLC now owns 1,464,528 shares of the company’s stock worth $77,532,000 after purchasing an additional 23,140 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on CVNA. JPMorgan Chase & Co. boosted their target price on shares of Carvana from $150.00 to $155.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Piper Sandler boosted their price objective on shares of Carvana from $105.00 to $151.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Wells Fargo & Company raised Carvana from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $77.00 to $175.00 in a report on Thursday, August 1st. Royal Bank of Canada raised Carvana to a “sector perform” rating and lifted their target price for the company from $166.00 to $170.00 in a research note on Monday, August 19th. Finally, Needham & Company LLC upped their price target on Carvana from $160.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Carvana presently has a consensus rating of “Hold” and a consensus price target of $157.33.

Carvana Company Profile

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.