Carvana (NYSE:CVNA) Trading Down 2.4% Following Insider Selling

Shares of Carvana Co. (NYSE:CVNA) traded down 2.4% during trading on Tuesday following insider selling activity. The stock traded as low as $151.65 and last traded at $151.94. 579,348 shares were traded during mid-day trading, a decline of 89% from the average session volume of 5,381,240 shares. The stock had previously closed at $155.75.

Specifically, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $148.68, for a total value of $14,868,000.00. Following the completion of the transaction, the insider now directly owns 690,814 shares in the company, valued at $102,710,225.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ira J. Platt sold 664 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $150.00, for a total value of $99,600.00. Following the sale, the director now directly owns 30,227 shares in the company, valued at approximately $4,534,050. The disclosure for this sale can be found here. In other Carvana news, Director Ira J. Platt sold 7,338 shares of Carvana stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $141.62, for a total transaction of $1,039,207.56. Following the completion of the transaction, the director now owns 30,891 shares of the company’s stock, valued at approximately $4,374,783.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CVNA shares. BTIG Research raised their price objective on shares of Carvana from $155.00 to $188.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. William Blair restated an “outperform” rating on shares of Carvana in a research report on Thursday, May 2nd. Robert W. Baird began coverage on Carvana in a research report on Thursday, August 1st. They issued a “neutral” rating and a $160.00 price objective on the stock. DA Davidson lifted their price objective on Carvana from $110.00 to $155.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, Needham & Company LLC upped their target price on Carvana from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $148.40.

Carvana Price Performance

The stock has a market capitalization of $30.67 billion, a PE ratio of 66.64 and a beta of 3.37. The firm’s 50 day simple moving average is $128.85 and its 200 day simple moving average is $100.45. The company has a debt-to-equity ratio of 47.20, a current ratio of 3.11 and a quick ratio of 1.62.

Institutional Trading of Carvana

Hedge funds have recently added to or reduced their stakes in the business. Senator Investment Group LP bought a new position in shares of Carvana during the second quarter valued at about $63,767,000. Sylebra Capital LLC purchased a new stake in Carvana during the 2nd quarter valued at about $67,686,000. Creative Planning grew its position in Carvana by 34.4% during the 2nd quarter. Creative Planning now owns 15,296 shares of the company’s stock worth $1,969,000 after acquiring an additional 3,913 shares during the last quarter. Algert Global LLC increased its stake in Carvana by 135.8% in the 2nd quarter. Algert Global LLC now owns 64,095 shares of the company’s stock worth $8,250,000 after purchasing an additional 36,915 shares during the period. Finally, Driehaus Capital Management LLC lifted its position in Carvana by 124.9% in the second quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock valued at $74,888,000 after purchasing an additional 323,153 shares during the last quarter. 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.