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

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $154.95, for a total value of $15,495,000.00. Following the sale, the insider now directly owns 490,814 shares in the company, valued at $76,051,629.30. The transaction was disclosed in a filing with the SEC, which is available at this link. Major 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 Friday, July 12th, Ernest C. Garcia II sold 37,500 shares of Carvana stock. The stock was sold at an average price of $136.63, for a total value of $5,123,625.00.

Carvana Stock Up 1.7 %

Shares of CVNA traded up $2.57 during midday trading on Wednesday, reaching $156.75. 1,946,448 shares of the stock were exchanged, compared to its average volume of 5,367,757. Carvana Co. has a 12-month low of $25.09 and a 12-month high of $157.62. The firm has a 50 day simple moving average of $129.85 and a 200-day simple moving average of $101.23. The company has a quick ratio of 1.62, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. The company has a market cap of $31.75 billion, a price-to-earnings ratio of 68.76 and a beta of 3.37.

Wall Street Analyst Weigh In

CVNA has been the topic of several analyst reports. Royal Bank of Canada raised Carvana to a “sector perform” rating and increased their target price for the stock from $166.00 to $170.00 in a research report on Monday. Needham & Company LLC raised their price target on Carvana from $160.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Robert W. Baird initiated coverage on Carvana in a report on Thursday, August 1st. They set a “neutral” rating and a $160.00 price target on the stock. DA Davidson raised their target price on Carvana from $110.00 to $155.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, Wells Fargo & Company raised Carvana from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $77.00 to $175.00 in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $148.40.

Institutional Investors Weigh In On Carvana

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC bought a new position in shares of Carvana in the 4th quarter valued at approximately $5,610,000. Federated Hermes Inc. acquired a new stake in Carvana in the 4th quarter valued at approximately $864,000. Jennison Associates LLC acquired a new stake in Carvana in the 4th quarter valued at approximately $500,000. Illinois Municipal Retirement Fund acquired a new stake in Carvana in the 4th quarter valued at approximately $880,000. Finally, State of New Jersey Common Pension Fund D grew its holdings in Carvana by 51.0% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 79,143 shares of the company’s stock valued at $4,190,000 after buying an additional 26,729 shares during the last quarter. 56.71% of the stock is owned by hedge funds and other institutional investors.

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.