Carvana (NYSE:CVNA) Stock Price Down 6.1% After Insider Selling

Carvana Co. (NYSE:CVNA) shares dropped 6.1% on Tuesday following insider selling activity. The company traded as low as $176.77 and last traded at $175.15. Approximately 636,863 shares traded hands during trading, a decline of 83% from the average daily volume of 3,819,001 shares. The stock had previously closed at $186.50.

Specifically, COO Benjamin E. Huston sold 50,000 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $178.49, for a total transaction of $8,924,500.00. Following the transaction, the chief operating officer now owns 196,278 shares of the company’s stock, valued at $35,033,660.22. This represents a 20.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on CVNA shares. William Blair restated an “outperform” rating on shares of Carvana in a research report on Thursday, February 20th. Wells Fargo & Company dropped their price target on Carvana from $300.00 to $275.00 and set an “overweight” rating for the company in a research report on Monday, January 6th. Evercore ISI dropped their price target on Carvana from $250.00 to $240.00 and set an “in-line” rating for the company in a research report on Tuesday, March 11th. Citigroup raised their price target on Carvana from $277.00 to $320.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Finally, DA Davidson raised their price target on Carvana from $220.00 to $260.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $262.71.

Carvana Trading Down 6.1 %

The business has a 50 day simple moving average of $228.89 and a 200-day simple moving average of $214.54. The company has a current ratio of 3.64, a quick ratio of 2.12 and a debt-to-equity ratio of 3.82. The stock has a market capitalization of $37.34 billion, a price-to-earnings ratio of 111.56 and a beta of 3.56.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.27. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.32 billion. Carvana had a return on equity of 36.59% and a net margin of 1.54%. On average, equities analysts predict that Carvana Co. will post 2.85 earnings per share for the current year.

Hedge Funds Weigh In On Carvana

Hedge funds and other institutional investors have recently modified their holdings of the company. Quent Capital LLC acquired a new position in shares of Carvana in the 4th quarter valued at about $28,000. Global Retirement Partners LLC lifted its position in Carvana by 109.9% during the 4th quarter. Global Retirement Partners LLC now owns 149 shares of the company’s stock worth $30,000 after acquiring an additional 78 shares in the last quarter. Rialto Wealth Management LLC acquired a new position in Carvana during the 4th quarter worth approximately $31,000. ORG Wealth Partners LLC acquired a new position in Carvana during the 4th quarter worth approximately $34,000. Finally, Versant Capital Management Inc acquired a new position in Carvana during the 4th quarter worth approximately $42,000. 56.71% of the stock is owned by institutional investors and hedge funds.

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.