Ernest C. Garcia II Sells 50,000 Shares of Carvana Co. (NYSE:CVNA) Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 50,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $337.46, for a total transaction of $16,873,000.00. Following the completion of the sale, the insider now owns 36,892,317 shares of the company’s stock, valued at approximately $12,449,681,294.82. This trade represents a 0.14% decrease in their position. The transaction was disclosed in a legal 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.

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

• On Monday, June 9th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The shares were sold at an average price of $330.27, for a total transaction of $16,513,500.00.
• On Friday, June 6th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $346.99, for a total transaction of $34,699,000.00.
• On Wednesday, June 4th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $339.58, for a total transaction of $16,979,000.00.
• On Monday, June 2nd, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $325.94, for a total transaction of $16,297,000.00.
• On Friday, May 30th, Ernest C. Garcia II sold 50,000 shares of Carvana stock. The stock was sold at an average price of $325.16, for a total transaction of $16,258,000.00.

Carvana Price Performance

Shares of NYSE:CVNA opened at $296.71 on Friday. The stock has a market cap of $63.54 billion, a PE ratio of 188.99 and a beta of 3.65. The company’s fifty day moving average is $272.91 and its 200 day moving average is $240.95. Carvana Co. has a 52 week low of $100.05 and a 52 week high of $351.43. The company has a quick ratio of 2.12, a current ratio of 3.64 and a debt-to-equity ratio of 3.82.

Carvana (NYSE:CVNA) last issued its earnings results on Wednesday, May 7th. The company reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.76. The company had revenue of $4.23 billion for the quarter, compared to analysts’ expectations of $3.94 billion. Carvana had a net margin of 1.54% and a return on equity of 36.59%. The firm’s revenue was up 38.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.23 EPS. Research analysts anticipate that Carvana Co. will post 2.85 earnings per share for the current year.

Hedge Funds Weigh In On Carvana

A number of hedge funds have recently modified their holdings of CVNA. Price T Rowe Associates Inc. MD boosted its stake in Carvana by 13.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company’s stock worth $3,125,749,000 after acquiring an additional 1,823,218 shares in the last quarter. Vanguard Group Inc. boosted its stake in Carvana by 9.7% during the first quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company’s stock worth $2,620,785,000 after acquiring an additional 1,109,476 shares in the last quarter. Norges Bank bought a new stake in Carvana during the fourth quarter worth about $179,364,000. Castle Hook Partners LP bought a new stake in Carvana during the fourth quarter worth about $116,020,000. Finally, BNP Paribas Financial Markets boosted its stake in Carvana by 89.8% during the fourth quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company’s stock worth $207,086,000 after acquiring an additional 481,912 shares in the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Citigroup raised their price target on shares of Carvana from $280.00 to $325.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. JMP Securities cut their price objective on shares of Carvana from $340.00 to $275.00 and set a “market outperform” rating for the company in a report on Wednesday, April 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $340.00 price objective on shares of Carvana in a report on Thursday, May 8th. Robert W. Baird raised their price objective on shares of Carvana from $200.00 to $275.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Finally, Wells Fargo & Company raised their price objective on shares of Carvana from $290.00 to $310.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $280.35.

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.