Insider Selling: Carvana Co. (NYSE:CVNA) CEO Sells $2,103,944.00 in Stock

Carvana Co. (NYSE:CVNA) CEO Ernest C. Garcia III sold 18,100 shares of Carvana stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $116.24, for a total transaction of $2,103,944.00. Following the sale, the chief executive officer now directly owns 896,449 shares in the company, valued at approximately $104,203,231.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Carvana Price Performance

Shares of CVNA stock opened at $121.67 on Monday. The company has a 50-day moving average of $81.81 and a two-hundred day moving average of $56.03. The firm has a market cap of $24.57 billion, a PE ratio of 53.36 and a beta of 3.28. Carvana Co. has a 1-year low of $6.92 and a 1-year high of $124.20.

Carvana (NYSE:CVNA) last posted its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same period in the previous year, the business earned ($0.97) EPS. The business’s revenue was down 14.6% compared to the same quarter last year. Sell-side analysts anticipate that Carvana Co. will post -3.05 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CVNA shares. Robert W. Baird boosted their price target on shares of Carvana from $65.00 to $110.00 and gave the stock a “neutral” rating in a research report on Thursday. Evercore ISI dropped their price target on Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a research report on Tuesday, April 16th. William Blair reaffirmed an “outperform” rating on shares of Carvana in a report on Thursday. Morgan Stanley boosted their price objective on Carvana from $32.00 to $45.00 and gave the stock an “underweight” rating in a research note on Monday, February 26th. Finally, Wells Fargo & Company raised their target price on Carvana from $60.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Carvana has an average rating of “Hold” and an average price target of $73.44.

Institutional Investors Weigh In On Carvana

Institutional investors and hedge funds have recently modified their holdings of the company. Exchange Traded Concepts LLC grew its position in Carvana by 59.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 2,687 shares of the company’s stock valued at $113,000 after acquiring an additional 1,006 shares in the last quarter. Handelsbanken Fonder AB grew its holdings in shares of Carvana by 12.3% in the third quarter. Handelsbanken Fonder AB now owns 19,200 shares of the company’s stock valued at $806,000 after purchasing an additional 2,100 shares in the last quarter. Xponance Inc. purchased a new stake in Carvana during the 3rd quarter worth approximately $240,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Carvana by 20.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,324 shares of the company’s stock worth $769,000 after buying an additional 3,115 shares in the last quarter. Finally, Mackenzie Financial Corp purchased a new position in Carvana in the 3rd quarter valued at approximately $236,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

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.