Carvana Co. (NYSE:CVNA) Major Shareholder Sells $10,179,750.00 in Stock

Carvana Co. (NYSE:CVNA - Get Free Report) major shareholder Ernest C. Garcia II sold 75,000 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $135.73, for a total transaction of $10,179,750.00. Following the transaction, the insider now owns 40,583,131 shares in the company, valued at $5,508,348,370.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

• Carvana Hits Record Milestones in Q2 With More to Come in 2024

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

• On Thursday, September 5th, Ernest C. Garcia II sold 75,000 shares of Carvana stock. The shares were sold at an average price of $141.72, for a total value of $10,629,000.00.
• On Friday, August 30th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The stock was sold at an average price of $149.16, for a total value of $14,916,000.00.
• On Wednesday, August 28th, Ernest C. Garcia II sold 100,000 shares of Carvana stock. The shares were sold at an average price of $155.69, for a total transaction of $15,569,000.00.
• On Monday, August 26th, Ernest C. Garcia II sold 9,186 shares of Carvana stock. The stock was sold at an average price of $156.95, for a total transaction of $1,441,742.70.
• 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 transaction of $5,123,625.00.

Carvana Price Performance

CVNA stock traded up $2.96 during midday trading on Wednesday, hitting $133.68. The company's stock had a trading volume of 3,023,465 shares, compared to its average volume of 5,144,333. The firm has a market capitalization of $27.66 billion, a price-to-earnings ratio of 58.63 and a beta of 3.43. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. Carvana Co. has a 12 month low of $25.09 and a 12 month high of $159.85. The company has a 50 day moving average of $139.17 and a two-hundred day moving average of $111.46.

Hedge Funds Weigh In On Carvana

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A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Truist Financial Corp boosted its stake in Carvana by 62.0% during the fourth quarter. Truist Financial Corp now owns 8,495 shares of the company's stock valued at $450,000 after buying an additional 3,251 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Carvana by 112.9% during the fourth quarter. Russell Investments Group Ltd. now owns 1,699 shares of the company's stock valued at $90,000 after purchasing an additional 901 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Carvana by 37.1% in the 4th quarter. Victory Capital Management Inc. now owns 12,680 shares of the company's stock worth $671,000 after buying an additional 3,430 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Carvana by 6.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 831,879 shares of the company's stock worth $44,040,000 after buying an additional 53,318 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its position in shares of Carvana by 25.7% during the 4th quarter. Teacher Retirement System of Texas now owns 8,760 shares of the company's stock valued at $464,000 after buying an additional 1,789 shares in the last quarter. Institutional investors own 56.71% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on CVNA. DA Davidson boosted their price target on Carvana from $110.00 to $155.00 and gave the stock a "neutral" rating in a research report on Thursday, August 1st. Morgan Stanley boosted their price objective on shares of Carvana from $75.00 to $110.00 and gave the company an "underweight" rating in a report on Thursday, August 1st. Wells Fargo & Company upgraded shares of Carvana from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $77.00 to $175.00 in a report on Thursday, August 1st. JMP Securities reiterated a "market outperform" rating and set a $200.00 target price on shares of Carvana in a research note on Monday. Finally, Needham & Company LLC increased their target price on Carvana from $160.00 to $200.00 and gave the company a "buy" rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $148.40.

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Get Our Latest Research Report on Carvana

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.

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