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Ernest Garcia III, Chief Executive Officer of Carvana Co. (NYSE:CVNA), indirectly sold $4.78 million worth of Class A Common Stock on July 3rd and 7th, according to a recent SEC filing. The sale comes as Carvana’s stock has surged 182.8% over the past year, with the company achieving a perfect Piotroski Score of 9 according to InvestingPro data.
The sales, executed by Ernest Irrevocable 2004 Trust III and Ernest C. Garcia III Multi-Generational Trust III, involved multiple transactions at prices ranging from $339.35 to $352.75. The sales totaled $4.78 million, representing a small fraction of Carvana’s $74.83 billion market capitalization. The stock currently trades near its 52-week high of $364.
These sales were executed under a Rule 10b5-1 trading plan adopted on December 13, 2024. Following the transactions, the Ernest Irrevocable 2004 Trust III and Ernest C. Garcia III Multi-Generational Trust III indirectly hold 684562 and 784562 shares respectively. Garcia also directly holds 924384 shares. For deeper insights into insider trading patterns and comprehensive analysis, access Carvana’s detailed Pro Research Report, available exclusively on InvestingPro.
In other recent news, Carvana has seen a series of optimistic evaluations from various financial analysts, reflecting strong sales performance and growth prospects. Citi has raised its price target for Carvana to $415, highlighting a 40% year-over-year increase in retail unit sales for the second quarter, surpassing both consensus estimates and company guidance. Stephens also increased its price target to $375, noting a significant rise in unit sales and an improved EBITDA estimate, alongside a shift toward younger inventory. Meanwhile, Citizens JMP reiterated a Market Outperform rating with a $440 price target, emphasizing Carvana’s potential to outperform industry growth through technology and increased scale.
Jefferies, maintaining a Hold rating, raised its price target to $325 based on web scrape data indicating accelerated retail unit growth. BofA Securities also lifted its price target to $375, maintaining a Buy rating and noting potential benefits from a shift in consumer preference from new to used cars. This assessment is supported by a revised discounted cash flow analysis, projecting a 19% compound annual growth rate in revenue through 2032. Collectively, these analyses underscore a positive sentiment surrounding Carvana’s recent performance and future growth potential.
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