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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 sales come as Carvana’s stock has delivered an impressive 182.8% return over the past year, with the company currently valued at approximately $75 billion.
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 were executed under a Rule 10b5-1 trading plan adopted on December 13, 2024. According to InvestingPro data, the stock is trading near its 52-week high of $364, reflecting strong market confidence in the company’s performance.
Specifically, on July 3rd, the trusts sold a combined total of 3,313 shares at prices ranging from $339.06 to $349.56. Then, on July 7th, they sold another 2,376 shares at prices between $347.25 and $353.15.
Following these transactions, Ernest Irrevocable 2004 Trust III holds 684,562 shares and Ernest C. Garcia III Multi-Generational Trust III holds 784,562 shares. Garcia directly holds 924,384 shares. The stock currently trades at a P/E ratio of 110, with analysts expecting continued growth this year. InvestingPro analysis indicates the stock is currently trading near its Fair Value.
In other recent news, Carvana has seen a series of analyst upgrades following strong sales data from the second quarter. Citi increased its price target for Carvana to $415, highlighting a 40% year-over-year increase in unit sales, which exceeded both consensus estimates and the company’s guidance. Additionally, Stephens raised its price target to $375, noting a significant 45% unit sales growth and an increase in Carvana’s earnings projections. Jefferies also adjusted its target to $325, based on data suggesting accelerated retail unit growth. Meanwhile, BofA Securities lifted its target to $375, citing Carvana’s potential benefits from a shift in consumer preference from new to used cars. Citizens JMP maintained a Market Outperform rating with a $440 price target, emphasizing Carvana’s company-specific growth drivers. The analysts’ updates reflect a positive outlook on Carvana’s ability to leverage its technology and scale to grow in the competitive automotive market. These developments come amid broader industry challenges, such as vehicle affordability and high interest rates, which Carvana appears to be navigating effectively.
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