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TEMPE, Ariz.—Mark W. Jenkins, Chief Financial Officer of Carvana Co. (NYSE:CVNA), reported the sale of approximately $9.1 million worth of the company’s Class A common stock on April 1, according to a recent SEC filing. The shares were sold at prices ranging from $203.02 to $213.10 per share. The transaction comes as Carvana’s stock has shown remarkable strength, with InvestingPro data showing a 173% return over the past year and the company maintaining a strong financial health rating.
In addition to these sales, Jenkins also exercised stock options to acquire new shares. The exercise transactions involved a total value of approximately $1.6 million, with exercise prices ranging between $10.07 and $51.97 per share. Following these transactions, Jenkins holds 214,678 shares of Carvana, representing a significant stake in the company, which currently maintains a market capitalization of approximately $48.8 billion.
These transactions were executed as part of a pre-established trading plan adopted on August 5, 2024, under Rule 10b5-1, which allows company insiders to set up a predetermined plan for selling stocks to avoid concerns about insider trading. Want deeper insights into insider trading patterns and comprehensive analysis? InvestingPro offers exclusive access to detailed insider transaction history, along with 15+ additional key insights about CVNA’s valuation and performance metrics.
In other recent news, Carvana Co. has seen several significant developments. Moody’s Ratings upgraded Carvana’s corporate family rating to B3 from Caa1, citing improved operating performance and voluntary debt reduction that have enhanced its credit metrics and liquidity. As of December 31, 2024, Carvana’s debt to EBITDA improved to approximately 4.2x, and the company held an unrestricted cash balance of about $1.7 billion. S&P Global Ratings also upgraded Carvana’s credit rating to ’B’ from ’B-’, recognizing the company’s stronger EBITDA margins and increased sales, which rose to $13.7 billion in 2024 from $10.8 billion in 2023.
Meanwhile, Jefferies adjusted Carvana’s stock price target to $230, down from $265, while maintaining a Hold rating. This adjustment reflects caution over potential macroeconomic challenges affecting mid-term financial estimates. Piper Sandler upgraded Carvana’s stock rating from Neutral to Overweight, maintaining a price target of $225, based on the potential for significant market share growth and a projected multi-year revenue growth rate exceeding 20%.
Additionally, the imposition of a 25% tariff on auto imports has led analysts like Morgan Stanley (NYSE:MS) to suggest that companies like Carvana could benefit from rising new car prices, which might increase consumer interest in used vehicles. These recent developments indicate a period of transformation for Carvana, driven by strategic financial improvements and changing market dynamics.
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