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A recent SEC filing revealed that a Carvana Co. (NYSE: NYSE:CVNA) shareholder, Ernest C. Garcia II and ECG II SPE, LLC, sold a total of 99,631 shares of Class A Common Stock on July 21 and 22. The sales were executed at prices ranging from $332.3868 to $346.5107, resulting in a total transaction value of $34,249,475. The transaction comes as Carvana’s stock has delivered an impressive 165% return over the past year, with the company achieving a perfect Piotroski Score of 9 according to InvestingPro data.
The sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on December 13, 2024, by Ernest C. Garcia II and Elizabeth Joanne Garcia. The stock, currently trading near its 52-week high of $364, has shown significant momentum with a market capitalization of $73.5 billion.
In addition to the sales, the filing also indicates the conversion of 100,000 Class A Units into Class A Common Stock. For deeper insights into Carvana’s valuation and 20 additional exclusive ProTips, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Carvana has seen several investment banks adjust their stock price targets upward, reflecting strong sales performance and growth expectations. Citi raised its price target to $415, citing proprietary data that showed Carvana sold approximately 142,000 units in the second quarter, marking a 40% year-over-year increase. This exceeded both consensus estimates and the company’s guidance. Similarly, Stephens increased its price target to $375, projecting unit sales growth of 45%, surpassing Wall Street’s expectations. JPMorgan also raised its price target to $350 while maintaining an Overweight rating, with forecasts of significant EBITDA growth in the coming quarters. Jefferies, utilizing web scrape data, adjusted its price target to $325, noting accelerated retail unit growth. Additionally, Citizens JMP reiterated a Market Outperform rating with a price target of $440, citing stability in the automotive market. These developments highlight a positive outlook from analysts regarding Carvana’s recent performance and future potential.
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