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Ernest C. Garcia II, a ten percent owner of Carvana Co. (NYSE:CVNA), executed significant stock transactions recently, as detailed in a recent SEC filing. The transactions come as Carvana trades near its 52-week high of $340.94, with the stock showing remarkable strength, returning over 240% in the past year according to InvestingPro data. On May 30, Garcia sold 50,000 shares of Class A Common Stock at an average price of $325.1554 per share, amounting to a total of approximately $16.26 million. Following this, on June 2, he sold additional shares in multiple transactions, totaling 48,000 shares at prices ranging from $325.5556 to $328.2221 per share. These sales brought in approximately $16.29 million, bringing the total value of shares sold to over $32.5 million. These transactions were executed under a Rule 10b5-1 trading plan. The company maintains strong financial health with a perfect Piotroski Score of 9, and analysts expect continued growth in both sales and earnings this year. For deeper insights and access to 20+ additional ProTips, visit InvestingPro.
In other recent news, Carvana has been the focus of several analysts following its impressive quarterly performance. RBC Capital Markets raised its price target for Carvana to $340, citing the company’s strong first-quarter results and its potential for sustained cash flow growth. Similarly, Piper Sandler increased its target to $315, noting Carvana’s ability to maintain momentum despite market uncertainties. Needham also maintained a $340 target, highlighting Carvana’s market potential and its robust business model.
Morgan Stanley (NYSE:MS) adjusted its price target to $290, reflecting confidence in Carvana’s growth trajectory and market position. The analysts at DA Davidson maintained a Neutral rating with a $260 target, acknowledging Carvana’s impressive financial performance this earnings season. Carvana’s recent success in surpassing expectations has led to a positive outlook from these firms.
These developments underscore the company’s ability to leverage its market position, with analysts expressing optimism about its future growth and profitability. Carvana’s strategies and market performance will be closely watched by investors as they consider the potential for continued expansion in the competitive used car industry.
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