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Carvana Insiders are Heading for the Exit – Insider Weekends

  • May 12, 2024
Carvana Co. (CVNA): $117 Market Cap: $23.92B Key Insights: We noted in a Tweet last week that multiple insiders of the online car retailer, Carvana, had started to sell shares of the company in bulk – and have been doing so since around March 2024 Among the insiders selling shares are the co-founders of the company, numerous Directors, executives, and more – but the name that stands out most is Ernest Garcia II, founder of one of the largest used-car retailers in the country, DriveTime Ernest Garcia II is a 10% owner of Carvana, was responsible for much of the initial funding of Carvana, and is also the father of one of Carvana’s co-founders and current CEO, Ernest Garcia III The company had its struggles over the past two years, even risking bankruptcy, but with a successful offering of shares and debt, managed to pull itself back up and has rebounded from around $3 a share back in June 2022 to $117 a share as of May 10th, 2024 The company has relatively poor gross margins, net income (excluding the gains on some warrants) is negative, and the company is extremely expensive with a P/E of 74.01 With a history of...

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