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Recent Insider Activity Suggests Potential Gains for Carvana Co. (CVNA)

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Carvana Co.’s recent filing unveils that its 10% Owner GARCIA ERNEST C. II unloaded Company’s shares for reported $7.0 million on May 09 ’24. In the deal valued at $116.68 per share,60,000 shares were sold. As a result of this transaction, GARCIA ERNEST C. II now holds 2,737,500 shares worth roughly $320.29 million.

Then, MAROONE MICHAEL E sold 24,516 shares, generating $2,876,462 in total proceeds. Upon selling the shares at $117.33, the Director now owns 175,891 shares.

Before that, GARCIA ERNEST C. II sold 60,000 shares. Carvana Co. shares valued at $6,842,696 were divested by the 10% Owner at a price of $114.04 per share. As a result of the transaction, GARCIA ERNEST C. II now holds 2,797,500 shares, worth roughly $327.31 million.

JP Morgan upgraded its Carvana Co. [CVNA] rating to an Overweight from a a Neutral in a research note published on May 02, 2024; the price target was increased to $130 from $70. A number of analysts have revised their coverage, including Jefferies’s analysts, who increased its forecast for the stock in mid March from “an Underperform” to “a Hold”. RBC Capital Mkts also remained covering CVNA and has increased its forecast on March 08, 2024 with a “Sector perform” recommendation from previously “an Underperform” rating. William Blair revised its rating on February 23, 2024. It rated CVNA as “an Outperform” which previously was an “a Mkt perform”.

Price Performance Review of CVNA

On Friday, Carvana Co. [NYSE:CVNA] saw its stock fall -2.83% to $117.00. Over the last five days, the stock has lost -3.84%. Carvana Co. shares have risen nearly 121.00% since the year began. Nevertheless, the stocks have risen 789.73% over the past one year. While a 52-week high of $129.00 was reached on 05/06/24, a 52-week low of $10.16 was recorded on 02/01/24. SMA at 50 days reached $85.85, while 200 days put it at $53.92. A total of 3.01 million shares were traded, compared to the trading of 3.32 million shares in the previous session.

Levels Of Support And Resistance For CVNA Stock

The 24-hour chart illustrates a support level at 114.82, which if violated will result in even more drops to 112.64. On the upside, there is a resistance level at 119.62. A further resistance level may holdings at 122.24. The Relative Strength Index (RSI) on the 14-day chart is 70.48, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 17.55, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 20.83%. Stochastics %K at 80.48% indicates the stock is a selling.

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