Carvana Co. (NYSE:CVNA) Stock Has Average Target Price of $83.04

Shares of Carvana Co. (NYSE:CVNA) have earned an average rating of “Moderate Buy” from the twenty-five research firms that are presently covering the firm, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $82.83.

CVNA has been the subject of a number of recent research reports. BTIG Research restated a “buy” rating and issued a $87.00 price objective on shares of Carvana in a report on Friday, October 9th. Citizens Jmp cut their target price on Carvana from $103.00 to $83.00 and set a “market outperform” rating on the stock in a report on Thursday, July 30th. Hovde Group upped their price target on Carvana from $39.50 to $48.00 and gave the company a “market perform” rating in a research report on Tuesday, August 4th. Robert W. Baird set a $72.00 price target on Carvana in a research note on Thursday, July 30th. Finally, Morgan Stanley set a $88.00 price target on Carvana and gave the company an “overweight” rating in a research note on Thursday, October 15th.

Carvana Trading Down 1.6%

CVNA opened at $57.76 on Friday. Carvana has a fifty-two week low of $54.46 and a fifty-two week high of $97.38. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.93 and a quick ratio of 2.33. The firm has a market capitalization of $63.56 billion, a price-to-earnings ratio of 31.94, a PEG ratio of 1.74 and a beta of 3.55. The company’s 50 day moving average price is $66.59 and its two-hundred day moving average price is $68.48.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.03. The firm had revenue of $7.38 billion during the quarter, compared to analysts’ expectations of $6.90 billion. Carvana had a net margin of 6.26% and a return on equity of 37.06%. The company’s revenue was up 52.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.51 EPS. As a group, research analysts predict that Carvana will post 1.63 earnings per share for the current year.

Insider Buying and Selling at Carvana

In other news, CFO Mark W. Jenkins sold 63,750 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $61.64, for a total value of $3,929,550.00. Following the transaction, the chief financial officer owned 1,142,502 shares in the company, valued at approximately $70,423,823.28. The trade was a 5.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Benjamin Huston sold 50,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $71.55, for a total transaction of $3,577,500.00. Following the completion of the sale, the chief operating officer directly owned 478,693 shares in the company, valued at approximately $34,250,484.15. This represents a 9.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 358,161 shares of company stock worth $24,164,285. Company insiders own 15.19% of the company’s stock.

Hedge Funds Weigh In On Carvana

Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp increased its stake in Carvana by 417.1% during the 2nd quarter. State Street Corp now owns 29,435,364 shares of the company’s stock valued at $1,937,436,000 after purchasing an additional 23,742,422 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Carvana by 345.8% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,325,237 shares of the company’s stock valued at $218,867,000 after buying an additional 2,579,295 shares in the last quarter. Amundi lifted its stake in shares of Carvana by 379.7% in the second quarter. Amundi now owns 2,421,045 shares of the company’s stock valued at $159,353,000 after buying an additional 1,916,349 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Carvana by 384.3% during the second quarter. The Manufacturers Life Insurance Company now owns 1,898,095 shares of the company’s stock valued at $124,933,000 after buying an additional 1,506,145 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Carvana by 372.0% during the second quarter. Bank of America Corp DE now owns 1,791,844 shares of the company’s stock valued at $117,939,000 after buying an additional 1,412,188 shares during the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

About Carvana

Carvana Co (NYSE: CVNA) is an online automotive retailer that sells used vehicles through its digital platform. Customers can browse vehicles, review detailed descriptions and vehicle history information, arrange financing, complete transactions online and choose home delivery or pickup at a Carvana location.

The company also provides vehicle trade-in services and offers related products, including vehicle protection plans and other automotive services. Carvana is known for its automated, glass-enclosed vehicle vending machines, which provide an alternative pickup experience in select markets.

Founded in 2012 and headquartered in Tempe, Arizona, Carvana began operations as an online used-car retailer in 2013 and went public in 2017.