Carvana (NYSE:CVNA) Price Target Cut to $280.00 by Analysts at Citigroup

Carvana (NYSE:CVNA) had its price objective cut by investment analysts at Citigroup from $320.00 to $280.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 27.51% from the company’s previous close.

CVNA has been the topic of a number of other research reports. Morgan Stanley raised Carvana from an “underweight” rating to an “overweight” rating in a report on Monday, March 31st. Evercore ISI lowered their price objective on Carvana from $250.00 to $240.00 and set an “in-line” rating on the stock in a report on Tuesday, March 11th. Bank of America lowered their price objective on Carvana from $270.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, March 14th. DA Davidson raised their target price on Carvana from $220.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $320.00 target price on shares of Carvana in a report on Monday, December 16th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $253.59.

Carvana Stock Performance

Shares of CVNA stock opened at $219.60 on Tuesday. The company has a debt-to-equity ratio of 3.82, a current ratio of 3.64 and a quick ratio of 2.12. Carvana has a fifty-two week low of $67.61 and a fifty-two week high of $292.84. The stock’s 50-day moving average is $218.19 and its two-hundred day moving average is $219.77. The firm has a market cap of $46.81 billion, a P/E ratio of 139.87 and a beta of 3.61.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.27. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.32 billion. Carvana had a return on equity of 36.59% and a net margin of 1.54%. Analysts predict that Carvana will post 2.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Benjamin E. Huston sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $150.90, for a total transaction of $7,545,000.00. Following the completion of the transaction, the chief operating officer now owns 123,803 shares in the company, valued at $18,681,872.70. This trade represents a 28.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul W. Breaux sold 1,362 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $270.08, for a total value of $367,848.96. Following the transaction, the insider now owns 153,240 shares of the company’s stock, valued at $41,387,059.20. This trade represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 330,810 shares of company stock worth $69,243,820. 16.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carvana

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Captrust Financial Advisors acquired a new stake in shares of Carvana in the 3rd quarter valued at $270,000. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Carvana in the 3rd quarter valued at $803,000. Stifel Financial Corp increased its stake in shares of Carvana by 65.3% in the 3rd quarter. Stifel Financial Corp now owns 5,434 shares of the company’s stock valued at $946,000 after buying an additional 2,147 shares during the period. State Street Corp increased its stake in shares of Carvana by 6.1% in the 3rd quarter. State Street Corp now owns 1,877,511 shares of the company’s stock valued at $326,893,000 after buying an additional 107,610 shares during the period. Finally, National Bank of Canada FI increased its stake in shares of Carvana by 47.7% in the 3rd quarter. National Bank of Canada FI now owns 1,421 shares of the company’s stock valued at $247,000 after buying an additional 459 shares during the period. 56.71% of the stock is owned by institutional investors and hedge funds.

About Carvana

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.