Carvana (NYSE:CVNA) Price Target Raised to $48.00

Carvana (NYSE:CVNA) had its price objective raised by Hovde Group from $39.50 to $48.00 in a research note published on Tuesday morning, MarketBeat.com reports. The firm currently has a market perform rating on the stock.

A number of other analysts also recently commented on the company. JPMorgan Chase & Co. upped their price objective on Carvana from $91.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Morgan Stanley set a $90.00 target price on Carvana and gave the company an “overweight” rating in a report on Thursday, July 30th. Barclays lowered their price target on Carvana from $94.00 to $93.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. Evercore set a $75.00 price objective on Carvana in a report on Thursday, July 30th. Finally, UBS Group reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Carvana in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $84.14.

Carvana Price Performance

Carvana stock opened at $68.46 on Tuesday. Carvana has a 1 year low of $54.46 and a 1 year high of $97.38. The firm has a 50 day moving average price of $66.60 and a 200 day moving average price of $69.95. The company has a market cap of $75.09 billion, a price-to-earnings ratio of 37.87, a PEG ratio of 2.56 and a beta of 3.46. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.33 and a current ratio of 3.93.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.39 by $0.03. The firm had revenue of $7.38 billion during the quarter, compared to analyst estimates of $6.90 billion. Carvana had a net margin of 6.26% and a return on equity of 37.06%. Carvana’s revenue for the quarter was up 52.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.51 earnings per share. Sell-side analysts predict that Carvana will post 1.65 earnings per share for the current year.

Insider Buying and Selling at Carvana

In other news, COO Benjamin E. Huston sold 50,000 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $68.55, for a total value of $3,427,500.00. Following the completion of the sale, the chief operating officer owned 458,755 shares in the company, valued at approximately $31,447,655.25. This trade represents a 9.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira J. Platt sold 15,000 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $67.83, for a total value of $1,017,450.00. Following the completion of the sale, the director owned 186,470 shares of the company’s stock, valued at approximately $12,648,260.10. This trade represents a 7.45% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 391,372 shares of company stock worth $26,555,789. Corporate insiders own 15.19% of the company’s stock.

Hedge Funds Weigh In On Carvana

Institutional investors and hedge funds have recently bought and sold shares of the stock. First Horizon Corp raised its holdings in shares of Carvana by 6.4% during the 4th quarter. First Horizon Corp now owns 418 shares of the company’s stock valued at $176,000 after purchasing an additional 25 shares in the last quarter. Gilder Gagnon Howe & Co. LLC boosted its holdings in Carvana by 1.7% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 1,846 shares of the company’s stock worth $622,000 after purchasing an additional 31 shares in the last quarter. Finivi Inc. boosted its holdings in Carvana by 4.6% in the fourth quarter. Finivi Inc. now owns 698 shares of the company’s stock worth $295,000 after purchasing an additional 31 shares in the last quarter. HB Wealth Management LLC increased its position in Carvana by 1.0% during the fourth quarter. HB Wealth Management LLC now owns 3,190 shares of the company’s stock worth $1,346,000 after buying an additional 31 shares during the last quarter. Finally, Insigneo Advisory Services LLC increased its position in Carvana by 4.8% during the fourth quarter. Insigneo Advisory Services LLC now owns 696 shares of the company’s stock worth $294,000 after buying an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

About Carvana

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana’s model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.