Carvana (NYSE:CVNA) Price Target Raised to $65.00

Carvana (NYSE:CVNA) had its price target increased by Robert W. Baird from $60.00 to $65.00 in a research note released on Friday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities analysts also recently commented on the company. Evercore ISI lowered their price objective on Carvana from $78.00 to $77.00 and set an in-line rating for the company in a research report on Tuesday, April 16th. JPMorgan Chase & Co. boosted their price objective on Carvana from $65.00 to $70.00 and gave the stock a neutral rating in a research report on Thursday. Jefferies Financial Group raised Carvana from an underperform rating to a hold rating and boosted their price objective for the stock from $30.00 to $85.00 in a research report on Tuesday, March 12th. Morgan Stanley boosted their price objective on Carvana from $32.00 to $45.00 and gave the stock an underweight rating in a research report on Monday, February 26th. Finally, JMP Securities reissued a market outperform rating and set a $80.00 price objective on shares of Carvana in a research report on Wednesday, April 17th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $53.87.

Carvana Price Performance

Shares of NYSE:CVNA opened at $71.36 on Friday. The firm has a market capitalization of $14.41 billion, a PE ratio of 132.15 and a beta of 3.32. The firm’s 50-day moving average is $75.21 and its two-hundred day moving average is $52.55. Carvana has a 1 year low of $6.70 and a 1 year high of $94.04.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.56 billion. Carvana’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.97) EPS. Analysts expect that Carvana will post -3.4 EPS for the current fiscal year.

Insider Activity

In other news, CFO Mark W. Jenkins sold 55,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $86.76, for a total value of $4,771,800.00. Following the completion of the sale, the chief financial officer now directly owns 178,156 shares of the company’s stock, valued at $15,456,814.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Mark W. Jenkins sold 55,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $86.76, for a total value of $4,771,800.00. Following the completion of the sale, the chief financial officer now directly owns 178,156 shares of the company’s stock, valued at $15,456,814.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Neha Parikh acquired 1,300 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was purchased at an average cost of $77.00 per share, with a total value of $100,100.00. Following the completion of the acquisition, the director now directly owns 58,495 shares of the company’s stock, valued at approximately $4,504,115. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 187,883 shares of company stock valued at $15,505,178. 17.12% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carvana

Several large investors have recently modified their holdings of CVNA. US Bancorp DE raised its stake in shares of Carvana by 248.0% during the first quarter. US Bancorp DE now owns 1,646 shares of the company’s stock worth $197,000 after purchasing an additional 1,173 shares during the last quarter. MetLife Investment Management LLC purchased a new stake in shares of Carvana during the first quarter worth approximately $603,000. Panagora Asset Management Inc. raised its stake in shares of Carvana by 86.7% during the first quarter. Panagora Asset Management Inc. now owns 3,022 shares of the company’s stock worth $360,000 after purchasing an additional 1,403 shares during the last quarter. Great West Life Assurance Co. Can raised its stake in shares of Carvana by 2.4% during the first quarter. Great West Life Assurance Co. Can now owns 69,919 shares of the company’s stock worth $8,842,000 after purchasing an additional 1,636 shares during the last quarter. Finally, Aviva PLC raised its stake in shares of Carvana by 62.5% during the first quarter. Aviva PLC now owns 41,710 shares of the company’s stock worth $4,976,000 after purchasing an additional 16,037 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

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.