Carvana (NYSE:CVNA) Price Target Raised to $70.00

Carvana (NYSE:CVNA) had its target price lifted by JPMorgan Chase & Co. from $65.00 to $70.00 in a research note released on Thursday morning, Benzinga reports. They currently have a neutral rating on the stock.

Other equities analysts also recently issued research reports about the company. Royal Bank of Canada raised Carvana from an underperform rating to a sector perform rating and upped their target price for the company from $45.00 to $90.00 in a research report on Friday, March 8th. Jefferies Financial Group raised Carvana from an underperform rating to a hold rating and upped their target price for the company from $30.00 to $85.00 in a research report on Tuesday, March 12th. William Blair raised Carvana from a market perform rating to an outperform rating in a research report on Friday, February 23rd. Raymond James raised Carvana from an underperform rating to a market perform rating in a research report on Friday, February 23rd. Finally, Wedbush upped their target price on Carvana from $40.00 to $50.00 and gave the company a neutral rating in a research report on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and a consensus target price of $53.87.

Carvana Stock Up 0.3 %

Shares of NYSE CVNA opened at $71.36 on Thursday. The business’s 50 day moving average price is $75.21 and its two-hundred day moving average price is $52.55. The company has a market cap of $14.41 billion, a PE ratio of 132.15 and a beta of 3.32. Carvana has a twelve month low of $6.70 and a twelve month high of $94.04.

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

Insiders Place Their Bets

In other Carvana news, major shareholder Ernest C. Garcia II sold 50,000 shares of the company’s stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $80.13, for a total transaction of $4,006,500.00. Following the completion of the sale, the insider now directly owns 3,312,500 shares in the company, valued at $265,430,625. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Ernest C. Garcia III sold 9,390 shares of the stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $82.83, for a total value of $777,773.70. Following the completion of the transaction, the chief executive officer now directly owns 861,458 shares in the company, valued at approximately $71,354,566.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 50,000 shares of the stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $80.13, for a total value of $4,006,500.00. Following the completion of the transaction, the insider now owns 3,312,500 shares of the company’s stock, valued at $265,430,625. The disclosure for this sale can be found here. Insiders sold 187,883 shares of company stock worth $15,505,178 over the last three months. Insiders own 17.12% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CVNA. 1832 Asset Management L.P. acquired a new stake in Carvana in the first quarter valued at $59,000. Blue Trust Inc. acquired a new stake in Carvana in the fourth quarter valued at $29,000. Parallel Advisors LLC increased its holdings in Carvana by 39.0% in the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after purchasing an additional 194 shares during the period. Hanseatic Management Services Inc. acquired a new stake in Carvana in the third quarter valued at $34,000. Finally, Studio Investment Management LLC acquired a new stake in Carvana in the fourth quarter valued at $47,000. 56.71% of the stock is currently owned by institutional investors.

Carvana Company Profile

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.