Carvana (NYSE:CVNA) Sets New 52-Week High Following Analyst Upgrade

Carvana Co. (NYSE:CVNA)’s share price reached a new 52-week high during trading on Thursday after Royal Bank of Canada raised their price target on the stock from $90.00 to $130.00. Royal Bank of Canada currently has a sector perform rating on the stock. Carvana traded as high as $121.85 and last traded at $119.88, with a volume of 7411419 shares. The stock had previously closed at $87.09.

CVNA has been the topic of a number of other research reports. William Blair raised Carvana from a “market perform” rating to an “outperform” rating in a research note on Friday, February 23rd. Wedbush upped their price target on Carvana from $80.00 to $120.00 and gave the company a “neutral” rating in a research note on Thursday. Robert W. Baird upped their price objective on Carvana from $65.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday. JPMorgan Chase & Co. upgraded Carvana from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $70.00 to $130.00 in a report on Thursday. Finally, Morgan Stanley upped their price objective on Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a report on Monday, February 26th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $70.00.

Insider Buying and Selling

In related news, VP Stephen R. Palmer sold 5,000 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $86.75, for a total transaction of $433,750.00. Following the completion of the transaction, the vice president now directly owns 62,514 shares in the company, valued at $5,423,089.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, VP Stephen R. Palmer sold 5,000 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $86.75, for a total transaction of $433,750.00. Following the completion of the transaction, the vice president now directly owns 62,514 shares in the company, valued at $5,423,089.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Thomas Taira sold 4,197 shares of the stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $82.84, for a total value of $347,679.48. Following the transaction, the insider now owns 164,827 shares of the company’s stock, valued at $13,654,268.68. The disclosure for this sale can be found here. Over the last three months, insiders sold 337,883 shares of company stock worth $27,930,178. 17.12% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. bought a new position in Carvana in the fourth quarter valued at approximately $29,000. Hanseatic Management Services Inc. bought a new position in Carvana in the third quarter valued at approximately $34,000. Parallel Advisors LLC grew its stake 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 in the last quarter. Harvest Fund Management Co. Ltd grew its stake in Carvana by 1,225.6% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock valued at $50,000 after purchasing an additional 1,103 shares in the last quarter. Finally, Tidemark LLC bought a new position in Carvana in the fourth quarter valued at approximately $50,000. 56.71% of the stock is currently owned by institutional investors.

Carvana Stock Up 33.6 %

The stock has a 50 day simple moving average of $79.47 and a two-hundred day simple moving average of $54.84. The stock has a market capitalization of $23.49 billion, a P/E ratio of 215.49 and a beta of 3.28.

Carvana (NYSE:CVNA) last posted 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. During the same period last year, the company posted ($0.97) EPS. The firm’s quarterly revenue was down 14.6% on a year-over-year basis. Sell-side analysts predict that Carvana Co. will post -3.32 earnings per share for the current fiscal year.

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.