JMP Securities Cuts Carvana (NYSE:CVNA) Price Target to $275.00

Carvana (NYSE:CVNA) had its target price decreased by JMP Securities from $340.00 to $275.00 in a report issued on Wednesday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

Several other equities analysts also recently commented on the company. Citigroup decreased their target price on Carvana from $320.00 to $280.00 and set a “buy” rating on the stock in a research report on Tuesday. Evercore ISI lowered their target price on shares of Carvana from $250.00 to $240.00 and set an “in-line” rating for the company in a research note on Tuesday, March 11th. Stephens restated an “overweight” rating and set a $300.00 price objective on shares of Carvana in a report on Monday, March 3rd. Piper Sandler raised shares of Carvana from a “neutral” rating to an “overweight” rating in a research report on Monday, March 31st. Finally, JPMorgan Chase & Co. decreased their target price on Carvana from $365.00 to $325.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $253.59.

Carvana Trading Down 6.5 %

Shares of CVNA traded down $14.36 during trading hours on Wednesday, hitting $206.08. 5,223,034 shares of the stock traded hands, compared to its average volume of 4,078,986. Carvana has a 1-year low of $67.61 and a 1-year high of $292.84. The business has a fifty day moving average of $218.19 and a 200-day moving average of $219.77. The company has a current ratio of 3.64, a quick ratio of 2.12 and a debt-to-equity ratio of 3.82. The firm has a market capitalization of $43.93 billion, a PE ratio of 130.59 and a beta of 3.61.

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

Insider Activity

In related news, insider Paul W. Breaux sold 1,362 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $270.08, for a total transaction of $367,848.96. Following the completion of the transaction, the insider now directly owns 153,240 shares of the company’s stock, valued at $41,387,059.20. This represents a 0.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Benjamin E. Huston sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $178.49, for a total value of $8,924,500.00. Following the completion of the sale, the chief operating officer now owns 196,278 shares in the company, valued at approximately $35,033,660.22. This represents a 20.30 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 330,810 shares of company stock worth $69,243,820. 16.36% of the stock is currently owned by corporate insiders.

Institutional Trading of Carvana

A number of institutional investors and hedge funds have recently bought and sold shares of CVNA. Charles Schwab Investment Management Inc. increased its position in shares of Carvana by 9.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 462,962 shares of the company’s stock worth $94,148,000 after purchasing an additional 39,089 shares during the last quarter. Plato Investment Management Ltd lifted its position in shares of Carvana by 135.5% during the 4th quarter. Plato Investment Management Ltd now owns 5,204 shares of the company’s stock valued at $1,062,000 after acquiring an additional 2,994 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Carvana by 37.7% in the fourth quarter. Bank of New York Mellon Corp now owns 478,488 shares of the company’s stock worth $97,305,000 after buying an additional 130,942 shares during the period. Oak Thistle LLC grew its holdings in shares of Carvana by 115.9% during the fourth quarter. Oak Thistle LLC now owns 3,238 shares of the company’s stock valued at $658,000 after buying an additional 1,738 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Carvana by 33.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 382,607 shares of the company’s stock worth $77,807,000 after purchasing an additional 95,497 shares during the period. Institutional investors and hedge funds 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.