Wedbush Reiterates Neutral Rating for Carvana (NYSE:CVNA)

Carvana (NYSE:CVNA)‘s stock had its “neutral” rating restated by equities researchers at Wedbush in a research report issued on Thursday, Benzinga reports. They currently have a $80.00 target price on the stock, up from their prior target price of $60.00. Wedbush’s target price indicates a potential downside of 5.16% from the company’s previous close.

A number of other analysts have also issued reports on the stock. Robert W. Baird increased their price target on shares of Carvana from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, April 19th. Jefferies Financial Group raised shares of Carvana from an “underperform” rating to a “hold” rating and increased their price target for the stock from $30.00 to $85.00 in a research report on Tuesday, March 12th. Morgan Stanley increased their price target on shares of Carvana from $32.00 to $45.00 and gave the stock an “underweight” rating in a research report on Monday, February 26th. William Blair raised shares of Carvana from a “market perform” rating to an “outperform” rating in a research report on Friday, February 23rd. Finally, Royal Bank of Canada upgraded Carvana from an “underperform” rating to a “sector perform” rating and increased their price objective for the stock from $45.00 to $90.00 in a report on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $55.87.

Carvana Trading Up 8.8 %

CVNA stock opened at $84.35 on Thursday. Carvana has a one year low of $6.70 and a one year high of $94.04. The firm has a market capitalization of $17.03 billion, a PE ratio of 156.21 and a beta of 3.32. The firm has a 50-day moving average of $77.47 and a two-hundred day moving average of $53.70.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) 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. During the same period in the previous year, the company earned ($0.97) earnings per share. The company’s quarterly revenue was down 14.6% on a year-over-year basis. On average, equities research analysts anticipate that Carvana will post -3.36 earnings per share for the current year.

Insider Buying and Selling at Carvana

In other Carvana news, insider Paul W. Breaux sold 15,000 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $69.00, for a total transaction of $1,035,000.00. Following the transaction, the insider now owns 150,126 shares in the company, valued at $10,358,694. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Neha Parikh acquired 1,300 shares of the stock in a transaction dated Tuesday, March 5th. The shares were acquired at an average price of $76.68 per share, for a total transaction of $99,684.00. Following the completion of the purchase, the director now owns 59,795 shares in the company, valued at approximately $4,585,080.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul W. Breaux sold 15,000 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $69.00, for a total transaction of $1,035,000.00. Following the completion of the sale, the insider now owns 150,126 shares in the company, valued at approximately $10,358,694. The disclosure for this sale can be found here. Insiders have sold a total of 187,883 shares of company stock worth $15,505,178 over the last 90 days. Insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

Hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. acquired a new stake in shares of Carvana in the fourth quarter worth $29,000. Parallel Advisors LLC grew its stake in shares of Carvana by 39.0% in the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after acquiring an additional 194 shares during the last quarter. Hanseatic Management Services Inc. acquired a new stake in shares of Carvana in the third quarter worth $34,000. Tidemark LLC bought a new position in Carvana in the fourth quarter worth $50,000. Finally, Harvest Fund Management Co. Ltd lifted its position 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 worth $50,000 after purchasing an additional 1,103 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.