Carvana (NYSE:CVNA) Shares Gap Down to $75.35

Carvana Co. (NYSE:CVNA)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $75.35, but opened at $71.50. Carvana shares last traded at $74.01, with a volume of 882,358 shares changing hands.

Analyst Ratings Changes

CVNA has been the subject of a number of research analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 price objective on shares of Carvana in a research report on Wednesday, April 17th. Wedbush reaffirmed a “neutral” rating and issued a $80.00 price target (up previously from $60.00) on shares of Carvana in a research note on Thursday. William Blair raised Carvana from a “market perform” rating to an “outperform” rating in a research note on Friday, February 23rd. JPMorgan Chase & Co. boosted their target price on Carvana from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, April 18th. Finally, Jefferies Financial Group raised Carvana from an “underperform” rating to a “hold” rating and boosted their target price for the stock from $30.00 to $85.00 in a research note on Tuesday, March 12th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $55.87.

Carvana Price Performance

The company has a fifty day moving average of $76.43 and a 200 day moving average of $53.22. The firm has a market capitalization of $15.65 billion, a P/E ratio of 139.39 and a beta of 3.32.

Carvana (NYSE:CVNA) last announced its earnings results on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same quarter in the previous year, the firm earned ($0.97) EPS. Carvana’s revenue was down 14.6% compared to the same quarter last year. On average, sell-side analysts forecast that Carvana Co. will post -3.36 EPS for the current year.

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

Hedge Funds Weigh In On Carvana

A number of institutional investors have recently modified their holdings of CVNA. PFG Investments LLC raised its position in Carvana by 68.2% in the 1st quarter. PFG Investments LLC now owns 42,783 shares of the company’s stock valued at $3,761,000 after buying an additional 17,345 shares during the last quarter. Diversified Trust Co raised its position in Carvana by 53.3% in the 1st quarter. Diversified Trust Co now owns 8,678 shares of the company’s stock valued at $763,000 after buying an additional 3,019 shares during the last quarter. Quadrature Capital Ltd increased its position in shares of Carvana by 128.1% during the 4th quarter. Quadrature Capital Ltd now owns 118,196 shares of the company’s stock valued at $6,269,000 after purchasing an additional 66,386 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Carvana by 63.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,481 shares of the company’s stock valued at $131,000 after purchasing an additional 965 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Carvana by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock worth $530,648,000 after acquiring an additional 655,603 shares during the period. 56.71% of the stock is owned by institutional investors and hedge funds.

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.