Carvana’s (CVNA) “Hold” Rating Reaffirmed at Needham & Company LLC

Carvana (NYSE:CVNA)‘s stock had its “hold” rating reissued by stock analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports.

Several other brokerages have also recently commented on CVNA. TD Cowen raised their target price on shares of Carvana from $58.00 to $70.00 and gave the stock a “hold” rating in a report on Monday. JPMorgan Chase & Co. raised shares of Carvana from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $70.00 to $130.00 in a research note on Thursday. Royal Bank of Canada raised shares of Carvana from an “underperform” rating to a “sector perform” rating and lifted their price objective for the company from $45.00 to $90.00 in a research note on Friday, March 8th. Robert W. Baird lifted their price objective on shares of Carvana from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, April 19th. Finally, Raymond James raised shares of Carvana from an “underperform” rating to a “market perform” rating in a research note on Friday, February 23rd. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Carvana has an average rating of “Hold” and a consensus price target of $63.31.

Carvana Trading Up 5.1 %

Shares of CVNA opened at $87.17 on Thursday. Carvana has a 12 month low of $6.70 and a 12 month high of $94.04. The firm’s 50 day moving average is $78.71 and its 200-day moving average is $54.62. The stock has a market capitalization of $17.60 billion, a PE ratio of 161.43 and a beta of 3.28.

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 firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the previous year, the company earned ($0.97) earnings per share. The company’s revenue for the quarter was down 14.6% on a year-over-year basis. Equities research analysts predict that Carvana will post -3.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Carvana

In other Carvana news, insider Paul W. Breaux sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $69.00, for a total value of $1,035,000.00. Following the sale, the insider now owns 150,126 shares in the company, valued at $10,358,694. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Paul W. Breaux sold 15,000 shares of Carvana stock in a transaction on Friday, February 23rd. The shares were 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 document filed with the SEC, which is available through the SEC website. Also, VP Stephen R. Palmer sold 5,000 shares of Carvana stock in a transaction on Monday, April 1st. The stock was sold at an average price of $86.75, for a total transaction of $433,750.00. Following the transaction, the vice president now owns 62,514 shares in the company, valued at approximately $5,423,089.50. The disclosure for this sale can be found here. Insiders have sold 287,883 shares of company stock worth $23,778,678 over the last quarter. Corporate insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of hedge funds have recently modified their holdings of CVNA. Blue Trust Inc. acquired a new position in Carvana in the fourth quarter valued at $29,000. Hanseatic Management Services Inc. acquired a new position in Carvana in the third quarter valued at $34,000. Parallel Advisors LLC lifted 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 buying an additional 194 shares during the period. Harvest Fund Management Co. Ltd lifted its holdings 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 buying an additional 1,103 shares during the period. Finally, Tidemark LLC acquired a new position in Carvana in the fourth quarter valued at $50,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

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.