Carvana (NYSE:CVNA) Price Target Raised to $77.00

Carvana (NYSE:CVNA) had its price target increased by Wells Fargo & Company from $60.00 to $77.00 in a research note released on Thursday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other equities research analysts also recently issued reports on CVNA. Robert W. Baird increased their price target on Carvana from $65.00 to $110.00 and gave the stock a neutral rating in a report on Thursday. JPMorgan Chase & Co. raised Carvana from a neutral rating to an overweight rating and increased their target price for the stock from $70.00 to $130.00 in a research note on Thursday. Raymond James raised shares of Carvana from an underperform rating to a market perform rating in a research note on Friday, February 23rd. Jefferies Financial Group upgraded shares of Carvana from an underperform rating to a hold rating and upped their price target for the company from $30.00 to $85.00 in a report on Tuesday, March 12th. Finally, Evercore ISI dropped their price objective on shares of Carvana from $78.00 to $77.00 and set an in-line rating on the stock in a report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $73.44.

Carvana Stock Up 4.4 %

NYSE CVNA traded up $5.17 during trading on Thursday, reaching $121.67. 8,528,363 shares of the stock traded hands, compared to its average volume of 5,397,261. Carvana has a fifty-two week low of $6.92 and a fifty-two week high of $124.20. The firm has a market cap of $24.57 billion, a price-to-earnings ratio of 53.36 and a beta of 3.28. The stock’s 50-day moving average price is $81.81 and its 200 day moving average price is $56.03.

Carvana (NYSE:CVNA) last announced 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 firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter last year, the company posted ($0.97) earnings per share. The firm’s quarterly revenue was down 14.6% on a year-over-year basis. Analysts anticipate that Carvana will post -3.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Carvana news, COO Benjamin E. Huston sold 18,000 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $115.07, for a total transaction of $2,071,260.00. Following the transaction, the chief operating officer now owns 213,548 shares of the company’s stock, valued at approximately $24,572,968.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Benjamin E. Huston sold 18,000 shares of Carvana stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $115.07, for a total value of $2,071,260.00. Following the completion of the transaction, the chief operating officer now owns 213,548 shares of the company’s stock, valued at approximately $24,572,968.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Paul W. Breaux sold 15,000 shares of the company’s stock in a transaction dated 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 completion of the sale, 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. Over the last quarter, insiders have sold 442,233 shares of company stock worth $38,200,169. Corporate insiders own 17.12% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CVNA. Blue Trust Inc. bought a new position in Carvana during the fourth quarter worth $29,000. Hanseatic Management Services Inc. bought a new stake in shares of Carvana during the 3rd quarter worth about $34,000. Parallel Advisors LLC grew its stake in Carvana by 39.0% in the 4th 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 last quarter. Harvest Fund Management Co. Ltd raised its holdings in Carvana by 1,225.6% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock valued at $50,000 after acquiring an additional 1,103 shares during the period. Finally, Tidemark LLC acquired a new stake in Carvana during the fourth quarter worth approximately $50,000. 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.