Carvana (NYSE:CVNA) Price Target Lowered to $240.00 at Evercore ISI

Carvana (NYSE:CVNA) had its price objective decreased by stock analysts at Evercore ISI from $250.00 to $240.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “in-line” rating on the stock. Evercore ISI’s price target would suggest a potential upside of 38.00% from the company’s current price.

CVNA has been the subject of several other reports. Needham & Company LLC reaffirmed a “buy” rating and set a $340.00 price target on shares of Carvana in a research note on Friday. JPMorgan Chase & Co. upped their target price on Carvana from $350.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday. Bank of America upped their price target on Carvana from $252.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Wedbush set a $250.00 price objective on shares of Carvana and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Royal Bank of Canada upped their price target on Carvana from $280.00 to $320.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $265.65.

Carvana Price Performance

Shares of NYSE CVNA traded up $2.31 during midday trading on Tuesday, reaching $173.92. 2,090,199 shares of the company traded hands, compared to its average volume of 3,829,464. The firm has a market cap of $37.07 billion, a PE ratio of 111.17 and a beta of 3.56. The stock’s 50-day simple moving average is $230.63 and its 200-day simple moving average is $213.80. The company has a debt-to-equity ratio of 3.82, a quick ratio of 2.12 and a current ratio of 3.64. Carvana has a 12 month low of $67.61 and a 12 month high of $292.84.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.29 by $0.27. The company had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.32 billion. Carvana had a net margin of 1.54% and a return on equity of 36.59%. As a group, equities analysts anticipate that Carvana will post 2.85 earnings per share for the current fiscal year.

Insider Activity at Carvana

In other Carvana news, CFO Mark W. Jenkins sold 28,422 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $288.85, for a total value of $8,209,694.70. Following the completion of the sale, the chief financial officer now owns 219,962 shares of the company’s stock, valued at $63,536,023.70. This represents a 11.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ryan S. Keeton sold 24,845 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $247.90, for a total transaction of $6,159,075.50. Following the transaction, the insider now directly owns 151,029 shares in the company, valued at approximately $37,440,089.10. This represents a 14.13 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 94,629 shares of company stock valued at $24,758,919. Company insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of large investors have recently bought and sold shares of CVNA. Sigma Planning Corp purchased a new position in shares of Carvana in the third quarter worth $228,000. Axxcess Wealth Management LLC purchased a new stake in shares of Carvana during the third quarter worth about $784,000. State of New Jersey Common Pension Fund D grew its stake in shares of Carvana by 5.4% in the third quarter. State of New Jersey Common Pension Fund D now owns 39,281 shares of the company’s stock worth $6,839,000 after purchasing an additional 2,004 shares during the last quarter. Entropy Technologies LP raised its position in Carvana by 428.5% during the 3rd quarter. Entropy Technologies LP now owns 23,541 shares of the company’s stock valued at $4,099,000 after purchasing an additional 19,087 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. bought a new position in Carvana during the 3rd quarter valued at approximately $439,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

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.