Carvana (NYSE:CVNA) Given New $230.00 Price Target at Cowen

Carvana (NYSE:CVNAGet Rating) had its price objective decreased by analysts at Cowen from $300.00 to $230.00 in a note issued to investors on Thursday, The Fly reports. Cowen’s price target suggests a potential upside of 148.65% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Oppenheimer cut their price target on shares of Carvana from $430.00 to $220.00 and set an “outperform” rating for the company in a report on Friday, April 8th. Needham & Company LLC dropped their target price on shares of Carvana from $173.00 to $121.00 and set a “buy” rating for the company in a report on Thursday. Wells Fargo & Company lowered their price target on shares of Carvana from $200.00 to $150.00 and set an “overweight” rating on the stock in a research report on Thursday. Royal Bank of Canada lowered their price target on shares of Carvana from $138.00 to $85.00 and set a “sector perform” rating on the stock in a research report on Thursday. Finally, Stifel Nicolaus lowered their price target on shares of Carvana from $180.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday. Seven equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, Carvana presently has an average rating of “Buy” and a consensus price target of $245.65.

NYSE:CVNA opened at $92.50 on Thursday. The company has a debt-to-equity ratio of 6.11, a current ratio of 1.69 and a quick ratio of 0.60. The firm has a market cap of $16.00 billion, a price-to-earnings ratio of -57.81 and a beta of 2.30. The company has a 50 day moving average price of $123.49 and a 200-day moving average price of $200.07. Carvana has a 1-year low of $92.15 and a 1-year high of $376.83.

Carvana (NYSE:CVNAGet Rating) last posted its earnings results on Wednesday, April 20th. The company reported ($2.89) earnings per share for the quarter, missing the consensus estimate of ($1.58) by ($1.31). The firm had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.37 billion. Carvana had a negative net margin of 1.05% and a negative return on equity of 19.82%. Carvana’s revenue for the quarter was up 55.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.46) earnings per share. On average, sell-side analysts anticipate that Carvana will post -3.99 earnings per share for the current fiscal year.

In related news, VP Stephen R. Palmer sold 1,000 shares of the stock in a transaction on Tuesday, March 1st. The stock was sold at an average price of $148.73, for a total transaction of $148,730.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michael E. Maroone bought 25,000 shares of Carvana stock in a transaction on Friday, March 4th. The stock was acquired at an average cost of $104.77 per share, with a total value of $2,619,250.00. The disclosure for this purchase can be found here. Insiders have sold 1,026 shares of company stock worth $153,014 over the last 90 days. Insiders own 17.67% of the company’s stock.

Several hedge funds have recently made changes to their positions in CVNA. Morgan Stanley increased its position in shares of Carvana by 0.8% in the second quarter. Morgan Stanley now owns 6,570,893 shares of the company’s stock valued at $1,983,226,000 after buying an additional 50,682 shares in the last quarter. Sigma Planning Corp increased its position in Carvana by 111.4% during the 3rd quarter. Sigma Planning Corp now owns 1,433 shares of the company’s stock worth $432,000 after purchasing an additional 755 shares in the last quarter. Commonwealth Equity Services LLC increased its position in Carvana by 10.6% during the 3rd quarter. Commonwealth Equity Services LLC now owns 2,663 shares of the company’s stock worth $803,000 after purchasing an additional 255 shares in the last quarter. Nordea Investment Management AB increased its position in Carvana by 100.0% during the 3rd quarter. Nordea Investment Management AB now owns 7,398 shares of the company’s stock worth $2,252,000 after purchasing an additional 3,699 shares in the last quarter. Finally, AE Wealth Management LLC increased its position in Carvana by 5.1% during the 3rd quarter. AE Wealth Management LLC now owns 10,629 shares of the company’s stock worth $3,205,000 after purchasing an additional 511 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

About Carvana (Get Rating)

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. The company's 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.

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