Cowen Cuts Carvana (NYSE:CVNA) Price Target to $230.00

Carvana (NYSE:CVNA – Get Rating) had its price objective reduced by research analysts at Cowen from $300.00 to $230.00 in a report issued on Thursday, Stock Target Advisor reports. The firm currently has an “outperform” rating on the stock. Cowen’s target price indicates a potential upside of 152.89% from the company’s previous close.

CVNA has been the topic of a number of other research reports. Needham & Company LLC cut their price objective on shares of Carvana from $173.00 to $121.00 and set a “buy” rating on the stock in a research report on Thursday. Robert W. Baird dropped their price target on shares of Carvana from $350.00 to $300.00 and set an “outperform” rating on the stock in a research report on Monday, December 27th. Oppenheimer dropped their price target on shares of Carvana from $430.00 to $220.00 and set an “outperform” rating on the stock in a research report on Friday, April 8th. Truist Financial dropped their price target on shares of Carvana from $230.00 to $160.00 in a research report on Thursday. Finally, TheStreet lowered shares of Carvana from a “c-” rating to a “d+” rating in a research note on Thursday, January 13th. Seven analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $238.13.

Carvana stock traded down $1.55 during trading hours on Thursday, reaching $90.95. 187,686 shares of the company’s stock were exchanged, compared to its average volume of 4,073,586. The company has a quick ratio of 0.60, a current ratio of 1.69 and a debt-to-equity ratio of 6.11. The firm’s 50 day simple moving average is $123.49 and its 200 day simple moving average is $200.07. Carvana has a twelve month low of $92.15 and a twelve month high of $376.83. The firm has a market capitalization of $15.73 billion, a PE ratio of -56.84 and a beta of 2.30.

Carvana (NYSE:CVNA – Get Rating) last issued its quarterly earnings results on Wednesday, April 20th. The company reported ($2.89) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.58) by ($1.31). Carvana had a negative return on equity of 19.82% and a negative net margin of 1.05%. The business had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.37 billion. During the same quarter in the previous year, the business posted ($0.46) earnings per share. The business’s revenue was up 55.8% on a year-over-year basis. Analysts anticipate that Carvana will post -3.99 EPS for the current year.

In other Carvana news, Director Michael E. Maroone acquired 25,000 shares of the company’s stock in a transaction on Friday, March 4th. The stock was acquired at an average price of $104.77 per share, for a total transaction of $2,619,250.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Stephen R. Palmer sold 1,000 shares of the stock in a transaction that occurred on Tuesday, March 1st. The stock was sold at an average price of $148.73, for a total value of $148,730.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,026 shares of company stock valued at $153,014 over the last 90 days. 17.67% of the stock is currently owned by company insiders.

Large investors have recently made changes to their positions in the company. Baillie Gifford & Co. increased its position in Carvana by 25.1% during the 4th quarter. Baillie Gifford & Co. now owns 9,655,855 shares of the company’s stock valued at $2,238,131,000 after buying an additional 1,937,812 shares in the last quarter. D1 Capital Partners L.P. boosted its stake in Carvana by 77.7% during the 4th quarter. D1 Capital Partners L.P. now owns 4,211,082 shares of the company’s stock valued at $976,087,000 after purchasing an additional 1,841,141 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of Carvana by 416.7% in the 4th quarter. Marshall Wace LLP now owns 717,824 shares of the company’s stock worth $166,384,000 after buying an additional 578,900 shares during the last quarter. TD Asset Management Inc. boosted its stake in shares of Carvana by 95.5% in the 4th quarter. TD Asset Management Inc. now owns 1,125,002 shares of the company’s stock worth $260,764,000 after buying an additional 549,480 shares during the last quarter. Finally, Capital World Investors boosted its stake in shares of Carvana by 47.4% in the 4th quarter. Capital World Investors now owns 1,455,412 shares of the company’s stock worth $337,350,000 after buying an additional 468,006 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

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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