Carvana (NYSE:CVNA) Price Target Lowered to $77.00 at Evercore ISI

Carvana (NYSE:CVNA) had its price target reduced by Evercore ISI from $78.00 to $77.00 in a report issued on Tuesday, Benzinga reports. They currently have an in-line rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley boosted their target price on shares of Carvana from $32.00 to $45.00 and gave the company an underweight rating in a report on Monday, February 26th. Raymond James raised shares of Carvana from an underperform rating to a market perform rating in a report on Friday, February 23rd. Wedbush boosted their target price on shares of Carvana from $40.00 to $50.00 and gave the company a neutral rating in a report on Tuesday, February 20th. Jefferies Financial Group raised shares of Carvana from an underperform rating to a hold rating and boosted their target price for the company from $30.00 to $85.00 in a report on Tuesday, March 12th. Finally, Royal Bank of Canada raised shares of Carvana from an underperform rating to a sector perform rating and boosted their target price for the company from $45.00 to $90.00 in a report on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $50.53.

Carvana Trading Up 1.1 %

NYSE:CVNA opened at $70.60 on Tuesday. The stock has a market capitalization of $14.25 billion, a PE ratio of 130.74 and a beta of 3.32. The firm’s 50 day moving average is $74.05 and its 200 day moving average is $51.87. Carvana has a 12 month low of $6.70 and a 12 month high of $94.04.

Carvana (NYSE:CVNA) last issued its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same quarter last year, the firm earned ($0.97) earnings per share. Carvana’s revenue for the quarter was down 14.6% on a year-over-year basis. Research analysts predict that Carvana will post -3.4 earnings per share for the current year.

Insider Transactions at Carvana

In related news, major shareholder Ernest C. Garcia II sold 50,000 shares of the company’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $80.13, for a total value of $4,006,500.00. Following the completion of the transaction, the insider now directly owns 3,312,500 shares in the company, valued at $265,430,625. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Ernest C. Garcia II sold 50,000 shares of the company’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $80.13, for a total value of $4,006,500.00. Following the completion of the transaction, the insider now directly owns 3,312,500 shares in the company, valued at $265,430,625. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Neha Parikh bought 1,300 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was bought at an average price of $77.00 per share, with a total value of $100,100.00. Following the completion of the transaction, the director now directly owns 58,495 shares of the company’s stock, valued at approximately $4,504,115. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 187,883 shares of company stock valued at $15,505,178. 17.18% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVNA. Morgan Stanley boosted its position in Carvana by 13.8% during the third quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock valued at $619,478,000 after buying an additional 1,784,009 shares during the period. Vanguard Group Inc. boosted its position in Carvana by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after buying an additional 655,603 shares during the period. Spruce House Investment Management LLC boosted its position in Carvana by 52.7% during the fourth quarter. Spruce House Investment Management LLC now owns 10,000,000 shares of the company’s stock valued at $47,400,000 after buying an additional 3,450,000 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Carvana by 3.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,346,602 shares of the company’s stock valued at $283,050,000 after buying an additional 165,379 shares during the period. Finally, FMR LLC boosted its position in Carvana by 0.5% during the third quarter. FMR LLC now owns 4,696,510 shares of the company’s stock valued at $197,160,000 after buying an additional 24,560 shares during the period. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

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.