Carvana (NYSE:CVNA) Shares Gap Up After Analyst Upgrade

Carvana Co. (NYSE:CVNA)’s share price gapped up prior to trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $65.00 to $70.00. The stock had previously closed at $69.16, but opened at $71.75. JPMorgan Chase & Co. currently has a neutral rating on the stock. Carvana shares last traded at $70.50, with a volume of 823,364 shares.

CVNA has been the subject of several other research reports. Jefferies Financial Group upgraded shares of Carvana from an “underperform” rating to a “hold” rating and raised their target price for the stock from $30.00 to $85.00 in a report on Tuesday, March 12th. Royal Bank of Canada raised shares of Carvana from an “underperform” rating to a “sector perform” rating and boosted their price objective for the company from $45.00 to $90.00 in a research report on Friday, March 8th. Evercore ISI lowered their price objective on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a research report on Tuesday. JMP Securities reissued a “market outperform” rating and issued a $80.00 price objective on shares of Carvana in a research report on Wednesday. Finally, Morgan Stanley boosted their price objective on shares of Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a research report on Monday, February 26th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Carvana currently has a consensus rating of “Hold” and a consensus target price of $52.53.

Insider Activity

In related news, insider Thomas Taira sold 4,197 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $82.84, for a total transaction of $347,679.48. Following the completion of the transaction, the insider now owns 164,827 shares in the company, valued at approximately $13,654,268.68. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Thomas Taira sold 4,197 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $82.84, for a total transaction of $347,679.48. Following the completion of the transaction, the insider now owns 164,827 shares in the company, valued at approximately $13,654,268.68. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul W. Breaux sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $69.00, for a total transaction of $1,035,000.00. Following the transaction, the insider now owns 150,126 shares of the company’s stock, valued at approximately $10,358,694. The disclosure for this sale can be found here. In the last quarter, insiders sold 187,883 shares of company stock worth $15,505,178. 17.12% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. 1832 Asset Management L.P. purchased a new stake in Carvana during the 1st quarter worth approximately $59,000. Blue Trust Inc. purchased a new stake in Carvana during the 4th quarter worth approximately $29,000. Parallel Advisors LLC grew its position in Carvana by 39.0% during the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after purchasing an additional 194 shares during the last quarter. Hanseatic Management Services Inc. purchased a new stake in Carvana during the 3rd quarter worth approximately $34,000. Finally, Studio Investment Management LLC purchased a new stake in Carvana during the 4th quarter worth approximately $47,000. Institutional investors own 56.71% of the company’s stock.

Carvana Trading Up 2.8 %

The firm’s 50-day simple moving average is $74.84 and its two-hundred day simple moving average is $52.12. The company has a market cap of $14.36 billion, a PE ratio of 131.67 and a beta of 3.32.

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

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.