Carvana (NYSE:CVNA) Price Target Raised to $70.00

Carvana (NYSE:CVNA) had its price objective upped by stock analysts at JPMorgan Chase & Co. from $65.00 to $70.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 1.95% from the stock’s current price.

Several other analysts also recently commented on CVNA. Evercore ISI cut their price objective on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research report on Tuesday. Jefferies Financial Group raised shares of Carvana from an “underperform” rating to a “hold” rating and raised their price target for the company from $30.00 to $85.00 in a report on Tuesday, March 12th. William Blair raised shares of Carvana from a “market perform” rating to an “outperform” rating in a report on Friday, February 23rd. Wedbush raised their price target on shares of Carvana from $40.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, February 20th. Finally, Raymond James raised shares of Carvana from an “underperform” rating to a “market perform” rating in a report on Friday, February 23rd. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $53.87.

Carvana Price Performance

NYSE:CVNA opened at $71.39 on Thursday. The firm’s 50-day moving average price is $75.21 and its 200-day moving average price is $52.34. The company has a market capitalization of $14.41 billion, a PE ratio of 132.21 and a beta of 3.32. Carvana has a 1-year low of $6.70 and a 1-year high of $94.04.

Carvana (NYSE:CVNA) last announced 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 company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter last year, the business earned ($0.97) earnings per share. The business’s revenue was down 14.6% compared to the same quarter last year. Equities analysts anticipate that Carvana will post -3.4 EPS for the current fiscal year.

Insider Transactions at Carvana

In other Carvana news, CEO Ernest C. Garcia III sold 9,390 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $82.83, for a total transaction of $777,773.70. Following the sale, the chief executive officer now owns 861,458 shares in the company, valued at approximately $71,354,566.14. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Carvana news, CEO Ernest C. Garcia III sold 9,390 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $82.83, for a total transaction of $777,773.70. Following the sale, the chief executive officer now owns 861,458 shares in the company, valued at approximately $71,354,566.14. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Neha Parikh acquired 1,300 shares of Carvana stock in a transaction dated Friday, March 1st. The shares were bought at an average price of $77.00 per share, for a total transaction of $100,100.00. Following the transaction, the director now owns 58,495 shares of the company’s stock, valued at $4,504,115. The disclosure for this purchase can be found here. Insiders have sold 187,883 shares of company stock worth $15,505,178 in the last quarter. Company insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

Institutional investors and hedge funds have recently modified their holdings of the stock. Blue Trust Inc. purchased a new position in shares of Carvana in the fourth quarter valued at $29,000. Captrust Financial Advisors grew its holdings in shares of Carvana by 270.9% in the second quarter. Captrust Financial Advisors now owns 1,324 shares of the company’s stock valued at $30,000 after purchasing an additional 967 shares in the last quarter. Hanseatic Management Services Inc. purchased a new position in shares of Carvana in the third quarter valued at $34,000. Parallel Advisors LLC grew its holdings in shares of Carvana by 39.0% in the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after purchasing an additional 194 shares in the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in shares of Carvana by 14,831.6% in the fourth quarter. Meeder Asset Management Inc. now owns 8,511 shares of the company’s stock valued at $40,000 after purchasing an additional 8,454 shares in the last quarter. Institutional investors own 56.71% of the company’s stock.

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.