Carvana (NYSE:CVNA) Price Target Raised to $77.00

Carvana (NYSE:CVNA) had its price objective boosted by Wells Fargo & Company from $60.00 to $77.00 in a research note issued to investors on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other equities research analysts have also recently commented on CVNA. Raymond James raised Carvana from an underperform rating to a market perform rating in a report on Friday, February 23rd. JMP Securities reaffirmed a market outperform rating and issued a $80.00 target price on shares of Carvana in a research note on Wednesday, April 17th. Jefferies Financial Group raised shares of Carvana from an underperform rating to a hold rating and boosted their price target for the company from $30.00 to $85.00 in a research report on Tuesday, March 12th. JPMorgan Chase & Co. upgraded shares of Carvana from a neutral rating to an overweight rating and raised their price objective for the stock from $70.00 to $130.00 in a research report on Thursday. Finally, Royal Bank of Canada upgraded 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 investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $73.44.

Carvana Stock Performance

NYSE CVNA opened at $121.67 on Thursday. Carvana has a one year low of $6.92 and a one year high of $124.20. The business has a fifty day moving average price of $81.81 and a 200 day moving average price of $56.03. The company has a market cap of $24.57 billion, a P/E ratio of 53.36 and a beta of 3.28.

Carvana (NYSE:CVNA) last issued its earnings results on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing analysts’ consensus estimates 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. The firm’s revenue was down 14.6% on a year-over-year basis. During the same period last year, the business earned ($0.97) EPS. As a group, sell-side analysts predict that Carvana will post -3.05 EPS for the current fiscal year.

Insider Buying and Selling at Carvana

In other news, CEO Ernest C. Garcia III sold 18,100 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $116.24, for a total transaction of $2,103,944.00. Following the sale, the chief executive officer now owns 896,449 shares of the company’s stock, valued at $104,203,231.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Ernest C. Garcia III sold 9,390 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was 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 of the company’s stock, valued at $71,354,566.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ernest C. Garcia III sold 18,100 shares of Carvana stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $116.24, for a total value of $2,103,944.00. Following the completion of the transaction, the chief executive officer now owns 896,449 shares of the company’s stock, valued at $104,203,231.76. The disclosure for this sale can be found here. Insiders sold a total of 442,233 shares of company stock valued at $38,200,169 in the last three months. 17.12% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Carvana

A number of hedge funds have recently bought and sold shares of CVNA. Exchange Traded Concepts LLC grew its position in shares of Carvana by 59.8% during the third quarter. Exchange Traded Concepts LLC now owns 2,687 shares of the company’s stock worth $113,000 after buying an additional 1,006 shares in the last quarter. Handelsbanken Fonder AB grew its holdings in Carvana by 12.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 19,200 shares of the company’s stock worth $806,000 after acquiring an additional 2,100 shares in the last quarter. Xponance Inc. purchased a new stake in shares of Carvana in the 3rd quarter valued at approximately $240,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Carvana by 20.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,324 shares of the company’s stock valued at $769,000 after purchasing an additional 3,115 shares in the last quarter. Finally, Mackenzie Financial Corp purchased a new stake in shares of Carvana during the 3rd quarter worth $236,000. Institutional investors and hedge funds 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.