JMP Securities Raises Carvana (NYSE:CVNA) Price Target to $135.00

Carvana (NYSE:CVNA) had its target price boosted by JMP Securities from $80.00 to $135.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a market outperform rating on the stock.

A number of other research analysts have also recently weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Carvana from $60.00 to $77.00 and gave the company an equal weight rating in a research report on Thursday. Wedbush increased their price target on Carvana from $80.00 to $120.00 and gave the company a neutral rating in a report on Thursday. Morgan Stanley boosted their price objective on Carvana from $32.00 to $45.00 and gave the stock an underweight rating in a research note on Monday, February 26th. William Blair reiterated an outperform rating on shares of Carvana in a research note on Thursday. Finally, Robert W. Baird upped their price target on shares of Carvana from $65.00 to $110.00 and gave the company a neutral rating in a report on Thursday. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $73.44.

Carvana Price Performance

CVNA opened at $121.67 on Friday. The stock has a market capitalization of $24.57 billion, a price-to-earnings ratio of 53.36 and a beta of 3.28. Carvana has a 12 month low of $6.92 and a 12 month high of $124.20. The business has a 50-day moving average of $81.81 and a two-hundred day moving average of $56.03.

Carvana (NYSE:CVNA) last issued its quarterly earnings results 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 analysts’ expectations of $2.56 billion. The business’s revenue was down 14.6% compared to the same quarter last year. During the same period last year, the business earned ($0.97) earnings per share. Equities research analysts anticipate that Carvana will post -3.05 earnings per share for the current year.

Insider Activity

In other Carvana news, CEO Ernest C. Garcia III sold 18,100 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $116.24, for a total value of $2,103,944.00. Following the sale, the chief executive officer now directly 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 is available through this link. In other Carvana news, CEO Ernest C. Garcia III sold 18,100 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 896,449 shares in the company, valued at $104,203,231.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul W. Breaux sold 15,000 shares of Carvana stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $69.00, for a total value of $1,035,000.00. Following the sale, the insider now directly owns 150,126 shares in the company, valued at approximately $10,358,694. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 442,233 shares of company stock valued at $38,200,169. 17.12% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CVNA. Blue Trust Inc. acquired a new position in Carvana during the 4th quarter valued at about $29,000. Vanguard Group Inc. raised its holdings in Carvana by 0.7% during the third quarter. Vanguard Group Inc. now owns 9,367,976 shares of the company’s stock worth $393,268,000 after purchasing an additional 62,820 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Carvana in the third quarter worth approximately $2,879,000. Charles Schwab Investment Management Inc. boosted its stake in Carvana by 56.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 778,561 shares of the company’s stock valued at $32,684,000 after purchasing an additional 280,851 shares in the last quarter. Finally, TD Asset Management Inc acquired a new position in shares of Carvana during the 3rd quarter valued at $22,906,000. 56.71% of the stock is owned by institutional investors and hedge funds.

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.