Carvana (NYSE:CVNA) Stock Rating Upgraded by Needham & Company LLC

Carvana (NYSE:CVNAGet Free Report) was upgraded by research analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Briefing.com reports. The brokerage currently has a $160.00 price objective on the stock. Needham & Company LLC’s price target points to a potential upside of 27.29% from the company’s current price.

A number of other research analysts also recently commented on the stock. William Blair reiterated an “outperform” rating on shares of Carvana in a research note on Thursday, May 2nd. Wells Fargo & Company increased their price objective on shares of Carvana from $60.00 to $77.00 and gave the company an “equal weight” rating in a research note on Thursday, May 2nd. TD Cowen increased their price objective on shares of Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, April 29th. JPMorgan Chase & Co. increased their price objective on shares of Carvana from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. Finally, Jefferies Financial Group upgraded shares of Carvana from an “underperform” rating to a “hold” rating and increased their price objective for the company from $30.00 to $85.00 in a research note on Tuesday, March 12th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $93.27.

Read Our Latest Analysis on CVNA

Carvana Trading Up 2.8 %

Shares of CVNA stock opened at $125.70 on Wednesday. The company has a market capitalization of $25.46 billion, a PE ratio of 55.13 and a beta of 3.37. The firm has a fifty day simple moving average of $114.39 and a 200-day simple moving average of $82.20. Carvana has a twelve month low of $25.09 and a twelve month high of $136.92.

Carvana (NYSE:CVNAGet Free Report) last announced its earnings results on Wednesday, May 1st. The company reported ($0.41) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.35. The firm had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $2.72 billion. Equities research analysts predict that Carvana will post -0.75 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Ernest C. Garcia II sold 75,000 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $125.43, for a total value of $9,407,250.00. Following the sale, the insider now owns 2,917,500 shares of the company’s stock, valued at approximately $365,942,025. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Carvana news, major shareholder Ernest C. Garcia II sold 75,000 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $125.43, for a total transaction of $9,407,250.00. Following the transaction, the insider now owns 2,917,500 shares of the company’s stock, valued at approximately $365,942,025. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Thomas Taira sold 68,556 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $102.74, for a total transaction of $7,043,443.44. Following the transaction, the insider now directly owns 186,397 shares in the company, valued at approximately $19,150,427.78. The disclosure for this sale can be found here. Insiders have sold a total of 2,073,946 shares of company stock valued at $231,481,556 in the last quarter. Company insiders own 17.18% of the company’s stock.

Hedge Funds Weigh In On Carvana

Large investors have recently bought and sold shares of the stock. Blue Trust Inc. acquired a new position in Carvana during the 4th quarter valued at about $29,000. Parallel Advisors LLC boosted its position in shares of Carvana by 39.0% during the 4th 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. Tidemark LLC bought a new position in shares of Carvana during the 4th quarter valued at about $50,000. Plato Investment Management Ltd bought a new position in shares of Carvana during the 1st quarter valued at about $55,000. Finally, GAMMA Investing LLC boosted its position in shares of Carvana by 127.9% during the 2nd quarter. GAMMA Investing LLC now owns 458 shares of the company’s stock valued at $59,000 after purchasing an additional 257 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

About Carvana

(Get Free Report)

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.

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Analyst Recommendations for Carvana (NYSE:CVNA)

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