Morgan Stanley Upgrades Carvana (NYSE:CVNA) to Equal Weight

Carvana (NYSE:CVNA) was upgraded by analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research note issued on Tuesday, Marketbeat.com reports. The firm presently has a $260.00 target price on the stock, up from their previous target price of $110.00. Morgan Stanley’s target price points to a potential upside of 8.82% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Needham & Company LLC raised their price objective on Carvana from $200.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. lifted their price target on shares of Carvana from $230.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. TD Cowen increased their price objective on shares of Carvana from $110.00 to $148.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Piper Sandler raised their price objective on shares of Carvana from $151.00 to $225.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, BTIG Research upped their target price on shares of Carvana from $155.00 to $188.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Carvana presently has an average rating of “Hold” and a consensus target price of $217.71.

Carvana Stock Up 1.4 %

Shares of CVNA stock opened at $238.93 on Tuesday. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99. Carvana has a 12 month low of $27.75 and a 12 month high of $259.39. The stock has a market cap of $49.45 billion, a P/E ratio of 23,578.00 and a beta of 3.37. The company has a 50 day simple moving average of $177.23 and a two-hundred day simple moving average of $140.97.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.23 by $0.41. The company had revenue of $3.66 billion during the quarter, compared to analysts’ expectations of $3.47 billion. The company’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter last year, the company earned $0.23 earnings per share. On average, research analysts expect that Carvana will post 0.53 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Mark W. Jenkins sold 208,495 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $224.43, for a total transaction of $46,792,532.85. Following the completion of the transaction, the chief financial officer now directly owns 90,732 shares in the company, valued at approximately $20,362,982.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Carvana news, CFO Mark W. Jenkins sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $241.78, for a total transaction of $4,835,600.00. Following the sale, the chief financial officer now directly owns 170,732 shares in the company, valued at $41,279,582.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Mark W. Jenkins sold 208,495 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $224.43, for a total value of $46,792,532.85. Following the completion of the sale, the chief financial officer now directly owns 90,732 shares of the company’s stock, valued at $20,362,982.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,810,251 shares of company stock valued at $494,577,629 in the last quarter. 17.18% of the stock is currently owned by insiders.

Institutional Trading of Carvana

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Carvana by 2.7% in the first quarter. Vanguard Group Inc. now owns 10,290,551 shares of the company’s stock valued at $904,642,000 after acquiring an additional 266,972 shares during the period. Price T Rowe Associates Inc. MD raised its position in Carvana by 39.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock worth $655,727,000 after purchasing an additional 2,112,463 shares during the period. Lingotto Investment Management LLP lifted its stake in Carvana by 1.4% in the second quarter. Lingotto Investment Management LLP now owns 3,776,747 shares of the company’s stock worth $486,143,000 after purchasing an additional 52,833 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Carvana by 12.2% during the second quarter. Renaissance Technologies LLC now owns 813,400 shares of the company’s stock valued at $104,701,000 after buying an additional 88,500 shares during the period. Finally, Driehaus Capital Management LLC grew its stake in shares of Carvana by 124.9% during the second quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock valued at $74,888,000 after buying an additional 323,153 shares during the last quarter. Hedge funds and other 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.