Carvana (NYSE:CVNA) Price Target Raised to $290.00

Carvana (NYSE:CVNA) had its price objective raised by Morgan Stanley from $280.00 to $290.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. cut their price objective on shares of Carvana from $365.00 to $325.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. JMP Securities cut their price target on shares of Carvana from $340.00 to $275.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 9th. Citigroup raised their price target on shares of Carvana from $280.00 to $325.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Wedbush raised Carvana to a “hold” rating in a research report on Thursday, May 8th. Finally, William Blair reiterated an “outperform” rating on shares of Carvana in a research note on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $269.18.

Carvana Stock Performance

Shares of CVNA opened at $299.68 on Thursday. The company has a quick ratio of 2.12, a current ratio of 3.64 and a debt-to-equity ratio of 3.82. The stock has a market cap of $63.88 billion, a P/E ratio of 190.88 and a beta of 3.61. The business’s 50 day moving average price is $220.71 and its 200-day moving average price is $230.33. Carvana has a 52 week low of $97.55 and a 52 week high of $311.88.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, May 7th. The company reported $1.51 EPS for the quarter, topping the consensus estimate of $0.75 by $0.76. Carvana had a return on equity of 36.59% and a net margin of 1.54%. The business had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $3.94 billion. During the same period in the previous year, the company posted $0.23 earnings per share. The company’s revenue for the quarter was up 38.3% compared to the same quarter last year. Equities research analysts anticipate that Carvana will post 2.85 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Thomas Taira sold 27,593 shares of the business’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $225.03, for a total transaction of $6,209,252.79. Following the completion of the sale, the insider now owns 179,673 shares of the company’s stock, valued at $40,431,815.19. The trade was a 13.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mark W. Jenkins sold 28,422 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $288.85, for a total value of $8,209,694.70. Following the completion of the sale, the chief financial officer now owns 219,962 shares of the company’s stock, valued at $63,536,023.70. This trade represents a 11.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 618,735 shares of company stock valued at $153,823,367 in the last quarter. 16.36% of the stock is currently owned by insiders.

Institutional Trading of Carvana

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD grew its stake in shares of Carvana by 13.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company’s stock valued at $3,125,749,000 after acquiring an additional 1,823,218 shares during the period. Vanguard Group Inc. boosted its position in shares of Carvana by 9.7% in the first quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company’s stock worth $2,620,785,000 after purchasing an additional 1,109,476 shares during the period. Norges Bank purchased a new stake in shares of Carvana in the fourth quarter worth $179,364,000. Castle Hook Partners LP purchased a new stake in shares of Carvana in the fourth quarter worth $116,020,000. Finally, BNP Paribas Financial Markets raised its position in shares of Carvana by 89.8% during the 4th quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company’s stock valued at $207,086,000 after purchasing an additional 481,912 shares during the period. 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.