Carvana (NYSE:CVNA) Price Target Raised to $380.00

Carvana (NYSE:CVNA) had its price target boosted by DA Davidson from $260.00 to $380.00 in a research report released on Thursday morning,Benzinga reports. DA Davidson currently has a neutral rating on the stock.

A number of other analysts have also recently issued reports on the company. William Blair reaffirmed an “outperform” rating on shares of Carvana in a research report on Wednesday, July 23rd. Bank of America increased their target price on Carvana from $375.00 to $425.00 and gave the stock a “buy” rating in a research note on Thursday. Oppenheimer upgraded Carvana from a “market perform” rating to an “outperform” rating and set a $450.00 target price on the stock in a research note on Friday, July 25th. Needham & Company LLC set a $500.00 target price on Carvana and gave the stock a “buy” rating in a research note on Thursday. Finally, Citigroup reiterated an “outperform” rating on shares of Carvana in a research note on Thursday. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Carvana has an average rating of “Moderate Buy” and a consensus price target of $379.65.

Carvana Stock Performance

CVNA opened at $368.39 on Thursday. Carvana has a 12-month low of $118.50 and a 12-month high of $413.33. The stock has a market cap of $78.89 billion, a price-to-earnings ratio of 92.33, a PEG ratio of 1.39 and a beta of 3.57. The business has a 50 day moving average of $333.58 and a 200-day moving average of $267.81. The company has a quick ratio of 2.70, a current ratio of 4.00 and a debt-to-equity ratio of 2.51.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.19. Carvana had a return on equity of 40.57% and a net margin of 3.46%. The company had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.54 billion. During the same period last year, the firm posted ($0.05) earnings per share. The business’s revenue was up 41.9% on a year-over-year basis. On average, equities research analysts expect that Carvana will post 2.85 earnings per share for the current year.

Insider Activity

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction on Friday, June 6th. The stock was sold at an average price of $346.99, for a total value of $34,699,000.00. Following the transaction, the insider owned 37,092,317 shares in the company, valued at approximately $12,870,663,075.83. This trade represents a 0.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Mark W. Jenkins sold 51,380 shares of Carvana stock in a transaction on Friday, May 30th. The shares were sold at an average price of $326.03, for a total value of $16,751,421.40. Following the completion of the transaction, the chief financial officer owned 162,079 shares in the company, valued at approximately $52,842,616.37. The trade was a 24.07% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,343,765 shares of company stock worth $780,120,744. Insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

Hedge funds and other institutional investors have recently modified their holdings of the business. J.Safra Asset Management Corp increased its stake in shares of Carvana by 140.8% in the 1st quarter. J.Safra Asset Management Corp now owns 3,390 shares of the company’s stock valued at $709,000 after purchasing an additional 1,982 shares during the last quarter. Worldquant Millennium Advisors LLC bought a new stake in Carvana during the 4th quarter worth $51,091,000. Farther Finance Advisors LLC grew its position in Carvana by 333.1% during the 1st quarter. Farther Finance Advisors LLC now owns 3,482 shares of the company’s stock worth $740,000 after acquiring an additional 2,678 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Carvana during the 4th quarter worth $36,527,000. Finally, Brucke Financial Inc. bought a new stake in Carvana during the 4th quarter worth $415,000. 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.