Evercore ISI Issues Positive Forecast for Carvana (NYSE:CVNA) Stock Price

Carvana (NYSE:CVNA) had its price target increased by Evercore ISI from $365.00 to $370.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an in-line rating on the stock.

A number of other brokerages have also commented on CVNA. Piper Sandler increased their price target on Carvana from $340.00 to $440.00 and gave the company an “overweight” rating in a research note on Thursday, July 31st. Robert W. Baird raised their price objective on Carvana from $200.00 to $275.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. JMP Securities raised their price objective on Carvana from $440.00 to $460.00 and gave the company a “market outperform” rating in a research note on Thursday, July 31st. Bank of America raised their price objective on Carvana from $375.00 to $425.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. Finally, Gordon Haskett started coverage on Carvana in a research note on Monday, July 14th. They issued a “hold” rating and a $329.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $383.47.

Carvana Price Performance

Shares of Carvana stock opened at $345.77 on Tuesday. The stock has a 50 day moving average of $337.74 and a 200 day moving average of $273.50. Carvana has a 12 month low of $124.39 and a 12 month high of $413.33. The firm has a market cap of $74.41 billion, a PE ratio of 86.66, a PEG ratio of 1.14 and a beta of 3.57. The company has a current ratio of 4.00, a quick ratio of 2.58 and a debt-to-equity ratio of 2.51.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 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 analyst estimates of $4.54 billion. During the same period in the prior year, the company earned ($0.05) earnings per share. The firm’s revenue was up 41.9% on a year-over-year basis. On average, research analysts expect that Carvana will post 2.85 EPS for the current fiscal year.

Insider Transactions at Carvana

In other news, insider Paul W. Breaux sold 15,000 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $367.34, for a total value of $5,510,100.00. Following the sale, the insider directly owned 113,792 shares in the company, valued at approximately $41,800,353.28. This represents a 11.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ernest C. Garcia III sold 10,000 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $346.61, for a total value of $3,466,100.00. Following the completion of the sale, the chief executive officer owned 561,440 shares in the company, valued at approximately $194,600,718.40. The trade was a 1.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,861,302 shares of company stock worth $994,352,651. 16.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CVNA. Price T Rowe Associates Inc. MD increased its holdings in 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 worth $3,125,749,000 after purchasing an additional 1,823,218 shares during the period. Vanguard Group Inc. increased its holdings in Carvana by 9.7% during the 1st 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. Massachusetts Financial Services Co. MA purchased a new position in Carvana during the 2nd quarter worth $193,091,000. Castle Hook Partners LP purchased a new position in Carvana during the 4th quarter worth $116,020,000. Finally, BNP Paribas Financial Markets increased its holdings in Carvana by 89.8% during the 4th quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company’s stock worth $207,086,000 after purchasing an additional 481,912 shares during the period. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

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.