Carvana (NYSE:CVNA) Price Target Raised to $490.00

Carvana (NYSE:CVNA) had its price objective hoisted by JPMorgan Chase & Co. from $425.00 to $490.00 in a research report report published on Tuesday, Marketbeat reports. They currently have an overweight rating on the stock.

CVNA has been the subject of several other reports. Oppenheimer upgraded shares of Carvana from a “market perform” rating to an “outperform” rating and set a $450.00 price objective for the company in a research report on Friday, July 25th. Stephens restated an “overweight” rating and issued a $440.00 price target on shares of Carvana in a research note on Tuesday, September 23rd. Needham & Company LLC increased their price objective on Carvana from $340.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. Citigroup reissued a “buy” rating on shares of Carvana in a report on Thursday, October 9th. Finally, Evercore ISI upped their price target on shares of Carvana from $365.00 to $370.00 and gave the company an “in-line” rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $419.94.

Carvana Trading Up 4.3%

CVNA stock opened at $340.80 on Tuesday. Carvana has a one year low of $148.25 and a one year high of $413.33. The stock has a market cap of $73.34 billion, a price-to-earnings ratio of 85.41, a price-to-earnings-growth ratio of 1.05 and a beta of 3.55. The company has a fifty day moving average price of $363.65 and a two-hundred day moving average price of $323.58. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.58.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.19. The company had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.54 billion. Carvana had a net margin of 3.46% and a return on equity of 40.57%. Carvana’s quarterly revenue was up 41.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.05) EPS. Equities analysts anticipate that Carvana will post 2.85 EPS for the current year.

Insider Buying and Selling at Carvana

In other news, major shareholder Ernest C. Garcia II sold 93,376 shares of the business’s stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $394.16, for a total value of $36,805,084.16. Following the completion of the transaction, the insider directly owned 6,624 shares in the company, valued at approximately $2,610,915.84. The trade was a 93.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $371.30, for a total transaction of $37,130,000.00. Following the sale, the insider owned 35,142,792 shares in the company, valued at $13,048,518,669.60. This represents a 0.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,498,292 shares of company stock valued at $547,914,707 in the last ninety days. 17.12% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Carvana

A number of institutional investors have recently added to or reduced their stakes in CVNA. Hilltop National Bank acquired a new stake in Carvana in the second quarter valued at approximately $25,000. Brooklyn Investment Group lifted its stake in shares of Carvana by 961.5% in the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company’s stock valued at $29,000 after acquiring an additional 125 shares during the last quarter. N.E.W. Advisory Services LLC acquired a new stake in shares of Carvana during the 1st quarter valued at $33,000. SJS Investment Consulting Inc. grew its position in Carvana by 960.0% during the 2nd quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock worth $36,000 after acquiring an additional 96 shares during the last quarter. Finally, Steigerwald Gordon & Koch Inc. bought a new stake in Carvana during the 3rd quarter worth $38,000. 56.71% of the stock is currently owned by institutional investors and hedge funds.

About Carvana

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.