JPMorgan Chase & Co. Cuts Carvana (NYSE:CVNA) Price Target to $455.00

Carvana (NYSE:CVNA) had its price objective reduced by JPMorgan Chase & Co. from $490.00 to $455.00 in a research report sent to investors on Thursday, MarketBeat Ratings reports. They currently have an overweight rating on the stock.

A number of other analysts also recently issued reports on the stock. William Blair reissued an “outperform” rating on shares of Carvana in a report on Friday, March 13th. Needham & Company LLC reissued a “buy” rating and issued a $500.00 price objective on shares of Carvana in a report on Monday, March 16th. BTIG Research cut their price objective on shares of Carvana from $535.00 to $455.00 and set a “buy” rating for the company in a report on Thursday, February 19th. Stephens reissued an “overweight” rating and issued a $519.00 price objective on shares of Carvana in a report on Thursday, February 19th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Carvana from $600.00 to $519.00 and set a “buy” rating for the company in a report on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, Carvana currently has an average rating of “Moderate Buy” and a consensus price target of $435.59.

Carvana Stock Performance

Shares of CVNA stock opened at $337.06 on Thursday. The company has a market capitalization of $73.76 billion, a price-to-earnings ratio of 41.92 and a beta of 3.61. The company has a debt-to-equity ratio of 1.15, a quick ratio of 2.73 and a current ratio of 4.31. The company has a 50-day simple moving average of $331.97 and a 200 day simple moving average of $370.01. Carvana has a 52 week low of $192.56 and a 52 week high of $486.89.

Shares of Carvana are going to split on the morning of Thursday, May 7th. The 5-1 split was announced on Friday, March 13th. The newly issued shares will be payable to shareholders after the closing bell on Wednesday, May 6th.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, February 18th. The company reported $4.22 EPS for the quarter, topping the consensus estimate of $1.10 by $3.12. The business had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.24 billion. Carvana had a net margin of 6.92% and a return on equity of 50.96%. Carvana’s revenue was up 58.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.56 EPS. On average, sell-side analysts predict that Carvana will post 2.85 earnings per share for the current year.

Insider Transactions at Carvana

In other news, Director J Danforth Quayle sold 2,900 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $309.97, for a total value of $898,913.00. Following the completion of the transaction, the director directly owned 41,913 shares in the company, valued at approximately $12,991,772.61. The trade was a 6.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Benjamin E. Huston sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $309.86, for a total transaction of $3,098,600.00. Following the completion of the transaction, the chief operating officer owned 92,924 shares of the company’s stock, valued at $28,793,430.64. The trade was a 9.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 56,170 shares of company stock worth $20,020,204. Company insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

Hedge funds and other institutional investors have recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Carvana in the 4th quarter valued at approximately $29,000. Farmers & Merchants Investments Inc. acquired a new position in shares of Carvana in the 4th quarter valued at approximately $29,000. ORG Partners LLC raised its position in shares of Carvana by 8,700.0% in the 3rd quarter. ORG Partners LLC now owns 88 shares of the company’s stock valued at $33,000 after buying an additional 87 shares in the last quarter. Motiv8 Investments LLC acquired a new position in shares of Carvana in the 4th quarter valued at approximately $33,000. Finally, Salomon & Ludwin LLC raised its position in shares of Carvana by 112.5% in the 4th quarter. Salomon & Ludwin LLC now owns 85 shares of the company’s stock valued at $37,000 after buying an additional 45 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Carvana Company Profile

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana’s model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.