Carvana (NYSE:CVNA) Price Target Raised to $410.00 at Bank of America

Carvana (NYSE:CVNA) had its target price raised by Bank of America from $360.00 to $410.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Bank of America currently has a neutral rating on the stock.

CVNA has been the topic of several other research reports. UBS Group set a $485.00 price objective on Carvana in a report on Friday, February 20th. Deutsche Bank Aktiengesellschaft dropped their target price on Carvana from $600.00 to $519.00 and set a “buy” rating on the stock in a research report on Thursday, February 19th. Morgan Stanley reissued an “overweight” rating on shares of Carvana in a research report on Thursday, January 8th. BTIG Research dropped their target price on Carvana from $535.00 to $455.00 and set a “buy” rating on the stock in a research report on Thursday, February 19th. Finally, DA Davidson dropped their target price on Carvana from $470.00 to $320.00 and set a “neutral” rating on the stock in a research report on Thursday, February 19th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $437.41.

Carvana Trading Down 0.2%

NYSE:CVNA opened at $401.17 on Tuesday. Carvana has a fifty-two week low of $203.50 and a fifty-two week high of $486.89. The company has a debt-to-equity ratio of 1.15, a current ratio of 4.31 and a quick ratio of 2.73. The stock has a market capitalization of $87.80 billion, a PE ratio of 49.90 and a beta of 3.61. The business’s 50-day simple moving average is $329.06 and its 200-day simple moving average is $369.84.

Carvana’s stock is going to split on the morning of Thursday, May 7th. The 5-1 split was announced on Friday, March 13th. The newly created shares will be distributed to shareholders after the market closes on Wednesday, May 6th.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, February 18th. The company reported $4.22 earnings per share for the quarter, beating the consensus estimate of $1.10 by $3.12. Carvana had a return on equity of 50.96% and a net margin of 6.92%.The business had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.24 billion. During the same quarter in the previous year, the business posted $0.56 EPS. Carvana’s revenue for the quarter was up 58.0% on a year-over-year basis. Sell-side analysts expect that Carvana will post 6.93 earnings per share for the current fiscal year.

Insider Buying and Selling at Carvana

In related news, Director J Danforth Quayle sold 2,900 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $309.97, for a total transaction of $898,913.00. Following the transaction, the director directly owned 41,913 shares of the company’s stock, valued at approximately $12,991,772.61. The trade was a 6.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Benjamin E. Huston sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $411.27, for a total value of $4,112,700.00. Following the transaction, the chief operating officer directly owned 98,652 shares in the company, valued at $40,572,608.04. The trade was a 9.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 56,170 shares of company stock worth $20,020,204 in the last three months. 15.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CVNA. Federated Hermes Inc. raised its position in Carvana by 124.9% in the third quarter. Federated Hermes Inc. now owns 265,921 shares of the company’s stock valued at $100,316,000 after purchasing an additional 147,683 shares during the last quarter. Gavilan Investment Partners LLC bought a new position in Carvana in the third quarter valued at about $26,030,000. Massachusetts Financial Services Co. MA raised its position in Carvana by 11.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 637,462 shares of the company’s stock valued at $240,476,000 after purchasing an additional 64,424 shares during the last quarter. Strs Ohio raised its position in Carvana by 89.9% in the third quarter. Strs Ohio now owns 37,756 shares of the company’s stock valued at $14,243,000 after purchasing an additional 17,878 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Carvana by 14.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 193,879 shares of the company’s stock valued at $76,662,000 after purchasing an additional 24,129 shares during the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

About Carvana

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.