Carvana (NYSE:CVNA) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Carvana (NYSE:CVNA) in a report published on Monday morning,Benzinga reports. Needham & Company LLC currently has a $500.00 price target on the stock.

Other research analysts also recently issued reports about the company. Weiss Ratings upgraded Carvana from a “hold (c)” rating to a “buy (b-)” rating in a research note on Thursday, February 19th. Royal Bank Of Canada dropped their price objective on Carvana from $500.00 to $440.00 and set an “outperform” rating on the stock in a research note on Thursday, February 19th. Wells Fargo & Company cut their price objective on Carvana from $525.00 to $425.00 and set an “overweight” rating for the company in a report on Thursday, February 19th. Wedbush decreased their target price on shares of Carvana from $500.00 to $425.00 and set an “outperform” rating for the company in a research note on Thursday, February 19th. Finally, UBS Group set a $485.00 target price on shares of Carvana in a report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $440.59.

Carvana Stock Performance

Shares of CVNA stock opened at $305.71 on Monday. Carvana has a 12 month low of $148.25 and a 12 month high of $486.89. The company’s fifty day simple moving average is $385.81 and its 200-day simple moving average is $378.31. The firm has a market cap of $66.90 billion, a PE ratio of 38.02 and a beta of 3.60. The company has a quick ratio of 2.73, a current ratio of 4.31 and a debt-to-equity ratio of 1.15.

Carvana’s stock is scheduled 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 distributed to shareholders after the closing bell on Wednesday, May 6th.

Carvana (NYSE:CVNA) last announced 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. The company had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.24 billion. Carvana had a return on equity of 50.96% and a net margin of 6.92%.Carvana’s revenue for the quarter was up 58.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.56 EPS. Equities research analysts expect that Carvana will post 2.85 EPS for the current fiscal year.

Insider Transactions at Carvana

In related news, VP Stephen R. Palmer sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $393.04, for a total transaction of $393,040.00. Following the transaction, the vice president directly owned 37,192 shares of the company’s stock, valued at approximately $14,617,943.68. The trade was a 2.62% 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, Director J Danforth Quayle sold 2,900 shares of the stock in a transaction 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 sale, the director owned 41,913 shares in the company, valued at approximately $12,991,772.61. This trade represents a 6.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 53,574 shares of company stock valued at $21,463,735. Company insiders own 16.36% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVNA. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Carvana in the fourth quarter valued at about $29,000. Farmers & Merchants Investments Inc. bought a new stake in shares of Carvana during the 4th quarter worth about $29,000. ORG Partners LLC boosted its holdings in shares of Carvana by 8,700.0% during the 3rd quarter. ORG Partners LLC now owns 88 shares of the company’s stock worth $33,000 after buying an additional 87 shares during the period. Motiv8 Investments LLC acquired a new position in Carvana in the 4th quarter valued at about $33,000. Finally, Salomon & Ludwin LLC grew its stake in 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 during the last quarter. 56.71% of the stock is owned by institutional investors.

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.