Carvana (NYSE:CVNA) Receives Buy Rating from Bank of America

Carvana (NYSE:CVNA)‘s stock had its “buy” rating reaffirmed by stock analysts at Bank of America in a research report issued on Thursday, MarketBeat reports. They currently have a $86.00 target price on the stock, up from their prior target price of $82.00. Bank of America‘s target price suggests a potential upside of 18.67% from the stock’s current price.

CVNA has been the topic of several other research reports. Citigroup raised their price objective on Carvana from $80.00 to $90.00 and gave the stock a “positive” rating in a research note on Thursday, May 9th. Robert W. Baird raised their price objective on Carvana from $65.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, May 9th. Wedbush raised their price objective on Carvana from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. Barrington Research reaffirmed a “hold” rating on shares of Carvana in a research note on Monday. Finally, JMP Securities lifted their price target on Carvana from $64.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $71.67.

Shares of Carvana stock opened at $72.47 on Thursday. The firm has a market cap of $8.99 billion, a P/E ratio of -41.89 and a beta of 2.39. Carvana has a 12 month low of $28.44 and a 12 month high of $76.85. The company has a debt-to-equity ratio of 2.73, a current ratio of 1.39 and a quick ratio of 0.56. The business’s fifty day simple moving average is $63.75.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.40) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by ($0.01). The business had revenue of $986.22 million for the quarter, compared to analyst estimates of $914.50 million. Carvana had a negative return on equity of 30.85% and a negative net margin of 3.54%. The business’s quarterly revenue was up 107.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.37) EPS. Equities research analysts predict that Carvana will post -1.84 EPS for the current fiscal year.

In other Carvana news, insider Ryan S. Keeton sold 9,000 shares of Carvana stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $62.13, for a total value of $559,170.00. Following the sale, the insider now owns 16,748 shares of the company’s stock, valued at approximately $1,040,553.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Benjamin E. Huston sold 33,463 shares of Carvana stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $62.14, for a total value of $2,079,390.82. Following the completion of the sale, the chief operating officer now directly owns 12,197 shares in the company, valued at approximately $757,921.58. The disclosure for this sale can be found here. Insiders sold a total of 1,612,980 shares of company stock worth $103,178,352 in the last three months. Company insiders own 13.02% of the company’s stock.

Several large investors have recently added to or reduced their stakes in CVNA. Covey Capital Advisors LLC grew its stake in shares of Carvana by 5.3% in the second quarter. Covey Capital Advisors LLC now owns 79,523 shares of the company’s stock worth $4,977,000 after purchasing an additional 4,000 shares during the last quarter. Sciencast Management LP bought a new stake in shares of Carvana in the second quarter worth $320,000. Wells Fargo & Company MN grew its stake in shares of Carvana by 123.5% in the second quarter. Wells Fargo & Company MN now owns 249,525 shares of the company’s stock worth $15,617,000 after purchasing an additional 137,863 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Carvana by 91.8% in the second quarter. State Board of Administration of Florida Retirement System now owns 27,983 shares of the company’s stock worth $1,751,000 after purchasing an additional 13,391 shares during the last quarter. Finally, Swiss National Bank bought a new stake in shares of Carvana in the second quarter worth $5,414,000. 35.90% of the stock is currently owned by institutional investors and hedge funds.

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 proprietary 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.

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Analyst Recommendations for Carvana (NYSE:CVNA)

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