JPMorgan Chase & Co. Raises Carvana (NYSE:CVNA) Price Target to $70.00

Carvana (NYSE:CVNA) had its target price raised by JPMorgan Chase & Co. from $65.00 to $70.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential downside of 4.06% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Royal Bank of Canada raised shares of Carvana from an “underperform” rating to a “sector perform” rating and upped their price target for the company from $45.00 to $90.00 in a report on Friday, March 8th. William Blair raised shares of Carvana from a “market perform” rating to an “outperform” rating in a research note on Friday, February 23rd. Jefferies Financial Group raised shares of Carvana from an “underperform” rating to a “hold” rating and upped their price objective for the company from $30.00 to $85.00 in a research note on Tuesday, March 12th. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 price objective on shares of Carvana in a research note on Wednesday. Finally, Morgan Stanley upped their price objective on shares of Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a research note on Monday, February 26th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $52.53.

Carvana Trading Up 5.5 %

CVNA traded up $3.80 on Thursday, reaching $72.96. The company had a trading volume of 2,577,725 shares, compared to its average volume of 6,166,854. The company has a fifty day moving average of $74.47 and a 200-day moving average of $51.99. The company has a market capitalization of $14.73 billion, a P/E ratio of 134.84 and a beta of 3.32. Carvana has a one year low of $6.70 and a one year high of $94.04.

Carvana (NYSE:CVNA) last announced its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.56 billion. The firm’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.97) EPS. Research analysts predict that Carvana will post -3.4 EPS for the current year.

Insider Buying and Selling

In related news, VP Stephen R. Palmer sold 5,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $86.75, for a total value of $433,750.00. Following the transaction, the vice president now owns 62,514 shares in the company, valued at $5,423,089.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Carvana news, insider Paul W. Breaux sold 20,000 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $89.00, for a total transaction of $1,780,000.00. Following the transaction, the insider now owns 115,032 shares in the company, valued at $10,237,848. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Stephen R. Palmer sold 5,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $86.75, for a total value of $433,750.00. Following the transaction, the vice president now owns 62,514 shares in the company, valued at approximately $5,423,089.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 187,883 shares of company stock worth $15,505,178. Insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

Several hedge funds have recently modified their holdings of CVNA. Morgan Stanley lifted its position in Carvana by 65.1% in the fourth quarter. Morgan Stanley now owns 14,083,153 shares of the company’s stock worth $66,754,000 after purchasing an additional 5,554,691 shares during the period. Spruce House Investment Management LLC increased its stake in shares of Carvana by 52.7% in the fourth quarter. Spruce House Investment Management LLC now owns 10,000,000 shares of the company’s stock valued at $47,400,000 after buying an additional 3,450,000 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Carvana in the fourth quarter valued at $14,102,000. FMR LLC increased its stake in shares of Carvana by 143.7% in the first quarter. FMR LLC now owns 4,667,263 shares of the company’s stock valued at $45,693,000 after buying an additional 2,752,097 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Carvana by 46.8% in the first quarter. Vanguard Group Inc. now owns 7,297,426 shares of the company’s stock valued at $870,511,000 after buying an additional 2,325,545 shares in the last quarter. 56.71% of the stock is owned by institutional investors.

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.