Carvana (NYSE:CVNA) Stock Price Down 4.5%

Carvana Co. (NYSE:CVNA)’s stock price was down 4.5% on Monday . The company traded as low as $67.61 and last traded at $68.16. Approximately 1,641,751 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 6,099,525 shares. The stock had previously closed at $71.36.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. William Blair raised Carvana from a “market perform” rating to an “outperform” rating in a research note on Friday, February 23rd. Raymond James upgraded shares of Carvana from an “underperform” rating to a “market perform” rating in a report on Friday, February 23rd. Royal Bank of Canada raised Carvana from an “underperform” rating to a “sector perform” rating and boosted their target price for the company from $45.00 to $90.00 in a research note on Friday, March 8th. Morgan Stanley boosted their price objective on Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a research report on Monday, February 26th. Finally, Evercore ISI reduced their target price on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a research note on Tuesday, April 16th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Carvana presently has an average rating of “Hold” and an average price target of $53.87.

Carvana Price Performance

The company’s fifty day simple moving average is $76.01 and its two-hundred day simple moving average is $53.06. The stock has a market cap of $15.26 billion, a price-to-earnings ratio of 140.00 and a beta of 3.32.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same period last year, the business posted ($0.97) earnings per share. The company’s revenue for the quarter was down 14.6% compared to the same quarter last year. On average, analysts forecast that Carvana Co. will post -3.4 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Ernest C. Garcia III sold 9,390 shares of Carvana stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $82.83, for a total value of $777,773.70. Following the completion of the transaction, the chief executive officer now owns 861,458 shares in the company, valued at $71,354,566.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Ernest C. Garcia III sold 9,390 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $82.83, for a total value of $777,773.70. Following the sale, the chief executive officer now directly owns 861,458 shares in the company, valued at $71,354,566.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul W. Breaux sold 20,000 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $89.00, for a total value of $1,780,000.00. Following the completion of the sale, the insider now owns 115,032 shares of the company’s stock, valued at approximately $10,237,848. The disclosure for this sale can be found here. Insiders sold 187,883 shares of company stock valued at $15,505,178 over the last 90 days. Corporate insiders own 17.18% of the company’s stock.

Institutional Investors Weigh In On Carvana

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC grew its holdings in shares of Carvana by 59.8% in the third quarter. Exchange Traded Concepts LLC now owns 2,687 shares of the company’s stock worth $113,000 after purchasing an additional 1,006 shares during the last quarter. Handelsbanken Fonder AB lifted its holdings in Carvana by 12.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 19,200 shares of the company’s stock worth $806,000 after buying an additional 2,100 shares during the period. Xponance Inc. bought a new stake in shares of Carvana in the 3rd quarter worth approximately $240,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Carvana by 20.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,324 shares of the company’s stock valued at $769,000 after buying an additional 3,115 shares during the period. Finally, Mackenzie Financial Corp bought a new stake in Carvana during the 3rd quarter valued at approximately $236,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

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 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.