Carvana (NYSE:CVNA) Price Target Raised to $340.00

Carvana (NYSE:CVNA) had its target price increased by Royal Bank of Canada from $320.00 to $340.00 in a research note published on Thursday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other equities research analysts have also weighed in on CVNA. Piper Sandler increased their price objective on shares of Carvana from $225.00 to $230.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 22nd. JMP Securities cut their price target on Carvana from $340.00 to $275.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 9th. Evercore ISI lowered their price objective on Carvana from $250.00 to $240.00 and set an “in-line” rating for the company in a research note on Tuesday, March 11th. Stephens reiterated an “overweight” rating and issued a $300.00 target price on shares of Carvana in a research note on Monday, March 3rd. Finally, DA Davidson upped their price target on shares of Carvana from $220.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $268.59.

Carvana Price Performance

Shares of CVNA opened at $268.27 on Thursday. Carvana has a 52 week low of $97.55 and a 52 week high of $293.62. The company has a current ratio of 3.64, a quick ratio of 2.12 and a debt-to-equity ratio of 3.82. The firm has a market cap of $57.19 billion, a price-to-earnings ratio of 170.87 and a beta of 3.61. The stock has a 50 day moving average of $209.94 and a 200-day moving average of $227.21.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.76. Carvana had a net margin of 1.54% and a return on equity of 36.59%. The firm had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $3.94 billion. During the same quarter in the previous year, the company posted $0.23 earnings per share. The firm’s revenue was up 38.3% on a year-over-year basis. As a group, analysts forecast that Carvana will post 2.85 EPS for the current year.

Insider Buying and Selling

In other Carvana news, COO Benjamin E. Huston sold 50,000 shares of the business’s stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $150.90, for a total value of $7,545,000.00. Following the sale, the chief operating officer now directly owns 123,803 shares in the company, valued at approximately $18,681,872.70. The trade was a 28.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul W. Breaux sold 1,362 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $270.08, for a total transaction of $367,848.96. Following the transaction, the insider now owns 153,240 shares of the company’s stock, valued at approximately $41,387,059.20. This trade represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 348,560 shares of company stock valued at $73,806,520 over the last quarter. Corporate insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

Hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its holdings in Carvana by 6.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 490,874 shares of the company’s stock worth $102,632,000 after buying an additional 27,912 shares in the last quarter. ASR Vermogensbeheer N.V. acquired a new stake in shares of Carvana during the 1st quarter valued at $1,609,000. Primecap Management Co. CA boosted its stake in shares of Carvana by 13.8% during the 1st quarter. Primecap Management Co. CA now owns 199,100 shares of the company’s stock worth $41,628,000 after acquiring an additional 24,200 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Carvana by 9.7% in the 1st quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company’s stock worth $2,620,785,000 after acquiring an additional 1,109,476 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in shares of Carvana during the first quarter worth $90,000. 56.71% of the stock is currently 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.