Carvana (NYSE:CVNA) Price Target Raised to $375.00

Carvana (NYSE:CVNA) had its target price raised by Stephens from $300.00 to $375.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Stephens’ price target would suggest a potential upside of 4.83% from the company’s current price.

Several other brokerages also recently issued reports on CVNA. Citigroup reissued an “outperform” rating on shares of Carvana in a report on Wednesday, July 2nd. Wedbush upgraded shares of Carvana to a “hold” rating in a research report on Thursday, May 8th. Wall Street Zen upgraded shares of Carvana from a “hold” rating to a “buy” rating in a research report on Saturday. Wells Fargo & Company boosted their price objective on Carvana from $290.00 to $310.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Finally, Needham & Company LLC restated a “buy” rating and set a $340.00 price objective on shares of Carvana in a report on Thursday, May 8th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $298.29.

Carvana Stock Up 2.7%

Shares of NYSE:CVNA traded up $9.40 during midday trading on Monday, reaching $357.73. The company had a trading volume of 3,158,109 shares, compared to its average volume of 3,862,681. The company has a debt-to-equity ratio of 2.97, a current ratio of 3.81 and a quick ratio of 2.70. The stock’s fifty day moving average price is $305.85 and its 200-day moving average price is $248.49. The stock has a market capitalization of $76.60 billion, a P/E ratio of 125.52, a PEG ratio of 1.36 and a beta of 3.59. Carvana has a one year low of $118.50 and a one year high of $359.76.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.76. The business had revenue of $4.23 billion during the quarter, compared to analyst estimates of $3.94 billion. Carvana had a net margin of 2.68% and a return on equity of 44.86%. The business’s revenue was up 38.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 earnings per share. Equities research analysts expect that Carvana will post 2.85 earnings per share for the current fiscal year.

Insider Activity at Carvana

In related news, COO Benjamin E. Huston sold 10,000 shares of Carvana stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $338.02, for a total value of $3,380,200.00. Following the completion of the sale, the chief operating officer directly owned 126,855 shares in the company, valued at $42,879,527.10. This trade represents a 7.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ernest C. Garcia III sold 5,439 shares of Carvana stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $344.00, for a total value of $1,871,016.00. Following the completion of the sale, the chief executive officer owned 691,440 shares of the company’s stock, valued at approximately $237,855,360. The trade was a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,329,861 shares of company stock worth $426,983,045. 16.36% of the stock is owned by insiders.

Hedge Funds Weigh In On Carvana

Several institutional investors and hedge funds have recently made changes to their positions in the company. Brooklyn Investment Group increased its position in shares of Carvana by 961.5% during the first quarter. Brooklyn Investment Group now owns 138 shares of the company’s stock worth $29,000 after acquiring an additional 125 shares in the last quarter. Rialto Wealth Management LLC bought a new position in Carvana during the 4th quarter worth about $31,000. N.E.W. Advisory Services LLC bought a new position in Carvana during the 1st quarter worth about $33,000. Transce3nd LLC acquired a new stake in shares of Carvana in the 4th quarter valued at about $48,000. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Carvana by 251.4% in the first quarter. Geneos Wealth Management Inc. now owns 253 shares of the company’s stock valued at $53,000 after purchasing an additional 181 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

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.