Wells Fargo & Company Lowers Carvana (NYSE:CVNA) Price Target to $35.00

Carvana (NYSE:CVNAGet Rating) had its target price cut by investment analysts at Wells Fargo & Company from $65.00 to $35.00 in a research report issued on Wednesday, Stock Target Advisor reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 31.48% from the company’s current price.

A number of other equities research analysts have also recently weighed in on the company. Robert W. Baird dropped their price target on Carvana from $125.00 to $65.00 in a research note on Wednesday, May 11th. Zacks Investment Research upgraded Carvana from a “strong sell” rating to a “hold” rating and set a $36.00 price target on the stock in a research note on Tuesday, May 31st. Oppenheimer dropped their price target on Carvana from $430.00 to $220.00 and set an “outperform” rating on the stock in a research note on Friday, April 8th. Stifel Nicolaus increased their price objective on Carvana from $40.00 to $48.00 in a research report on Monday, May 16th. Finally, Wedbush lowered their price objective on Carvana from $120.00 to $90.00 in a research report on Tuesday, May 3rd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $142.43.

Shares of Carvana stock traded up $1.21 on Wednesday, reaching $26.62. 107,154 shares of the company were exchanged, compared to its average volume of 14,660,496. Carvana has a one year low of $23.60 and a one year high of $376.83. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of -6.61 and a beta of 2.60. The company has a current ratio of 1.36, a quick ratio of 0.47 and a debt-to-equity ratio of 63.19. The company has a 50-day moving average of $64.98 and a 200 day moving average of $140.38.

Carvana (NYSE:CVNAGet Rating) last posted its quarterly earnings results on Wednesday, April 20th. The company reported ($2.89) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.72) by ($1.17). Carvana had a negative net margin of 2.55% and a negative return on equity of 69.88%. The business had revenue of $3.50 billion during the quarter, compared to the consensus estimate of $3.37 billion. During the same quarter last year, the company posted ($0.46) EPS. The firm’s revenue was up 55.8% on a year-over-year basis. Analysts predict that Carvana will post -6.75 earnings per share for the current year.

In other news, insider Paul W. Breaux bought 15,000 shares of the stock in a transaction on Friday, May 20th. The shares were purchased at an average cost of $32.57 per share, for a total transaction of $488,550.00. Following the completion of the purchase, the insider now directly owns 49,240 shares in the company, valued at approximately $1,603,746.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Ernest C. Garcia II acquired 3,362,500 shares of the firm’s stock in a transaction that occurred on Tuesday, April 26th. The shares were bought at an average price of $80.00 per share, for a total transaction of $269,000,000.00. Following the completion of the purchase, the insider now owns 3,362,500 shares in the company, valued at approximately $269,000,000. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 3,740,250 shares of company stock valued at $295,465,135. 17.67% of the stock is currently owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the stock. Teachers Retirement System of The State of Kentucky raised its stake in shares of Carvana by 84.5% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 95,253 shares of the company’s stock valued at $11,363,000 after purchasing an additional 43,639 shares during the period. PB Investment Partners L.P. raised its stake in shares of Carvana by 80.4% during the 1st quarter. PB Investment Partners L.P. now owns 115,569 shares of the company’s stock valued at $13,786,000 after purchasing an additional 51,518 shares during the period. Sculptor Capital LP raised its stake in shares of Carvana by 34.5% during the 1st quarter. Sculptor Capital LP now owns 807,372 shares of the company’s stock valued at $96,311,000 after purchasing an additional 207,017 shares during the period. The Manufacturers Life Insurance Company increased its stake in Carvana by 9,501.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 292,556 shares of the company’s stock worth $35,739,000 after acquiring an additional 289,509 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in Carvana by 111.1% in the 1st quarter. BNP Paribas Arbitrage SA now owns 282,976 shares of the company’s stock worth $33,756,000 after acquiring an additional 148,953 shares during the last quarter.

Carvana Company Profile (Get Rating)

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. The company's 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.

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