Carvana (NYSE:CVNA) Upgraded to Overweight by Piper Sandler

Piper Sandler upgraded shares of Carvana (NYSE:CVNAGet Rating) from a neutral rating to an overweight rating in a research report released on Monday morning, MarketBeat.com reports. The firm currently has $73.00 price objective on the stock, down from their previous price objective of $98.00.

Several other research firms have also recently weighed in on CVNA. Stifel Nicolaus reduced their target price on shares of Carvana from $48.00 to $34.00 and set a hold rating for the company in a research note on Tuesday, June 28th. DA Davidson cut their price target on shares of Carvana from $49.00 to $42.00 in a research report on Monday, August 8th. Raymond James upgraded shares of Carvana from an underperform rating to a market perform rating in a research note on Wednesday, July 27th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Carvana from $54.00 to $42.00 in a report on Monday, August 8th. Finally, Morgan Stanley cut their price target on shares of Carvana from $105.00 to $75.00 and set an equal weight rating for the company in a report on Thursday, July 14th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Carvana currently has an average rating of Hold and a consensus price target of $56.25.

Carvana Trading Up 15.5 %

Shares of CVNA stock opened at $42.28 on Monday. The company has a current ratio of 2.32, a quick ratio of 1.11 and a debt-to-equity ratio of 7.64. The business’s 50 day moving average is $33.75 and its two-hundred day moving average is $58.82. The company has a market capitalization of $7.98 billion, a P/E ratio of -6.37 and a beta of 2.60. Carvana has a twelve month low of $19.45 and a twelve month high of $345.98.

Carvana (NYSE:CVNAGet Rating) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($2.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.81) by ($0.54). Carvana had a negative net margin of 4.24% and a negative return on equity of 115.22%. The firm had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.99 billion. During the same period last year, the firm posted $0.26 EPS. Carvana’s revenue was up 16.4% on a year-over-year basis. Equities analysts forecast that Carvana will post -7.76 EPS for the current year.

Insiders Place Their Bets

In other news, insider Daniel J. Gill bought 94,000 shares of Carvana stock in a transaction on Wednesday, June 15th. The stock was acquired at an average cost of $21.77 per share, for a total transaction of $2,046,380.00. Following the completion of the acquisition, the insider now owns 131,023 shares of the company’s stock, valued at approximately $2,852,370.71. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 17.67% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Carvana

Hedge funds have recently bought and sold shares of the stock. AlphaCrest Capital Management LLC purchased a new position in Carvana in the 4th quarter valued at $236,000. Principal Financial Group Inc. increased its stake in shares of Carvana by 7.1% in the 4th quarter. Principal Financial Group Inc. now owns 14,129 shares of the company’s stock worth $3,275,000 after acquiring an additional 941 shares during the last quarter. Teacher Retirement System of Texas increased its stake in shares of Carvana by 23.0% in the 4th quarter. Teacher Retirement System of Texas now owns 14,726 shares of the company’s stock worth $3,413,000 after acquiring an additional 2,755 shares during the last quarter. Rafferty Asset Management LLC increased its stake in shares of Carvana by 22.8% in the 4th quarter. Rafferty Asset Management LLC now owns 3,564 shares of the company’s stock worth $826,000 after acquiring an additional 662 shares during the last quarter. Finally, Pictet Asset Management SA increased its position in shares of Carvana by 6.1% during the 4th quarter. Pictet Asset Management SA now owns 25,255 shares of the company’s stock worth $5,854,000 after purchasing an additional 1,453 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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Analyst Recommendations for Carvana (NYSE:CVNA)

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