Carvana (NYSE:CVNA) Shares Up 5.6% on Analyst Upgrade

Carvana Co. (NYSE:CVNA)’s stock price shot up 5.6% during trading on Monday after Evercore ISI raised their price target on the stock from $40.00 to $42.00. Evercore ISI currently has an in-line rating on the stock. Carvana traded as high as $49.89 and last traded at $49.57. 4,183,685 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 23,913,766 shares. The stock had previously closed at $46.96.

Other equities analysts have also issued reports about the stock. Robert W. Baird upped their target price on shares of Carvana from $10.00 to $45.00 in a research report on Thursday, August 10th. Stephens upped their target price on shares of Carvana to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 25th. JMP Securities reiterated a “market outperform” rating and set a $60.00 target price on shares of Carvana in a research report on Monday, August 14th. Wells Fargo & Company upped their target price on shares of Carvana from $15.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 20th. Finally, Morgan Stanley upped their target price on shares of Carvana from $35.00 to $37.00 and gave the stock an “underweight” rating in a research report on Friday, August 11th. Six investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Carvana presently has a consensus rating of “Hold” and an average target price of $39.33.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. 1832 Asset Management L.P. acquired a new position in Carvana during the first quarter worth $59,000. Hollencrest Capital Management acquired a new position in Carvana during the second quarter worth $26,000. Hexagon Capital Partners LLC boosted its holdings in Carvana by 393.3% during the second quarter. Hexagon Capital Partners LLC now owns 1,036 shares of the company’s stock worth $27,000 after purchasing an additional 826 shares during the last quarter. C M Bidwell & Associates Ltd. acquired a new stake in Carvana in the second quarter valued at $33,000. Finally, Gables Capital Management Inc. acquired a new stake in Carvana in the second quarter valued at $34,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

Carvana Stock Up 4.8 %

The stock has a market cap of $9.32 billion, a price-to-earnings ratio of -4.01 and a beta of 3.09. The business’s 50 day simple moving average is $41.92 and its 200 day simple moving average is $22.73.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, July 19th. The company reported ($0.55) EPS for the quarter, beating analysts’ consensus estimates of ($1.20) by $0.65. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.62 billion. Carvana had a negative net margin of 11.08% and a negative return on equity of 1,491.81%. Equities research analysts forecast that Carvana Co. will post -3.74 earnings per share for the current fiscal year.

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.