Morgan Stanley Trims Carvana (NYSE:CVNA) Target Price to $32.00

Carvana (NYSE:CVNA) had its target price lowered by investment analysts at Morgan Stanley from $37.00 to $32.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential downside of 1.17% from the stock’s current price.

A number of other research firms also recently issued reports on CVNA. Royal Bank of Canada downgraded shares of Carvana from a “sector perform” rating to an “underperform” rating and set a $30.00 target price on the stock. in a research report on Thursday, July 20th. Stephens increased their price objective on shares of Carvana to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 25th. BNP Paribas downgraded Carvana from an “outperform” rating to a “neutral” rating and set a $37.00 target price for the company. in a research note on Thursday, October 12th. Citigroup upped their price target on Carvana from $25.00 to $50.00 and gave the stock a “neutral” rating in a research note on Friday, July 21st. Finally, William Blair reissued a “market perform” rating on shares of Carvana in a research note on Friday. Five research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Carvana has an average rating of “Hold” and an average target price of $36.67.

Carvana Stock Performance

Shares of CVNA stock opened at $32.38 on Friday. The company has a market cap of $6.46 billion, a P/E ratio of -5.33 and a beta of 3.09. Carvana has a fifty-two week low of $3.55 and a fifty-two week high of $57.19. The stock has a 50 day simple moving average of $37.13 and a two-hundred day simple moving average of $32.22.

Insiders Place Their Bets

In other Carvana news, insider Paul W. Breaux sold 20,000 shares of Carvana stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $49.00, for a total transaction of $980,000.00. Following the transaction, the insider now owns 165,174 shares of the company’s stock, valued at approximately $8,093,526. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 17.12% of the stock is currently owned by insiders.

Institutional Trading of Carvana

A number of hedge funds have recently bought and sold shares of the business. Ieq Capital LLC increased its position in shares of Carvana by 1.6% during the 2nd quarter. Ieq Capital LLC now owns 14,236 shares of the company’s stock valued at $369,000 after purchasing an additional 229 shares during the last quarter. Geneos Wealth Management Inc. raised its position in Carvana by 17.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,929 shares of the company’s stock worth $230,000 after acquiring an additional 280 shares during the period. Arizona State Retirement System boosted its stake in Carvana by 1.5% in the third quarter. Arizona State Retirement System now owns 25,698 shares of the company’s stock valued at $1,079,000 after acquiring an additional 377 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Carvana by 21.4% during the 1st quarter. Mackenzie Financial Corp now owns 2,428 shares of the company’s stock valued at $290,000 after acquiring an additional 428 shares during the period. Finally, 1832 Asset Management L.P. purchased a new stake in shares of Carvana during the 1st quarter worth approximately $59,000. 56.71% of the stock is currently owned by institutional investors.

Carvana Company Profile

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.