Carvana (NYSE:CVNA) Shares Gap Down to $33.12

Carvana Co. (NYSE:CVNA)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $33.12, but opened at $32.11. Carvana shares last traded at $31.74, with a volume of 885,294 shares traded.

Analyst Ratings Changes

CVNA has been the topic of a number of recent research reports. Stephens upped their target price on shares of Carvana to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 25th. Robert W. Baird increased their price target on shares of Carvana from $10.00 to $45.00 in a research note on Thursday, August 10th. William Blair reiterated a “market perform” rating on shares of Carvana in a research note on Friday. Jefferies Financial Group lowered shares of Carvana from a “hold” rating to an “underperform” rating and dropped their price target for the company from $55.00 to $30.00 in a research note on Monday, July 31st. Finally, Piper Sandler decreased their price objective on Carvana from $48.00 to $38.00 and set a “neutral” rating for the company in a report on Monday, November 6th. Five investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $36.67.

Carvana Stock Down 6.3 %

The company has a fifty day moving average of $36.48 and a two-hundred day moving average of $32.93. The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of -5.12 and a beta of 3.09.

Insider Buying and Selling at Carvana

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Diversified Trust Co purchased a new position in shares of Carvana in the third quarter valued at $224,000. Morgan Stanley increased its position in shares of Carvana by 13.8% in the third quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock valued at $619,478,000 after buying an additional 1,784,009 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Carvana by 218.6% in the third quarter. The Manufacturers Life Insurance Company now owns 120,149 shares of the company’s stock valued at $5,044,000 after buying an additional 82,435 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Carvana in the third quarter valued at $935,000. Finally, Legal & General Group Plc increased its position in shares of Carvana by 4.7% in the third quarter. Legal & General Group Plc now owns 87,233 shares of the company’s stock valued at $3,662,000 after buying an additional 3,880 shares in the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

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.