Carvana (NYSE:CVNA) Price Target Raised to $75.00

Carvana (NYSE:CVNA) had its price target raised by Evercore ISI from $68.00 to $75.00 in a report published on Tuesday, Benzinga reports. The brokerage currently has an in-line rating on the stock.

Other analysts have also issued reports about the stock. Royal Bank of Canada raised shares of Carvana from an underperform rating to a sector perform rating and upped their price objective for the company from $45.00 to $90.00 in a research note on Friday, March 8th. JPMorgan Chase & Co. raised shares of Carvana from an underweight rating to a neutral rating and upped their price objective for the company from $25.00 to $40.00 in a research note on Monday, December 4th. JMP Securities upped their price objective on shares of Carvana from $60.00 to $80.00 and gave the company a market outperform rating in a research note on Friday, February 23rd. Morgan Stanley upped their target price on Carvana from $32.00 to $45.00 and gave the company an underweight rating in a report on Monday, February 26th. Finally, Wedbush upped their target price on Carvana from $40.00 to $50.00 and gave the company a neutral rating in a report on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $50.40.

Carvana Trading Down 2.7 %

Shares of NYSE CVNA opened at $87.88 on Tuesday. Carvana has a twelve month low of $6.70 and a twelve month high of $94.04. The company has a market capitalization of $17.74 billion, a price-to-earnings ratio of 162.74 and a beta of 3.32. The firm has a 50-day moving average of $64.55 and a two-hundred day moving average of $48.66.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same period last year, the firm earned ($0.97) earnings per share. The company’s revenue was down 14.6% compared to the same quarter last year. As a group, research analysts predict that Carvana will post -3.4 earnings per share for the current year.

Insider Buying and Selling

In other Carvana news, VP Stephen R. Palmer sold 4,515 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $49.57, for a total transaction of $223,808.55. Following the completion of the sale, the vice president now owns 69,108 shares of the company’s stock, valued at $3,425,683.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Carvana news, insider Paul W. Breaux sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $89.00, for a total transaction of $1,780,000.00. Following the completion of the sale, the insider now owns 115,032 shares of the company’s stock, valued at $10,237,848. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Stephen R. Palmer sold 4,515 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $49.57, for a total value of $223,808.55. Following the sale, the vice president now directly owns 69,108 shares of the company’s stock, valued at approximately $3,425,683.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,515 shares of company stock worth $4,620,659. Insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

Hedge funds have recently modified their holdings of the business. Tudor Investment Corp Et Al bought a new stake in shares of Carvana in the second quarter valued at approximately $11,071,000. Vanguard Group Inc. boosted its position in shares of Carvana by 0.7% in the third quarter. Vanguard Group Inc. now owns 9,367,976 shares of the company’s stock valued at $393,268,000 after acquiring an additional 62,820 shares during the period. Quantbot Technologies LP bought a new stake in shares of Carvana in the third quarter valued at approximately $2,879,000. Charles Schwab Investment Management Inc. boosted its position in shares of Carvana by 56.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 778,561 shares of the company’s stock valued at $32,684,000 after acquiring an additional 280,851 shares during the period. Finally, TD Asset Management Inc bought a new stake in shares of Carvana in the third quarter valued at approximately $22,906,000. 56.71% of the stock is 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.