Evercore ISI Cuts Carvana (NYSE:CVNA) Price Target to $77.00

Carvana (NYSE:CVNA) had its target price trimmed by Evercore ISI from $78.00 to $77.00 in a report released on Tuesday morning, Benzinga reports. They currently have an in-line rating on the stock.

Other equities research analysts have also issued reports about the stock. William Blair raised shares of Carvana from a market perform rating to an outperform rating in a report on Friday, February 23rd. Raymond James upgraded Carvana from an underperform rating to a market perform rating in a research report on Friday, February 23rd. Royal Bank of Canada raised 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. JMP Securities upped their price target on shares of Carvana from $60.00 to $80.00 and gave the company a market outperform rating in a research report on Friday, February 23rd. Finally, Wedbush boosted their price objective on shares of Carvana from $40.00 to $50.00 and gave the stock a neutral rating in a research note on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $52.53.

Carvana Stock Up 2.8 %

Shares of NYSE:CVNA opened at $71.10 on Tuesday. The business has a 50 day moving average of $74.84 and a 200-day moving average of $52.12. Carvana has a 12-month low of $6.70 and a 12-month high of $94.04. The stock has a market cap of $14.36 billion, a PE ratio of 131.67 and a beta of 3.32.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) 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 analysts’ expectations of $2.56 billion. The firm’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.97) EPS. Equities research analysts expect that Carvana will post -3.4 earnings per share for the current year.

Insider Activity

In related news, CFO Mark W. Jenkins sold 55,000 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $86.76, for a total transaction of $4,771,800.00. Following the transaction, the chief financial officer now directly owns 178,156 shares of the company’s stock, valued at $15,456,814.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Neha Parikh acquired 1,300 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was purchased at an average price of $77.00 per share, for a total transaction of $100,100.00. Following the completion of the acquisition, the director now directly owns 58,495 shares in the company, valued at approximately $4,504,115. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Mark W. Jenkins sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $86.76, for a total value of $4,771,800.00. Following the transaction, the chief financial officer now directly owns 178,156 shares in the company, valued at $15,456,814.56. The disclosure for this sale can be found here. Insiders sold 187,883 shares of company stock worth $15,505,178 in the last quarter. 17.12% of the stock is owned by corporate insiders.

Institutional Trading of Carvana

A number of hedge funds and other institutional investors have recently bought and sold shares of CVNA. Morgan Stanley increased its position in shares of Carvana by 65.1% during the fourth quarter. Morgan Stanley now owns 14,083,153 shares of the company’s stock worth $66,754,000 after acquiring an additional 5,554,691 shares in the last quarter. Spruce House Investment Management LLC boosted its stake in Carvana by 52.7% during the 4th quarter. Spruce House Investment Management LLC now owns 10,000,000 shares of the company’s stock valued at $47,400,000 after purchasing an additional 3,450,000 shares during the last quarter. Renaissance Technologies LLC bought a new stake in Carvana during the 4th quarter worth approximately $14,102,000. FMR LLC increased its holdings in Carvana by 143.7% during the 1st quarter. FMR LLC now owns 4,667,263 shares of the company’s stock worth $45,693,000 after purchasing an additional 2,752,097 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Carvana by 46.8% in the first quarter. Vanguard Group Inc. now owns 7,297,426 shares of the company’s stock worth $870,511,000 after purchasing an additional 2,325,545 shares during the last quarter. Institutional investors own 56.71% of the company’s stock.

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.