JPMorgan Chase & Co. Increases Carvana (NYSE:CVNA) Price Target to $70.00

Carvana (NYSE:CVNA) had its price objective lifted by equities research analysts at JPMorgan Chase & Co. from $65.00 to $70.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 1.95% from the company’s previous close.

CVNA has been the subject of several other reports. Evercore ISI decreased their price target on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a research report on Tuesday. Royal Bank of Canada upgraded shares of Carvana from an “underperform” rating to a “sector perform” rating and upped their price target for the company from $45.00 to $90.00 in a research report on Friday, March 8th. Raymond James upgraded shares of Carvana from an “underperform” rating to a “market perform” rating in a research report on Friday, February 23rd. Wedbush upped their price target on shares of Carvana from $40.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, February 20th. Finally, JMP Securities restated a “market outperform” rating and issued a $80.00 price target on shares of Carvana in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $53.87.

Carvana Price Performance

CVNA stock opened at $71.39 on Thursday. The company has a 50 day simple moving average of $75.21 and a 200 day simple moving average of $52.34. The stock has a market cap of $14.41 billion, a price-to-earnings ratio of 132.21 and a beta of 3.32. Carvana has a 1 year low of $6.70 and a 1 year high of $94.04.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) for the quarter, missing the consensus estimate 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. During the same period in the prior year, the business posted ($0.97) EPS. The business’s revenue for the quarter was down 14.6% on a year-over-year basis. On average, equities research analysts anticipate that Carvana will post -3.4 EPS for the current fiscal year.

Insider Buying and Selling

In other Carvana news, insider Paul W. Breaux sold 15,000 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $69.00, for a total value of $1,035,000.00. Following the transaction, the insider now directly owns 150,126 shares of the company’s stock, valued at $10,358,694. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Carvana news, insider Paul W. Breaux sold 15,000 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $69.00, for a total value of $1,035,000.00. Following the transaction, the insider now directly owns 150,126 shares of the company’s stock, valued at $10,358,694. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Neha Parikh acquired 1,300 shares of the company’s stock in a transaction on Friday, March 1st. The stock was acquired at an average cost of $77.00 per share, for a total transaction of $100,100.00. Following the completion of the purchase, the director now directly owns 58,495 shares of the company’s stock, valued at approximately $4,504,115. The disclosure for this purchase can be found here. Insiders have sold a total of 187,883 shares of company stock valued at $15,505,178 over the last ninety days. 17.12% of the stock is owned by corporate insiders.

Institutional Trading of Carvana

Several institutional investors and hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC raised its holdings in shares of Carvana by 39.0% in the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after purchasing an additional 194 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Carvana by 1.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 13,160 shares of the company’s stock valued at $697,000 after purchasing an additional 249 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Carvana by 17.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,929 shares of the company’s stock valued at $230,000 after purchasing an additional 280 shares during the last quarter. Diversified Trust Co raised its holdings in shares of Carvana by 6.0% in the fourth quarter. Diversified Trust Co now owns 5,659 shares of the company’s stock valued at $300,000 after purchasing an additional 319 shares during the last quarter. Finally, Corient Private Wealth LLC raised its holdings in shares of Carvana by 5.6% in the fourth quarter. Corient Private Wealth LLC now owns 6,713 shares of the company’s stock valued at $355,000 after purchasing an additional 358 shares during 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.