Carvana (NYSE:CVNA) Shares Gap Down to $75.35

Carvana Co. (NYSE:CVNA) gapped down before the market opened on Thursday . The stock had previously closed at $75.35, but opened at $71.50. Carvana shares last traded at $74.01, with a volume of 882,358 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. JMP Securities reissued a “market outperform” rating and set a $80.00 target price on shares of Carvana in a research report on Wednesday, April 17th. Evercore ISI cut their target price on Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research report on Tuesday, April 16th. Raymond James raised Carvana from an “underperform” rating to a “market perform” rating in a research report on Friday, February 23rd. William Blair raised Carvana from a “market perform” rating to an “outperform” rating in a research report on Friday, February 23rd. Finally, Jefferies Financial Group raised Carvana from an “underperform” rating to a “hold” rating and boosted their target price for the company from $30.00 to $85.00 in a research report on Tuesday, March 12th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Carvana has a consensus rating of “Hold” and a consensus target price of $55.87.

Carvana Trading Up 8.8 %

The business has a 50-day moving average price of $77.47 and a 200-day moving average price of $53.70. The firm has a market cap of $17.03 billion, a P/E ratio of 156.21 and a beta of 3.32.

Carvana (NYSE:CVNA) last posted its quarterly earnings results 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 firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.56 billion. The company’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.97) earnings per share. On average, equities analysts anticipate that Carvana Co. will post -3.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Carvana news, Director Neha Parikh purchased 1,300 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was bought 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 owns 58,495 shares in the company, valued at approximately $4,504,115. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Carvana news, Director Neha Parikh purchased 1,300 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was bought 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 owns 58,495 shares in the company, valued at approximately $4,504,115. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark W. Jenkins sold 55,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $86.76, for a total value of $4,771,800.00. Following the completion of the sale, the chief financial officer now owns 178,156 shares of the company’s stock, 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 three months. 17.12% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Morgan Stanley increased its holdings 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 purchasing an additional 1,784,009 shares during the period. Vanguard Group Inc. increased its holdings in shares of Carvana by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after purchasing an additional 655,603 shares during the period. FMR LLC increased its holdings in shares of Carvana by 0.5% in the third quarter. FMR LLC now owns 4,696,510 shares of the company’s stock valued at $197,160,000 after purchasing an additional 24,560 shares during the period. First Trust Advisors LP increased its holdings in shares of Carvana by 17.1% in the fourth quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock valued at $78,560,000 after purchasing an additional 216,893 shares during the period. Finally, Goodnow Investment Group LLC increased its holdings in shares of Carvana by 1.6% in the fourth quarter. Goodnow Investment Group LLC now owns 1,464,528 shares of the company’s stock valued at $77,532,000 after purchasing an additional 23,140 shares during the period. 56.71% of the stock is owned by institutional investors and hedge funds.

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.