Carvana (NYSE:CVNA) Price Target Increased to $70.00 by Analysts at TD Cowen

Carvana (NYSE:CVNA) had its target price raised by TD Cowen from $58.00 to $70.00 in a research report released on Monday, Benzinga reports. The firm currently has a hold rating on the stock.

Other research analysts also recently issued research reports about the stock. William Blair upgraded shares of Carvana from a market perform rating to an outperform rating in a report on Friday, February 23rd. Jefferies Financial Group upgraded Carvana from an underperform rating to a hold rating and lifted their price objective for the stock from $30.00 to $85.00 in a research note on Tuesday, March 12th. Evercore ISI decreased their target price on Carvana from $78.00 to $77.00 and set an in-line rating for the company in a research note on Tuesday, April 16th. Wedbush reaffirmed a neutral rating and issued a $80.00 price target (up from $60.00) on shares of Carvana in a research report on Thursday, April 25th. Finally, Royal Bank of Canada upgraded Carvana from an underperform rating to a sector perform rating and upped their price target for the stock from $45.00 to $90.00 in a report on Friday, March 8th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Carvana currently has an average rating of Hold and a consensus price target of $56.75.

Carvana Price Performance

NYSE CVNA opened at $83.83 on Monday. Carvana has a fifty-two week low of $6.70 and a fifty-two week high of $94.04. The stock’s 50-day moving average is $78.09 and its two-hundred day moving average is $54.27. The firm has a market cap of $16.93 billion, a P/E ratio of 155.24 and a beta of 3.32.

Carvana (NYSE:CVNA) last posted its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The company had revenue of $2.42 billion during 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 was down 14.6% on a year-over-year basis. On average, equities analysts expect that Carvana will post -3.32 EPS for the current year.

Insider Activity

In other Carvana news, insider Paul W. Breaux sold 15,000 shares of Carvana stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $69.00, for a total transaction of $1,035,000.00. Following the sale, the insider now directly owns 150,126 shares of the company’s stock, valued at $10,358,694. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Neha Parikh bought 1,300 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was bought at an average price of $76.68 per share, for a total transaction of $99,684.00. Following the completion of the purchase, the director now owns 59,795 shares of the company’s stock, valued at approximately $4,585,080.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul W. Breaux sold 15,000 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $69.00, for a total value of $1,035,000.00. Following the sale, the insider now owns 150,126 shares in the company, valued at $10,358,694. The disclosure for this sale can be found here. In the last three months, insiders have sold 187,883 shares of company stock worth $15,505,178. Corporate insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of institutional investors and hedge funds have recently bought and sold shares of CVNA. Morgan Stanley grew its stake in shares of Carvana by 13.8% during 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 last quarter. Vanguard Group Inc. boosted its position in Carvana by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after buying an additional 655,603 shares during the last quarter. TD Asset Management Inc bought a new stake in shares of Carvana during the third quarter worth $22,906,000. UBS Group AG lifted its stake in shares of Carvana by 132.6% during the third quarter. UBS Group AG now owns 81,620 shares of the company’s stock valued at $3,426,000 after acquiring an additional 331,892 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in 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 last quarter. Institutional investors and hedge funds 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.