Carvana (NYSE:CVNA) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Carvana (NYSE:CVNA) from a neutral rating to an overweight rating in a research report report published on Thursday, MarketBeat Ratings reports. They currently have $130.00 price objective on the stock, up from their previous price objective of $70.00.

CVNA has been the subject of several other reports. Morgan Stanley lifted their price target on shares of Carvana from $32.00 to $45.00 and gave the company an underweight rating in a report on Monday, February 26th. Evercore ISI reduced their target price on Carvana from $78.00 to $77.00 and set an in-line rating on the stock in a report on Tuesday, April 16th. TD Cowen raised their price target on Carvana from $58.00 to $70.00 and gave the company a hold rating in a report on Monday, April 29th. Jefferies Financial Group raised Carvana from an underperform rating to a hold rating and boosted their price objective for the stock from $30.00 to $85.00 in a research note on Tuesday, March 12th. Finally, Wedbush restated a neutral rating and issued a $80.00 target price (up from $60.00) on shares of Carvana in a research note on Thursday, April 25th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and a consensus target price of $73.44.

Carvana Trading Up 4.4 %

NYSE CVNA opened at $121.67 on Thursday. Carvana has a 1-year low of $6.92 and a 1-year high of $124.20. The stock’s 50 day moving average is $81.81 and its two-hundred day moving average is $56.03. The company has a market capitalization of $24.57 billion, a price-to-earnings ratio of 53.36 and a beta of 3.28.

Carvana (NYSE:CVNA) last announced 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 during the quarter, compared to analysts’ expectations of $2.56 billion. Carvana’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.97) EPS. On average, analysts predict that Carvana will post -3.05 earnings per share for the current year.

Insider Activity at Carvana

In other Carvana news, CEO Ernest C. Garcia III sold 9,390 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $82.83, for a total transaction of $777,773.70. Following the completion of the sale, the chief executive officer now owns 861,458 shares in the company, valued at approximately $71,354,566.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Carvana news, CEO Ernest C. Garcia III sold 9,390 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $82.83, for a total transaction of $777,773.70. Following the transaction, the chief executive officer now owns 861,458 shares in the company, valued at $71,354,566.14. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Ernest C. Garcia III sold 18,100 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $116.24, for a total value of $2,103,944.00. Following the completion of the sale, the chief executive officer now directly owns 896,449 shares of the company’s stock, valued at $104,203,231.76. The disclosure for this sale can be found here. Insiders have sold 442,233 shares of company stock worth $38,200,169 over the last ninety days. Company insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

Several hedge funds have recently bought and sold shares of the company. Blue Trust Inc. bought a new stake in shares of Carvana in the 4th quarter valued at $29,000. Vanguard Group Inc. raised its position in shares of Carvana by 0.7% during the third quarter. Vanguard Group Inc. now owns 9,367,976 shares of the company’s stock worth $393,268,000 after purchasing an additional 62,820 shares during the period. Quantbot Technologies LP bought a new position in shares of Carvana during the 3rd quarter valued at about $2,879,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Carvana by 56.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 778,561 shares of the company’s stock valued at $32,684,000 after purchasing an additional 280,851 shares in the last quarter. Finally, TD Asset Management Inc acquired a new position in shares of Carvana in the 3rd quarter valued at approximately $22,906,000. 56.71% of the stock is currently owned by institutional investors and hedge funds.

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.