Wedbush Increases Carvana (NYSE:CVNA) Price Target to $120.00

Carvana (NYSE:CVNA) had its price target boosted by Wedbush from $80.00 to $120.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a neutral rating on the stock. Wedbush also issued estimates for Carvana’s Q1 2024 earnings at ($0.53) EPS, Q2 2024 earnings at ($0.55) EPS, Q3 2024 earnings at ($0.54) EPS, Q4 2024 earnings at ($0.68) EPS, FY2024 earnings at ($2.31) EPS, FY2025 earnings at ($1.54) EPS and FY2026 earnings at ($0.57) EPS.

A number of other analysts have also issued reports on CVNA. Morgan Stanley lifted their price target on shares of Carvana from $32.00 to $45.00 and gave the stock an underweight rating in a research note on Monday, February 26th. Robert W. Baird increased their target price on Carvana from $65.00 to $110.00 and gave the stock a neutral rating in a research report on Thursday. William Blair upgraded Carvana from a market perform rating to an outperform rating in a research report on Friday, February 23rd. Royal Bank of Canada upgraded shares of Carvana from an underperform rating to a sector perform rating and boosted their price target for the stock from $45.00 to $90.00 in a research report on Friday, March 8th. Finally, Needham & Company LLC reaffirmed a hold rating on shares of Carvana in a research note on Thursday. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $73.44.

Carvana Stock Performance

CVNA stock opened at $121.67 on Thursday. The firm has a market cap of $24.57 billion, a P/E ratio of 53.36 and a beta of 3.28. Carvana has a 1 year low of $6.92 and a 1 year high of $124.20. The stock’s 50 day moving average price is $81.81 and its 200 day moving average price is $56.03.

Carvana (NYSE:CVNA) last posted 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 for the quarter, compared to the consensus estimate of $2.56 billion. The firm’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.97) earnings per share. On average, research analysts predict that Carvana will post -3.05 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Neha Parikh bought 1,300 shares of Carvana stock in a transaction on Friday, March 1st. The shares were 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 owns 58,495 shares in the company, valued at $4,504,115. The transaction was disclosed in a legal filing with the SEC, 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 on Friday, March 1st. The shares were bought at an average cost of $77.00 per share, for a total transaction of $100,100.00. Following the completion of the acquisition, the director now owns 58,495 shares in the company, valued at approximately $4,504,115. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Benjamin E. Huston sold 18,000 shares of Carvana stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $115.07, for a total transaction of $2,071,260.00. Following the transaction, the chief operating officer now directly owns 213,548 shares in the company, valued at $24,572,968.36. The disclosure for this sale can be found here. Insiders sold a total of 442,233 shares of company stock valued at $38,200,169 over the last three months. Company insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

Several large investors have recently modified their holdings of the business. Exchange Traded Concepts LLC grew its position in shares of Carvana by 59.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 2,687 shares of the company’s stock valued at $113,000 after purchasing an additional 1,006 shares during the period. Handelsbanken Fonder AB raised its holdings in shares of Carvana by 12.3% during the third quarter. Handelsbanken Fonder AB now owns 19,200 shares of the company’s stock worth $806,000 after acquiring an additional 2,100 shares during the period. Xponance Inc. bought a new stake in Carvana in the 3rd quarter valued at $240,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Carvana by 20.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,324 shares of the company’s stock valued at $769,000 after acquiring an additional 3,115 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new position in Carvana in the 3rd quarter worth $236,000. 56.71% of the stock is currently owned by institutional investors.

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.