Carvana (NYSE:CVNA) Price Target Raised to $210.00

Carvana (NYSE:CVNA) had its price objective hoisted by Bank of America from $185.00 to $210.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price points to a potential upside of 9.68% from the stock’s previous close.

CVNA has been the subject of a number of other reports. Morgan Stanley lifted their target price on shares of Carvana from $75.00 to $110.00 and gave the stock an “underweight” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. lifted their price objective on shares of Carvana from $150.00 to $155.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Citigroup lifted their price target on Carvana from $125.00 to $195.00 and gave the stock a “neutral” rating in a research report on Thursday, October 3rd. Stephens assumed coverage on shares of Carvana in a report on Thursday, September 12th. They issued an “overweight” rating and a $190.00 price objective on the stock. Finally, Piper Sandler lifted their price objective on Carvana from $105.00 to $151.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Carvana currently has an average rating of “Hold” and a consensus target price of $160.11.

Carvana Stock Up 0.2 %

Shares of NYSE CVNA traded up $0.47 during mid-day trading on Wednesday, reaching $191.46. 1,804,287 shares of the company were exchanged, compared to its average volume of 4,955,076. The firm has a 50-day moving average of $153.92 and a 200 day moving average of $123.62. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. Carvana has a 1 year low of $25.09 and a 1 year high of $193.24. The stock has a market cap of $38.78 billion, a price-to-earnings ratio of 84.23 and a beta of 3.44.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.14 earnings per share for the quarter. The business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.23 billion. On average, research analysts expect that Carvana will post 0.27 earnings per share for the current year.

Insider Activity at Carvana

In related news, major shareholder Ernest C. Garcia II sold 37,500 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $136.63, for a total value of $5,123,625.00. Following the completion of the transaction, the insider now directly owns 41,442,317 shares of the company’s stock, valued at approximately $5,662,263,771.71. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Ernest C. Garcia II sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $136.18, for a total value of $10,213,500.00. Following the completion of the sale, the insider now directly owns 2,315,814 shares in the company, valued at $315,367,550.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Ernest C. Garcia II sold 37,500 shares of Carvana stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $136.63, for a total value of $5,123,625.00. Following the transaction, the insider now owns 41,442,317 shares in the company, valued at approximately $5,662,263,771.71. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,586,866 shares of company stock valued at $389,372,534. 17.12% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Ridgewood Investments LLC purchased a new stake in shares of Carvana during the 2nd quarter valued at approximately $32,000. Sugarloaf Wealth Management LLC purchased a new position in shares of Carvana during the 3rd quarter worth $32,000. Summit Securities Group LLC increased its position in shares of Carvana by 110.0% during the second quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after acquiring an additional 3,300 shares during the last quarter. Fifth Third Bancorp boosted its position in shares of Carvana by 450.8% during the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock worth $43,000 after purchasing an additional 275 shares during the period. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in Carvana in the 2nd quarter valued at approximately $51,000. 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.