Needham & Company LLC Reiterates “Buy” Rating for Carvana (NYSE:CVNA)

Carvana (NYSE:CVNA)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $330.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 67.51% from the company’s previous close.

A number of other analysts also recently commented on CVNA. Citigroup boosted their price objective on Carvana from $125.00 to $195.00 and gave the stock a “neutral” rating in a research note on Thursday, October 3rd. Wells Fargo & Company decreased their price target on Carvana from $300.00 to $275.00 and set an “overweight” rating for the company in a research report on Monday. Robert W. Baird boosted their price objective on Carvana from $160.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. JMP Securities reiterated a “market outperform” rating and issued a $320.00 target price on shares of Carvana in a report on Monday, December 16th. Finally, Piper Sandler lifted their target price on shares of Carvana from $151.00 to $225.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Carvana has a consensus rating of “Moderate Buy” and an average price target of $241.94.

Carvana Stock Down 0.7 %

Shares of NYSE CVNA opened at $197.00 on Tuesday. The firm has a market cap of $40.90 billion, a price-to-earnings ratio of 19,719.72 and a beta of 3.38. The company has a debt-to-equity ratio of 18.99, a quick ratio of 2.12 and a current ratio of 3.25. Carvana has a 1 year low of $40.21 and a 1 year high of $268.34. The stock’s 50-day simple moving average is $235.93 and its 200-day simple moving average is $182.69.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.41. The firm had revenue of $3.66 billion during the quarter, compared to analyst estimates of $3.47 billion. The firm’s revenue was up 31.8% on a year-over-year basis. During the same period last year, the business earned $0.23 EPS. As a group, equities analysts anticipate that Carvana will post 0.76 earnings per share for the current fiscal year.

Insider Transactions at Carvana

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $190.47, for a total value of $19,047,000.00. Following the transaction, the insider now directly owns 38,258,131 shares of the company’s stock, valued at $7,287,026,211.57. The trade was a 0.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ryan S. Keeton sold 24,845 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $247.90, for a total value of $6,159,075.50. Following the sale, the insider now owns 151,029 shares in the company, valued at approximately $37,440,089.10. This trade represents a 14.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,051,908 shares of company stock valued at $218,824,285. Corporate insiders own 17.12% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVNA. Sugarloaf Wealth Management LLC acquired a new position in Carvana during the 3rd quarter valued at about $32,000. Versant Capital Management Inc acquired a new position in Carvana in the fourth quarter valued at approximately $42,000. Capital Performance Advisors LLP bought a new position in Carvana in the third quarter valued at approximately $40,000. First Horizon Advisors Inc. boosted its stake in Carvana by 363.0% in the third quarter. First Horizon Advisors Inc. now owns 250 shares of the company’s stock valued at $44,000 after acquiring an additional 196 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in Carvana during the 2nd quarter worth $51,000. 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.