Carvana (NYSE:CVNA) Stock Rating Upgraded by Citigroup

Carvana (NYSE:CVNA) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday, MarketBeat reports. The firm currently has a $277.00 price target on the stock, up from their prior price target of $195.00. Citigroup’s target price would indicate a potential upside of 40.61% from the stock’s current price.

A number of other research analysts have also recently commented on the company. Wedbush increased their target price on Carvana from $150.00 to $175.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. Jefferies Financial Group raised their price objective on Carvana from $150.00 to $185.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. upped their target price on Carvana from $230.00 to $300.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Evercore ISI lifted their price target on shares of Carvana from $240.00 to $245.00 and gave the stock an “in-line” rating in a research note on Tuesday, December 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $330.00 price objective on shares of Carvana in a research note on Tuesday. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $241.94.

Carvana Stock Performance

NYSE:CVNA opened at $197.00 on Wednesday. The stock has a market cap of $40.90 billion, a P/E ratio of 19,719.72 and a beta of 3.38. The company has a quick ratio of 2.12, a current ratio of 3.25 and a debt-to-equity ratio of 18.99. The business’s 50-day moving average price is $234.92 and its two-hundred day moving average price is $182.79. Carvana has a twelve month low of $40.21 and a twelve month high of $268.34.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.41. The company had revenue of $3.66 billion during the quarter, compared to analysts’ expectations of $3.47 billion. During the same period in the prior year, the business earned $0.23 earnings per share. The company’s revenue for the quarter was up 31.8% compared to the same quarter last year. As a group, equities analysts predict that Carvana will post 0.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $190.47, for a total transaction of $19,047,000.00. Following the completion of the transaction, the insider now directly owns 38,258,131 shares in the company, valued at approximately $7,287,026,211.57. This trade represents a 0.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark W. Jenkins sold 208,495 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $224.43, for a total value of $46,792,532.85. Following the completion of the sale, the chief financial officer now owns 90,732 shares in the company, valued at $20,362,982.76. The trade was a 69.68 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 951,908 shares of company stock worth $199,569,285. 17.12% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Carvana

Hedge funds have recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Carvana by 90.8% in the 3rd quarter. FMR LLC now owns 12,361,790 shares of the company’s stock worth $2,152,311,000 after purchasing an additional 5,882,656 shares in the last quarter. Lingotto Investment Management LLP boosted its position in shares of Carvana by 1.4% during the second quarter. Lingotto Investment Management LLP now owns 3,776,747 shares of the company’s stock valued at $486,143,000 after buying an additional 52,833 shares during the last quarter. State Street Corp increased its holdings in Carvana by 6.1% in the 3rd quarter. State Street Corp now owns 1,877,511 shares of the company’s stock worth $326,893,000 after buying an additional 107,610 shares in the last quarter. Geode Capital Management LLC raised its position in Carvana by 7.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,803,546 shares of the company’s stock worth $315,133,000 after buying an additional 131,059 shares during the last quarter. Finally, Whale Rock Capital Management LLC bought a new position in Carvana during the 3rd quarter valued at about $162,953,000. 56.71% of the stock is currently owned by hedge funds and other 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.