Carvana (NYSE:CVNA) Hits New 1-Year High Following Analyst Upgrade

Carvana Co. (NYSE:CVNA) shares reached a new 52-week high during mid-day trading on Tuesday after Evercore ISI raised their price target on the stock from $178.00 to $182.00. Evercore ISI currently has an in-line rating on the stock. Carvana traded as high as $196.40 and last traded at $195.40, with a volume of 788317 shares changing hands. The stock had previously closed at $191.49.

Several other equities analysts have also commented on the stock. Morgan Stanley increased their price objective on shares of Carvana from $75.00 to $110.00 and gave the company an “underweight” rating in a research report on Thursday, August 1st. Bank of America increased their price objective on shares of Carvana from $185.00 to $210.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Wedbush increased their price objective on shares of Carvana from $150.00 to $175.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. BTIG Research increased their price target on shares of Carvana from $155.00 to $188.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. increased their price target on shares of Carvana from $185.00 to $230.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $177.88.

Insider Transactions at Carvana

In other news, Director Ira J. Platt sold 664 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $150.00, for a total transaction of $99,600.00. Following the sale, the director now owns 30,227 shares of the company’s stock, valued at $4,534,050. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction on Friday, October 18th. The shares were sold at an average price of $191.37, for a total value of $19,137,000.00. Following the sale, the insider now owns 37,858,131 shares of the company’s stock, valued at approximately $7,244,910,529.47. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ira J. Platt sold 664 shares of Carvana stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $150.00, for a total transaction of $99,600.00. Following the completion of the sale, the director now directly owns 30,227 shares in the company, valued at $4,534,050. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,759,366 shares of company stock valued at $445,990,909 in the last 90 days. 17.12% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carvana

Institutional investors have recently added to or reduced their stakes in the stock. Ridgewood Investments LLC acquired a new stake in Carvana in the 2nd quarter valued at $32,000. Sugarloaf Wealth Management LLC purchased a new position in Carvana in the 3rd quarter valued at $32,000. Summit Securities Group LLC lifted its holdings in Carvana by 110.0% in the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after purchasing an additional 3,300 shares in the last quarter. Fifth Third Bancorp lifted its holdings in Carvana by 450.8% in the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock valued at $43,000 after purchasing an additional 275 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. purchased a new position in Carvana in the 2nd quarter valued at $51,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

Carvana Stock Up 3.1 %

The business has a fifty day simple moving average of $163.94 and a two-hundred day simple moving average of $130.27. The company has a current ratio of 3.11, a quick ratio of 2.02 and a debt-to-equity ratio of 47.20. The company has a market cap of $39.98 billion, a PE ratio of 85.59 and a beta of 3.44.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.14 earnings per share for the quarter. The firm had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.23 billion. As a group, equities research analysts predict that Carvana Co. will post 0.29 earnings per share for the current year.

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.