Carvana (NYSE:CVNA) Stock Price Expected to Rise, Bank of America Analyst Says

Carvana (NYSE:CVNA) had its price target upped by equities researchers at Bank of America from $252.00 to $270.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price suggests a potential upside of 21.00% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. Evercore ISI upped their price objective on shares of Carvana from $240.00 to $245.00 and gave the stock an “in-line” rating in a report on Tuesday, December 3rd. Morgan Stanley raised shares of Carvana from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $110.00 to $260.00 in a report on Tuesday, November 5th. William Blair reaffirmed an “outperform” rating on shares of Carvana in a report on Thursday. Stephens reissued an “overweight” rating and issued a $300.00 price target on shares of Carvana in a report on Thursday, February 6th. Finally, Citigroup raised shares of Carvana from a “neutral” rating to a “buy” rating and upped their price target for the company from $195.00 to $277.00 in a report on Wednesday, January 8th. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Carvana presently has a consensus rating of “Moderate Buy” and a consensus target price of $265.06.

Carvana Stock Performance

Shares of CVNA opened at $223.14 on Friday. The company has a market cap of $46.33 billion, a price-to-earnings ratio of 142.13 and a beta of 3.37. The firm has a fifty day moving average of $234.35 and a 200-day moving average of $208.28. Carvana has a 1 year low of $49.38 and a 1 year high of $292.84. The company has a debt-to-equity ratio of 3.82, a quick ratio of 2.12 and a current ratio of 3.64.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.27. The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.32 billion. Carvana had a net margin of 1.54% and a return on equity of 36.59%. As a group, equities analysts anticipate that Carvana will post 2.85 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Mark W. Jenkins sold 10,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $255.07, for a total value of $2,550,700.00. Following the transaction, the chief financial officer now owns 189,761 shares in the company, valued at $48,402,338.27. This represents a 5.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel J. Gill sold 44,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $259.47, for a total value of $11,416,680.00. Following the completion of the transaction, the insider now owns 191,225 shares in the company, valued at $49,617,150.75. This represents a 18.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 173,629 shares of company stock worth $44,833,799. Company insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of large investors have recently made changes to their positions in the business. Fidelis Capital Partners LLC increased its holdings in shares of Carvana by 3.4% in the 4th quarter. Fidelis Capital Partners LLC now owns 1,541 shares of the company’s stock valued at $313,000 after purchasing an additional 51 shares during the period. Bleakley Financial Group LLC increased its holdings in Carvana by 2.8% in the fourth quarter. Bleakley Financial Group LLC now owns 2,373 shares of the company’s stock worth $483,000 after buying an additional 65 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Carvana by 21.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 426 shares of the company’s stock worth $87,000 after buying an additional 74 shares during the last quarter. Forum Financial Management LP increased its holdings in Carvana by 3.8% in the third quarter. Forum Financial Management LP now owns 2,071 shares of the company’s stock worth $361,000 after buying an additional 76 shares during the last quarter. Finally, Great Lakes Advisors LLC increased its holdings in Carvana by 2.1% in the fourth quarter. Great Lakes Advisors LLC now owns 3,698 shares of the company’s stock worth $752,000 after buying an additional 77 shares during the last quarter. 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.