JMP Securities Reaffirms Market Outperform Rating for Carvana (NYSE:CVNA)

Carvana (NYSE:CVNA)‘s stock had its “market outperform” rating reaffirmed by analysts at JMP Securities in a research note issued on Monday, Benzinga reports. They currently have a $200.00 price objective on the stock. JMP Securities’ target price points to a potential upside of 53.00% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Piper Sandler increased their price target on Carvana from $105.00 to $151.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Wells Fargo & Company upgraded shares of Carvana from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $77.00 to $175.00 in a report on Thursday, August 1st. Royal Bank of Canada raised shares of Carvana to a “sector perform” rating and upped their price objective for the company from $166.00 to $170.00 in a research note on Monday, August 19th. Wedbush raised shares of Carvana to a “neutral” rating and lifted their target price for the stock from $120.00 to $150.00 in a research note on Monday, August 19th. Finally, Robert W. Baird assumed coverage on shares of Carvana in a report on Thursday, August 1st. They issued a “neutral” rating and a $160.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $148.40.

Carvana Stock Performance

Shares of Carvana stock opened at $130.72 on Monday. The stock has a market cap of $27.05 billion, a price-to-earnings ratio of 57.33 and a beta of 3.43. Carvana has a twelve month low of $25.09 and a twelve month high of $159.85. The company’s fifty day moving average is $139.05 and its 200 day moving average is $111.31. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20.

Insiders Place Their Bets

In other news, major shareholder Ernest C. Garcia II sold 60,000 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $102.91, for a total transaction of $6,174,600.00. Following the completion of the sale, the insider now directly owns 1,237,500 shares of the company’s stock, valued at $127,351,125. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Carvana news, major shareholder Ernest C. Garcia II sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $102.91, for a total transaction of $6,174,600.00. Following the completion of the sale, the insider now directly owns 1,237,500 shares of the company’s stock, valued at approximately $127,351,125. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark W. Jenkins sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $124.08, for a total value of $6,824,400.00. Following the completion of the transaction, the chief financial officer now owns 186,580 shares in the company, valued at approximately $23,150,846.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,615,422 shares of company stock worth $349,648,177. Insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

Several institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC increased its position in shares of Carvana by 19.5% during the 2nd quarter. CWM LLC now owns 883 shares of the company’s stock valued at $114,000 after purchasing an additional 144 shares during the last quarter. Great Valley Advisor Group Inc. boosted its stake in Carvana by 1.8% in the second quarter. Great Valley Advisor Group Inc. now owns 10,358 shares of the company’s stock valued at $1,333,000 after acquiring an additional 182 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of Carvana by 39.0% during the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after purchasing an additional 194 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Carvana by 2.6% in the 2nd quarter. American Century Companies Inc. now owns 9,365 shares of the company’s stock worth $1,205,000 after purchasing an additional 241 shares during the period. Finally, Ridgewood Investments LLC purchased a new position in Carvana in the second quarter valued at approximately $32,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

About Carvana

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.