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

Carvana Co. (NYSE:CVNA) reached a new 52-week high during 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. The stock had previously closed at $191.49.

Several other research analysts have also commented on CVNA. Needham & Company LLC lifted their price target on Carvana from $160.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Citigroup lifted their price target on Carvana from $125.00 to $195.00 and gave the stock a “neutral” rating in a report on Thursday, October 3rd. JMP Securities reiterated a “market outperform” rating and set a $200.00 price target on shares of Carvana in a report on Monday, September 9th. JPMorgan Chase & Co. lifted their price target on Carvana from $185.00 to $230.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. Finally, Piper Sandler boosted their price objective on shares of Carvana from $105.00 to $151.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $177.88.

Insider Buying and Selling at Carvana

In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $193.06, for a total value of $19,306,000.00. Following the completion of the transaction, the insider now directly owns 38,058,131 shares of the company’s stock, valued at $7,347,502,770.86. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $193.06, for a total value of $19,306,000.00. Following the completion of the transaction, the insider now directly owns 38,058,131 shares of the company’s stock, valued at $7,347,502,770.86. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark W. Jenkins sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $146.14, for a total value of $730,700.00. Following the transaction, the chief financial officer now directly owns 180,609 shares of the company’s stock, valued at approximately $26,394,199.26. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,759,366 shares of company stock valued at $445,990,909 in the last three months. 17.12% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Carvana

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sugarloaf Wealth Management LLC acquired a new position in shares of Carvana during the third quarter worth about $32,000. Ridgewood Investments LLC acquired a new position in shares of Carvana during the second quarter worth about $32,000. Summit Securities Group LLC grew its position in shares of Carvana by 110.0% during the second quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock worth $39,000 after buying an additional 3,300 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Carvana by 450.8% during the second quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock worth $43,000 after buying an additional 275 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in shares of Carvana during the second quarter worth about $51,000. 56.71% of the stock is owned by institutional investors and hedge funds.

Carvana Stock Performance

The stock has a 50-day moving average price of $163.94 and a 200 day moving average price of $130.27. The firm has a market capitalization of $39.98 billion, a price-to-earnings ratio of 85.59 and a beta of 3.44. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, July 31st. The company reported $0.14 earnings per share for the quarter. The business had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.23 billion. On average, analysts forecast that Carvana Co. will post 0.29 EPS for the current year.

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.