Wells Fargo & Company Issues Pessimistic Forecast for Carvana (NYSE:CVNA) Stock Price

Carvana (NYSE:CVNA) had its target price reduced by investment analysts at Wells Fargo & Company from $300.00 to $275.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 44.60% from the company’s previous close.

CVNA has been the subject of a number of other research reports. Stephens restated an “overweight” rating and set a $300.00 price target on shares of Carvana in a report on Thursday. Jefferies Financial Group boosted their price target on shares of Carvana from $150.00 to $185.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. JMP Securities reiterated a “market outperform” rating and set a $320.00 target price on shares of Carvana in a report on Monday, December 16th. Citigroup lifted their target price on Carvana from $125.00 to $195.00 and gave the company a “neutral” rating in a report on Thursday, October 3rd. Finally, Robert W. Baird boosted their price objective on Carvana from $160.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Eleven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Carvana currently has a consensus rating of “Hold” and a consensus price target of $230.65.

Carvana Price Performance

NYSE CVNA traded up $13.02 on Monday, hitting $190.18. The company had a trading volume of 1,915,124 shares, compared to its average volume of 7,308,449. The company’s fifty day moving average price is $236.67 and its 200-day moving average price is $181.43. Carvana has a 12-month low of $40.21 and a 12-month high of $268.34. The company has a market capitalization of $39.49 billion, a PE ratio of 19,037.04 and a beta of 3.38. The company has a debt-to-equity ratio of 18.99, a current ratio of 3.25 and a quick ratio of 2.12.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.41. The firm had revenue of $3.66 billion during the quarter, compared to analyst estimates of $3.47 billion. The company’s quarterly revenue was up 31.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.23 earnings per share. As a group, analysts predict that Carvana will post 0.76 earnings per share for the current year.

Insiders Place Their Bets

In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $190.47, for a total transaction of $19,047,000.00. Following the completion of the sale, the insider now directly owns 38,258,131 shares of the company’s stock, valued at $7,287,026,211.57. This represents a 0.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark W. Jenkins sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $200.75, for a total value of $2,007,500.00. Following the completion of the transaction, the chief financial officer now directly owns 189,097 shares in the company, valued at approximately $37,961,222.75. The trade was a 5.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,151,908 shares of company stock valued at $237,894,285 over the last quarter. Company insiders own 17.12% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Sugarloaf Wealth Management LLC purchased a new position in Carvana in the third quarter valued at approximately $32,000. Capital Performance Advisors LLP purchased a new stake in Carvana during the 3rd quarter worth $40,000. Versant Capital Management Inc purchased a new position in Carvana in the fourth quarter valued at about $42,000. First Horizon Advisors Inc. lifted its stake in shares of Carvana by 363.0% during the third quarter. First Horizon Advisors Inc. now owns 250 shares of the company’s stock worth $44,000 after purchasing an additional 196 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Carvana in the second quarter worth about $51,000. 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.