JPMorgan Chase & Co. Issues Positive Forecast for Carvana (NYSE:CVNA) Stock Price

Carvana (NYSE:CVNA) had its price objective raised by JPMorgan Chase & Co. from $300.00 to $350.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages have also issued reports on CVNA. Evercore ISI boosted their price target on Carvana from $240.00 to $245.00 and gave the company an “in-line” rating in a research note on Tuesday, December 3rd. Piper Sandler boosted their price target on Carvana from $151.00 to $225.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Jefferies Financial Group boosted their price target on Carvana from $150.00 to $185.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada raised Carvana from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $270.00 to $280.00 in a research note on Tuesday, January 7th. Finally, Wells Fargo & Company dropped their price target on Carvana from $300.00 to $275.00 and set an “overweight” rating on the stock in a research note on Monday, January 6th. Nine investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Carvana presently has a consensus rating of “Moderate Buy” and a consensus price target of $244.88.

Carvana Stock Performance

Shares of CVNA stock opened at $247.76 on Friday. The business’s 50 day simple moving average is $230.58 and its 200 day simple moving average is $194.69. Carvana has a one year low of $40.21 and a one year high of $268.34. The stock has a market capitalization of $51.44 billion, a PE ratio of 24,800.30 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.

Insider Activity

In related news, CFO Mark W. Jenkins sold 20,000 shares of Carvana stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $241.78, for a total value of $4,835,600.00. Following the completion of the sale, the chief financial officer now owns 170,732 shares of the company’s stock, valued at approximately $41,279,582.96. This trade represents a 10.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Daniel J. Gill sold 44,000 shares of Carvana stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $259.47, for a total value of $11,416,680.00. Following the completion of the sale, the insider now directly owns 191,225 shares of the company’s stock, valued at approximately $49,617,150.75. This trade represents a 18.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 138,845 shares of company stock valued at $34,252,056 in the last ninety days. 17.12% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Carvana

Several large investors have recently added to or reduced their stakes in the company. FMR LLC increased its holdings in Carvana by 90.8% in the 3rd quarter. FMR LLC now owns 12,361,790 shares of the company’s stock worth $2,152,311,000 after acquiring an additional 5,882,656 shares during the last quarter. State Street Corp grew its holdings in Carvana by 6.1% during the 3rd quarter. State Street Corp now owns 1,877,511 shares of the company’s stock valued at $326,893,000 after buying an additional 107,610 shares in the last quarter. Geode Capital Management LLC grew its holdings in Carvana by 7.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,803,546 shares of the company’s stock valued at $315,133,000 after buying an additional 131,059 shares in the last quarter. Whale Rock Capital Management LLC purchased a new position in Carvana during the 3rd quarter valued at about $162,953,000. Finally, Holocene Advisors LP grew its holdings in Carvana by 108.2% during the 3rd quarter. Holocene Advisors LP now owns 554,112 shares of the company’s stock valued at $96,476,000 after buying an additional 287,983 shares in the last quarter. Hedge funds and other institutional investors 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.