Wedbush Reaffirms Neutral Rating for Carvana (NYSE:CVNA)

Carvana (NYSE:CVNA)‘s stock had its “neutral” rating reissued by analysts at Wedbush in a research note issued to investors on Thursday,Benzinga reports. They presently have a $250.00 price objective on the stock. Wedbush’s target price would indicate a potential downside of 5.37% from the company’s previous close.

CVNA has been the topic of several other reports. Morgan Stanley raised Carvana from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $110.00 to $260.00 in a research report on Tuesday, November 5th. Evercore ISI upped their price objective on Carvana from $240.00 to $245.00 and gave the company an “in-line” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company lowered their price objective on Carvana from $300.00 to $275.00 and set an “overweight” rating on the stock in a research report on Monday, January 6th. Jefferies Financial Group upped their price objective on Carvana from $150.00 to $185.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada raised Carvana from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $270.00 to $280.00 in a report on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $249.29.

Carvana Stock Performance

CVNA stock opened at $264.18 on Thursday. The stock has a market capitalization of $54.85 billion, a PE ratio of 26,444.64 and a beta of 3.37. Carvana has a 12-month low of $47.54 and a 12-month high of $268.34. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99. The stock’s 50 day simple moving average is $230.69 and its 200 day simple moving average is $198.27.

Insider Transactions at Carvana

In other Carvana news, CFO Mark W. Jenkins sold 10,000 shares of the stock in a transaction on 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 completion of the sale, the chief financial officer now owns 189,761 shares in the company, valued at approximately $48,402,338.27. This represents a 5.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Daniel J. Gill sold 44,000 shares of the stock in a transaction on 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 owns 191,225 shares of the company’s stock, valued at $49,617,150.75. The trade was a 18.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 123,845 shares of company stock worth $30,742,656 in the last three months. Corporate insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

A number of institutional investors have recently bought and sold shares of CVNA. FMR LLC grew its position in shares of Carvana by 90.8% during the third quarter. FMR LLC now owns 12,361,790 shares of the company’s stock valued at $2,152,311,000 after purchasing an additional 5,882,656 shares in the last quarter. Whale Rock Capital Management LLC purchased a new position in shares of Carvana during the third quarter valued at about $162,953,000. Lord Abbett & CO. LLC grew its position in shares of Carvana by 1,454.1% during the third quarter. Lord Abbett & CO. LLC now owns 538,473 shares of the company’s stock valued at $93,754,000 after purchasing an additional 503,824 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Carvana during the fourth quarter valued at about $60,866,000. Finally, Eagle Asset Management Inc. purchased a new position in shares of Carvana during the third quarter valued at about $50,531,000. 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.