JPMorgan Chase & Co. Raises Carvana (NYSE:CVNA) Price Target to $70.00

Carvana (NYSE:CVNA) had its price objective upped by JPMorgan Chase & Co. from $65.00 to $70.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 4.06% from the company’s current price.

Several other analysts have also issued reports on the stock. William Blair upgraded shares of Carvana from a “market perform” rating to an “outperform” rating in a research report on Friday, February 23rd. Evercore ISI dropped their target price on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research report on Tuesday. Wedbush boosted their price target on shares of Carvana from $40.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 20th. Jefferies Financial Group upgraded shares of Carvana from an “underperform” rating to a “hold” rating and boosted their price target for the stock from $30.00 to $85.00 in a research report on Tuesday, March 12th. Finally, Royal Bank of Canada upgraded shares of Carvana from an “underperform” rating to a “sector perform” rating and boosted their price target for the stock from $45.00 to $90.00 in a research report on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $52.53.

Carvana Trading Up 5.5 %

CVNA traded up $3.80 on Thursday, reaching $72.96. The stock had a trading volume of 2,577,725 shares, compared to its average volume of 6,166,854. Carvana has a 12-month low of $6.70 and a 12-month high of $94.04. The business’s 50-day moving average price is $74.47 and its two-hundred day moving average price is $51.99. The company has a market cap of $14.73 billion, a P/E ratio of 134.84 and a beta of 3.32.

Carvana (NYSE:CVNA) last announced its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same quarter last year, the business posted ($0.97) EPS. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. As a group, analysts predict that Carvana will post -3.4 earnings per share for the current year.

Insider Activity

In related news, insider Thomas Taira sold 4,197 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $82.84, for a total transaction of $347,679.48. Following the sale, the insider now directly owns 164,827 shares of the company’s stock, valued at approximately $13,654,268.68. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Thomas Taira sold 4,197 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $82.84, for a total transaction of $347,679.48. Following the sale, the insider now directly owns 164,827 shares of the company’s stock, valued at approximately $13,654,268.68. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Stephen R. Palmer sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $86.75, for a total transaction of $433,750.00. Following the sale, the vice president now directly owns 62,514 shares in the company, valued at $5,423,089.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 187,883 shares of company stock valued at $15,505,178. Company insiders own 17.12% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVNA. US Bancorp DE grew its holdings in Carvana by 248.0% during the 1st quarter. US Bancorp DE now owns 1,646 shares of the company’s stock worth $197,000 after acquiring an additional 1,173 shares in the last quarter. MetLife Investment Management LLC acquired a new position in Carvana during the 1st quarter worth approximately $603,000. Panagora Asset Management Inc. boosted its holdings in shares of Carvana by 86.7% in the 1st quarter. Panagora Asset Management Inc. now owns 3,022 shares of the company’s stock valued at $360,000 after buying an additional 1,403 shares in the last quarter. Great West Life Assurance Co. Can boosted its holdings in shares of Carvana by 2.4% in the 1st quarter. Great West Life Assurance Co. Can now owns 69,919 shares of the company’s stock valued at $8,842,000 after buying an additional 1,636 shares in the last quarter. Finally, Aviva PLC boosted its holdings in shares of Carvana by 62.5% in the 1st quarter. Aviva PLC now owns 41,710 shares of the company’s stock valued at $4,976,000 after buying an additional 16,037 shares in the last quarter. Institutional investors and hedge funds 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.