Carvana (NYSE:CVNA) Hits New 52-Week High on Analyst Upgrade

Carvana Co. (NYSE:CVNA) hit a new 52-week high during mid-day trading on Thursday after Wells Fargo & Company raised their price target on the stock from $60.00 to $77.00. Wells Fargo & Company currently has an equal weight rating on the stock. Carvana traded as high as $121.85 and last traded at $119.88, with a volume of 7411419 shares. The stock had previously closed at $87.09.

Other analysts also recently issued research reports about the company. Robert W. Baird lifted their target price on Carvana from $65.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 target price on shares of Carvana in a research note on Wednesday, April 17th. Wedbush lifted their target price on Carvana from $80.00 to $120.00 and gave the company a “neutral” rating in a research note on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of Carvana in a research note on Thursday. Finally, JPMorgan Chase & Co. raised Carvana from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $70.00 to $130.00 in a research note on Thursday. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $67.50.

Insider Buying and Selling

In other news, insider Paul W. Breaux sold 15,000 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $69.00, for a total transaction of $1,035,000.00. Following the completion of the sale, the insider now directly owns 150,126 shares of the company’s stock, valued at $10,358,694. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Paul W. Breaux sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $69.00, for a total transaction of $1,035,000.00. Following the sale, the insider now owns 150,126 shares in the company, valued at $10,358,694. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 completion of the sale, the insider now owns 164,827 shares of the company’s stock, valued at approximately $13,654,268.68. The disclosure for this sale can be found here. Insiders have sold 287,883 shares of company stock worth $23,778,678 in the last three months. 17.12% of the stock is currently owned by insiders.

Institutional Trading of Carvana

A number of hedge funds have recently modified their holdings of CVNA. Blue Trust Inc. purchased a new stake in shares of Carvana in the fourth quarter valued at $29,000. Hanseatic Management Services Inc. purchased a new stake in shares of Carvana in the third quarter valued at $34,000. Parallel Advisors LLC lifted its holdings in shares of Carvana by 39.0% in the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after purchasing an additional 194 shares in the last quarter. Harvest Fund Management Co. Ltd lifted its holdings in shares of Carvana by 1,225.6% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock valued at $50,000 after purchasing an additional 1,103 shares in the last quarter. Finally, Tidemark LLC purchased a new stake in shares of Carvana during the fourth quarter worth $50,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Carvana Price Performance

The company has a fifty day moving average of $79.47 and a 200-day moving average of $54.84. The firm has a market capitalization of $23.89 billion, a PE ratio of 214.89 and a beta of 3.28.

Carvana (NYSE:CVNA) last announced its quarterly earnings data 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 company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same period last year, the company posted ($0.97) EPS. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. Equities analysts anticipate that Carvana Co. will post -3.32 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.