Carvana (NYSE:CVNA) Rating Increased to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Carvana (NYSE:CVNA) from a neutral rating to an overweight rating in a research note published on Thursday, Marketbeat Ratings reports. JPMorgan Chase & Co. currently has $130.00 price objective on the stock, up from their prior price objective of $70.00.

A number of other brokerages have also recently issued reports on CVNA. William Blair upgraded shares of Carvana from a market perform rating to an outperform rating in a report on Friday, February 23rd. Raymond James upgraded Carvana from an underperform rating to a market perform rating in a research note on Friday, February 23rd. Evercore ISI cut their price objective on Carvana from $78.00 to $77.00 and set an in-line rating on the stock in a research note on Tuesday, April 16th. TD Cowen upped their target price on Carvana from $58.00 to $70.00 and gave the stock a hold rating in a research report on Monday, April 29th. Finally, JMP Securities reissued a market outperform rating and issued a $80.00 price target on shares of Carvana in a research report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and an average target price of $73.44.

Carvana Stock Up 4.4 %

Shares of CVNA traded up $5.17 during midday trading on Thursday, reaching $121.67. 8,528,363 shares of the stock were exchanged, compared to its average volume of 5,397,261. The company has a market cap of $24.57 billion, a price-to-earnings ratio of 53.36 and a beta of 3.28. Carvana has a 12-month low of $6.92 and a 12-month high of $124.20. The firm has a 50 day simple moving average of $81.81 and a 200-day simple moving average of $56.03.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.56 billion. The business’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.97) earnings per share. Research analysts expect that Carvana will post -3.05 earnings per share for the current fiscal year.

Insider Activity at Carvana

In other news, COO Benjamin E. Huston sold 18,000 shares of Carvana stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $115.07, for a total transaction of $2,071,260.00. Following the sale, the chief operating officer now owns 213,548 shares of the company’s stock, valued at approximately $24,572,968.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Carvana news, Director Neha Parikh purchased 1,300 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was purchased at an average price of $77.00 per share, with a total value of $100,100.00. Following the completion of the transaction, the director now directly owns 58,495 shares of the company’s stock, valued at approximately $4,504,115. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Benjamin E. Huston sold 18,000 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $115.07, for a total transaction of $2,071,260.00. Following the transaction, the chief operating officer now owns 213,548 shares of the company’s stock, valued at approximately $24,572,968.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 442,233 shares of company stock worth $38,200,169. Company insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of hedge funds have recently modified their holdings of the stock. Blue Trust Inc. acquired a new stake in Carvana in the 4th quarter valued at $29,000. Parallel Advisors LLC grew its holdings in shares of Carvana by 39.0% in the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after purchasing an additional 194 shares during the last quarter. Hanseatic Management Services Inc. bought a new stake in shares of Carvana in the 3rd quarter worth about $34,000. Tidemark LLC acquired a new stake in shares of Carvana during the 4th quarter worth about $50,000. Finally, Harvest Fund Management Co. Ltd lifted its holdings in Carvana by 1,225.6% during the 3rd 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 during the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

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.