Carvana (NYSE:CVNA) Price Target Raised to $375.00

Carvana (NYSE:CVNA) had its price target raised by Bank of America from $325.00 to $375.00 in a report released on Tuesday,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities analysts also recently issued reports on CVNA. Needham & Company LLC reaffirmed a “buy” rating and set a $340.00 price objective on shares of Carvana in a report on Thursday, May 8th. DA Davidson increased their target price on shares of Carvana from $220.00 to $260.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Evercore ISI reduced their target price on shares of Carvana from $250.00 to $240.00 and set an “in-line” rating for the company in a research report on Tuesday, March 11th. William Blair reiterated an “outperform” rating on shares of Carvana in a research report on Thursday, February 20th. Finally, Citigroup increased their target price on shares of Carvana from $280.00 to $325.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $280.35.

Carvana Trading Down 6.3%

NYSE CVNA opened at $318.88 on Tuesday. The company’s 50-day simple moving average is $270.50 and its two-hundred day simple moving average is $240.77. The company has a debt-to-equity ratio of 3.82, a quick ratio of 2.12 and a current ratio of 3.64. Carvana has a one year low of $100.05 and a one year high of $351.43. The company has a market capitalization of $68.29 billion, a price-to-earnings ratio of 203.11 and a beta of 3.65.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.76. The company had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $3.94 billion. Carvana had a net margin of 1.54% and a return on equity of 36.59%. Carvana’s revenue was up 38.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 EPS. Equities analysts forecast that Carvana will post 2.85 EPS for the current fiscal year.

Insider Activity at Carvana

In other Carvana news, major shareholder Ernest C. Garcia II sold 50,000 shares of the business’s stock in a transaction on Friday, May 30th. The shares were sold at an average price of $325.16, for a total transaction of $16,258,000.00. Following the sale, the insider now directly owns 37,342,317 shares in the company, valued at approximately $12,142,227,795.72. The trade was a 0.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas Taira sold 27,593 shares of the business’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $225.03, for a total transaction of $6,209,252.79. Following the completion of the sale, the insider now owns 179,673 shares in the company, valued at $40,431,815.19. This represents a 13.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,271,046 shares of company stock worth $379,975,633 in the last three months. Insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

Several institutional investors and hedge funds have recently made changes to their positions in CVNA. Strs Ohio acquired a new position in Carvana in the 1st quarter valued at about $852,000. Geneos Wealth Management Inc. increased its stake in shares of Carvana by 251.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 253 shares of the company’s stock valued at $53,000 after acquiring an additional 181 shares during the last quarter. IFM Investors Pty Ltd increased its stake in shares of Carvana by 0.6% during the 1st quarter. IFM Investors Pty Ltd now owns 21,061 shares of the company’s stock valued at $4,403,000 after acquiring an additional 135 shares during the last quarter. Bayforest Capital Ltd increased its stake in shares of Carvana by 41.5% during the 1st quarter. Bayforest Capital Ltd now owns 1,773 shares of the company’s stock valued at $371,000 after acquiring an additional 520 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Carvana by 27.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 529,596 shares of the company’s stock worth $110,728,000 after purchasing an additional 114,526 shares in the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

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.