Carvana (NYSE:CVNA) Price Target Raised to $515.00 at Bank of America

Carvana (NYSE:CVNA) had its price objective raised by investment analysts at Bank of America from $455.00 to $515.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price would suggest a potential upside of 10.88% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Jefferies Financial Group raised their price target on shares of Carvana from $475.00 to $550.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Argus initiated coverage on Carvana in a research report on Monday, December 15th. They issued a “buy” rating and a $500.00 price objective for the company. Evercore ISI lifted their target price on Carvana from $420.00 to $425.00 and gave the company an “in-line” rating in a research report on Tuesday, December 23rd. Deutsche Bank Aktiengesellschaft initiated coverage on Carvana in a research note on Friday, November 21st. They issued a “buy” rating and a $395.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price target on Carvana from $425.00 to $490.00 and gave the stock an “overweight” rating in a report on Tuesday, October 21st. Nineteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $453.86.

Carvana Trading Up 0.3%

Shares of CVNA stock opened at $464.48 on Tuesday. The company has a current ratio of 4.05, a quick ratio of 2.55 and a debt-to-equity ratio of 1.63. Carvana has a twelve month low of $148.25 and a twelve month high of $485.33. The company’s 50-day moving average price is $394.19 and its 200-day moving average price is $368.95. The stock has a market cap of $101.04 billion, a price-to-earnings ratio of 106.05, a PEG ratio of 1.08 and a beta of 3.54.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, October 29th. The company reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.26). Carvana had a return on equity of 30.62% and a net margin of 3.44%.The firm had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.04 billion. During the same quarter in the previous year, the business posted $0.64 earnings per share. Carvana’s revenue for the quarter was up 54.5% on a year-over-year basis. As a group, equities analysts predict that Carvana will post 2.85 earnings per share for the current year.

Insider Buying and Selling at Carvana

In other Carvana news, insider Daniel J. Gill sold 80,000 shares of Carvana stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $439.50, for a total value of $35,160,000.00. Following the completion of the transaction, the insider directly owned 191,106 shares of the company’s stock, valued at $83,991,087. The trade was a 29.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Thomas Taira sold 30,952 shares of the business’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $435.96, for a total transaction of $13,493,833.92. Following the sale, the insider owned 69,880 shares in the company, valued at $30,464,884.80. This trade represents a 30.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 467,626 shares of company stock valued at $192,090,109. Corporate insiders own 16.36% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Viking Global Investors LP lifted its holdings in Carvana by 94.9% during the 3rd quarter. Viking Global Investors LP now owns 2,101,241 shares of the company’s stock worth $792,672,000 after buying an additional 1,023,265 shares in the last quarter. Sands Capital Management LLC increased its position in shares of Carvana by 1,374.3% during the second quarter. Sands Capital Management LLC now owns 901,227 shares of the company’s stock worth $303,677,000 after acquiring an additional 840,096 shares during the period. Norges Bank purchased a new stake in shares of Carvana during the second quarter worth $259,468,000. Invesco Ltd. raised its stake in shares of Carvana by 96.8% in the third quarter. Invesco Ltd. now owns 1,445,018 shares of the company’s stock valued at $545,119,000 after acquiring an additional 710,582 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Carvana by 5.4% in the third quarter. Vanguard Group Inc. now owns 13,454,986 shares of the company’s stock valued at $5,075,759,000 after purchasing an additional 690,756 shares during the period. Institutional investors and hedge funds own 56.71% of the company’s stock.

About Carvana

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana’s model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.