Carvana’s (CVNA) Neutral Rating Reiterated at Bank of America

Bank of America reaffirmed their neutral rating on shares of Carvana (NYSE:CVNA) in a research report report published on Monday morning, Marketbeat reports. Bank of America currently has a $360.00 price objective on the stock, down from their prior price objective of $400.00.

Several other brokerages have also commented on CVNA. Needham & Company LLC restated a “buy” rating and set a $500.00 price target on shares of Carvana in a research note on Monday, March 16th. JPMorgan Chase & Co. cut their price target on Carvana from $510.00 to $490.00 and set an “overweight” rating on the stock in a research note on Thursday, February 19th. BTIG Research cut their price target on Carvana from $535.00 to $455.00 and set a “buy” rating on the stock in a research note on Thursday, February 19th. Wedbush cut their price target on Carvana from $500.00 to $425.00 and set an “outperform” rating on the stock in a research note on Thursday, February 19th. Finally, Wells Fargo & Company cut their price target on Carvana from $525.00 to $425.00 and set an “overweight” rating on the stock in a research note on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $437.18.

Carvana Stock Up 5.8%

NYSE:CVNA opened at $338.66 on Monday. The company has a market cap of $74.12 billion, a price-to-earnings ratio of 42.12 and a beta of 3.61. The company has a current ratio of 4.31, a quick ratio of 2.73 and a debt-to-equity ratio of 1.15. Carvana has a twelve month low of $173.96 and a twelve month high of $486.89. The stock has a fifty day simple moving average of $335.25 and a 200-day simple moving average of $370.74.

Carvana shares are scheduled to split on Thursday, May 7th. The 5-1 split was announced on Friday, March 13th. The newly issued shares will be issued to shareholders after the market closes on Wednesday, May 6th.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, February 18th. The company reported $4.22 EPS for the quarter, beating the consensus estimate of $1.10 by $3.12. The firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.24 billion. Carvana had a return on equity of 50.96% and a net margin of 6.92%.The business’s revenue for the quarter was up 58.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.56 earnings per share. Analysts anticipate that Carvana will post 2.85 EPS for the current year.

Insider Buying and Selling

In other Carvana news, insider Thomas Taira sold 1,047 shares of Carvana stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $398.54, for a total value of $417,271.38. Following the transaction, the insider owned 66,625 shares in the company, valued at $26,552,727.50. The trade was a 1.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Stephen R. Palmer sold 1,000 shares of Carvana stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $393.04, for a total value of $393,040.00. Following the completion of the transaction, the vice president owned 37,192 shares in the company, valued at $14,617,943.68. This trade represents a 2.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 52,400 shares of company stock valued at $18,734,634 over the last three months. Corporate insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Carvana in the fourth quarter worth about $29,000. Farmers & Merchants Investments Inc. acquired a new stake in Carvana in the fourth quarter worth about $29,000. ORG Partners LLC boosted its holdings in Carvana by 8,700.0% in the third quarter. ORG Partners LLC now owns 88 shares of the company’s stock worth $33,000 after acquiring an additional 87 shares in the last quarter. Motiv8 Investments LLC acquired a new stake in Carvana in the fourth quarter worth about $33,000. Finally, Salomon & Ludwin LLC boosted its holdings in Carvana by 112.5% in the fourth quarter. Salomon & Ludwin LLC now owns 85 shares of the company’s stock worth $37,000 after acquiring an additional 45 shares in the last quarter. Hedge funds and other institutional investors 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.