Carvana (NYSE:CVNA) Downgraded by Zacks Research to “Hold”

Carvana (NYSE:CVNA) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

A number of other research firms have also recently weighed in on CVNA. Weiss Ratings restated a “hold (c+)” rating on shares of Carvana in a research note on Thursday, June 18th. Citigroup reissued an “outperform” rating on shares of Carvana in a research report on Friday, May 1st. Wells Fargo & Company lifted their target price on shares of Carvana from $85.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Argus decreased their price target on shares of Carvana from $500.00 to $100.00 in a research note on Monday, May 11th. Finally, Barclays set a $93.00 price objective on shares of Carvana and gave the stock an “overweight” rating in a research report on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Carvana has an average rating of “Moderate Buy” and a consensus price target of $92.92.

Carvana Stock Down 0.1%

NYSE:CVNA opened at $70.54 on Wednesday. Carvana has a twelve month low of $54.46 and a twelve month high of $97.38. The firm has a market capitalization of $77.37 billion, a price-to-earnings ratio of 42.91, a price-to-earnings-growth ratio of 11.89 and a beta of 3.46. The company has a quick ratio of 2.57, a current ratio of 4.09 and a debt-to-equity ratio of 1.05. The stock’s 50 day moving average price is $68.06 and its two-hundred day moving average price is $72.43.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, April 29th. The company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $0.32 by $1.37. Carvana had a net margin of 6.40% and a return on equity of 41.46%. The company had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.12 billion. Equities research analysts expect that Carvana will post 1.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Carvana news, Director Ira J. Platt sold 15,000 shares of Carvana stock in a transaction on Monday, June 15th. The stock was sold at an average price of $67.83, for a total value of $1,017,450.00. Following the completion of the transaction, the director directly owned 186,470 shares of the company’s stock, valued at $12,648,260.10. The trade was a 7.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark W. Jenkins sold 63,750 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $68.34, for a total transaction of $4,356,675.00. Following the completion of the transaction, the chief financial officer owned 1,029,580 shares of the company’s stock, valued at $70,361,497.20. The trade was a 5.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 396,962 shares of company stock worth $28,525,088. 15.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Carvana

Several hedge funds and other institutional investors have recently modified their holdings of CVNA. Sands Capital Management LLC boosted its stake in shares of Carvana by 44.4% in the 4th quarter. Sands Capital Management LLC now owns 2,442,534 shares of the company’s stock valued at $1,030,798,000 after purchasing an additional 751,019 shares in the last quarter. Capricorn Fund Managers Ltd bought a new stake in shares of Carvana during the 1st quarter valued at approximately $29,866,000. Gavilan Investment Partners LLC increased its position in Carvana by 24.6% during the 4th quarter. Gavilan Investment Partners LLC now owns 86,000 shares of the company’s stock worth $36,294,000 after purchasing an additional 17,000 shares in the last quarter. Goodnow Investment Group LLC increased its position in Carvana by 9.0% during the 4th quarter. Goodnow Investment Group LLC now owns 710,091 shares of the company’s stock worth $299,673,000 after purchasing an additional 58,828 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its stake in Carvana by 239.6% in the 4th quarter. Hsbc Holdings PLC now owns 221,727 shares of the company’s stock valued at $93,748,000 after purchasing an additional 156,430 shares during the last quarter. 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.