Carvana (NYSE:CVNA) Price Target Raised to $515.00

Carvana (NYSE:CVNA) had its price objective increased by Bank of America from $455.00 to $515.00 in a report released on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages also recently weighed in on CVNA. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Carvana in a research report on Friday, November 21st. They set a “buy” rating and a $395.00 price objective on the stock. Morgan Stanley reiterated an “overweight” rating on shares of Carvana in a research note on Thursday, January 8th. Royal Bank Of Canada restated an “outperform” rating and issued a $460.00 price target on shares of Carvana in a research note on Thursday, October 30th. Gordon Haskett cut their price objective on Carvana from $445.00 to $435.00 and set a “hold” rating for the company in a report on Monday, January 5th. Finally, Stephens reissued an “overweight” rating and issued a $440.00 target price on shares of Carvana in a report on Tuesday, September 23rd. Nineteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $465.64.

Carvana Stock Performance

Shares of CVNA stock opened at $460.44 on Tuesday. The company has a market capitalization of $100.16 billion, a price-to-earnings ratio of 105.12, a price-to-earnings-growth ratio of 1.10 and a beta of 3.54. The company has a debt-to-equity ratio of 1.63, a quick ratio of 2.55 and a current ratio of 4.05. Carvana has a one year low of $148.25 and a one year high of $485.33. The company’s 50-day moving average is $403.76 and its 200 day moving average is $371.25.

Carvana (NYSE:CVNA) last issued its earnings results 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 during the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter in the prior year, the company posted $0.64 EPS. The company’s quarterly revenue was up 54.5% on a year-over-year basis. Sell-side analysts expect that Carvana will post 2.85 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Daniel J. Gill sold 80,000 shares of the stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $439.50, for a total transaction of $35,160,000.00. Following the transaction, the insider owned 191,106 shares of the company’s stock, valued at approximately $83,991,087. This represents a 29.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas Taira sold 30,952 shares of Carvana stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $435.96, for a total value of $13,493,833.92. Following the completion of the transaction, the insider directly owned 69,880 shares of the company’s stock, valued at approximately $30,464,884.80. This represents a 30.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 467,626 shares of company stock worth $192,090,109. Corporate insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of institutional investors and hedge funds have recently made changes to their positions in CVNA. Viking Global Investors LP lifted its stake in Carvana by 94.9% in the third quarter. Viking Global Investors LP now owns 2,101,241 shares of the company’s stock worth $792,672,000 after acquiring an additional 1,023,265 shares during the last quarter. Sands Capital Management LLC lifted its position in shares of Carvana by 1,374.3% during the 2nd quarter. Sands Capital Management LLC now owns 901,227 shares of the company’s stock worth $303,677,000 after purchasing an additional 840,096 shares during the last quarter. Norges Bank purchased a new stake in shares of Carvana during the 2nd quarter worth $259,468,000. Invesco Ltd. grew its stake in shares of Carvana by 96.8% during the third quarter. Invesco Ltd. now owns 1,445,018 shares of the company’s stock worth $545,119,000 after purchasing an additional 710,582 shares in the last quarter. Finally, Vanguard Group Inc. increased 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 buying an additional 690,756 shares during the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

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.