Carvana (NYSE:CVNA) Price Target Raised to $70.00

Carvana (NYSE:CVNA) had its price target increased by JPMorgan Chase & Co. from $65.00 to $70.00 in a report published on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other research analysts have also weighed in on the stock. Morgan Stanley lifted their price objective on shares of Carvana from $32.00 to $45.00 and gave the company an underweight rating in a research note on Monday, February 26th. Raymond James upgraded shares of Carvana from an underperform rating to a market perform rating in a research report on Friday, February 23rd. JMP Securities restated a market outperform rating and set a $80.00 price target on shares of Carvana in a research report on Wednesday, April 17th. Wedbush boosted their price target on shares of Carvana from $40.00 to $50.00 and gave the company a neutral rating in a research report on Tuesday, February 20th. Finally, Evercore ISI reduced their price target on shares of Carvana from $78.00 to $77.00 and set an in-line rating for the company in a research report on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $53.87.

Carvana Stock Up 0.3 %

Shares of CVNA stock opened at $71.36 on Thursday. Carvana has a 12-month low of $6.70 and a 12-month high of $94.04. The firm has a market cap of $14.41 billion, a P/E ratio of 132.15 and a beta of 3.32. The company has a 50 day moving average of $75.21 and a 200-day moving average of $52.55.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same period last year, the company earned ($0.97) EPS. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. As a group, equities analysts expect that Carvana will post -3.4 EPS for the current year.

Insiders Place Their Bets

In other Carvana news, insider Thomas Taira sold 4,197 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $82.84, for a total value of $347,679.48. Following the completion of the sale, the insider now directly owns 164,827 shares of the company’s stock, valued at $13,654,268.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Carvana news, CEO Ernest C. Garcia III sold 9,390 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $82.83, for a total value of $777,773.70. Following the completion of the sale, the chief executive officer now directly owns 861,458 shares of the company’s stock, valued at $71,354,566.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas Taira sold 4,197 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $82.84, for a total transaction of $347,679.48. Following the completion of the transaction, the insider now owns 164,827 shares in the company, valued at approximately $13,654,268.68. The disclosure for this sale can be found here. Insiders sold 187,883 shares of company stock valued at $15,505,178 over the last three months. Insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of hedge funds have recently modified their holdings of the company. Diversified Trust Co increased its position in shares of Carvana by 53.3% in the first quarter. Diversified Trust Co now owns 8,678 shares of the company’s stock valued at $763,000 after acquiring an additional 3,019 shares during the period. Quadrature Capital Ltd increased its position in shares of Carvana by 128.1% in the fourth quarter. Quadrature Capital Ltd now owns 118,196 shares of the company’s stock valued at $6,269,000 after acquiring an additional 66,386 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Carvana by 63.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,481 shares of the company’s stock valued at $131,000 after acquiring an additional 965 shares during the period. Vanguard Group Inc. increased its position in shares of Carvana by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after acquiring an additional 655,603 shares during the period. Finally, Wellington Management Group LLP purchased a new position in shares of Carvana in the fourth quarter valued at about $4,703,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Carvana Company Profile

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.