Carvana’s (CVNA) Neutral Rating Reaffirmed at Wedbush

Wedbush restated their neutral rating on shares of Carvana (NYSE:CVNA) in a report released on Thursday morning, Benzinga reports. The firm currently has a $80.00 price objective on the stock, up from their prior price objective of $60.00.

Other equities analysts have also recently issued research reports about the stock. JMP Securities reaffirmed a market outperform rating and set a $80.00 price target on shares of Carvana in a research report on Wednesday, April 17th. William Blair raised shares of Carvana from a market perform rating to an outperform rating in a research report on Friday, February 23rd. Royal Bank of Canada raised shares of Carvana from an underperform rating to a sector perform rating and increased their price target for the stock from $45.00 to $90.00 in a research report on Friday, March 8th. Raymond James raised shares of Carvana from an underperform rating to a market perform rating in a research report on Friday, February 23rd. Finally, Robert W. Baird increased their price objective on shares of Carvana from $60.00 to $65.00 and gave the stock a neutral rating in a research note on Friday, April 19th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $55.87.

Carvana Stock Performance

Carvana stock traded up $4.78 during trading on Thursday, reaching $82.28. 2,418,484 shares of the company’s stock were exchanged, compared to its average volume of 5,988,021. The company’s 50-day moving average is $76.83 and its two-hundred day moving average is $53.39. Carvana has a 52-week low of $6.70 and a 52-week high of $94.04. The firm has a market cap of $16.61 billion, a price-to-earnings ratio of 143.56 and a beta of 3.32.

Carvana (NYSE:CVNA) last announced its quarterly earnings results 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 analysts’ expectations of $2.56 billion. During the same period last year, the business posted ($0.97) earnings per share. The company’s revenue for the quarter was down 14.6% compared to the same quarter last year. Analysts anticipate that Carvana will post -3.36 EPS for the current year.

Insiders Place Their Bets

In other Carvana news, major shareholder Ernest C. Garcia II sold 50,000 shares of the stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $80.13, for a total value of $4,006,500.00. Following the completion of the sale, the insider now owns 3,312,500 shares in the company, valued at approximately $265,430,625. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, major shareholder Ernest C. Garcia II sold 50,000 shares of the firm’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $80.13, for a total transaction of $4,006,500.00. Following the transaction, the insider now owns 3,312,500 shares in the company, valued at approximately $265,430,625. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas Taira sold 4,197 shares of Carvana stock in a transaction on Tuesday, April 2nd. The stock was 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 a total of 187,883 shares of company stock worth $15,505,178 in the last quarter. 17.12% of the stock is currently owned by corporate insiders.

Institutional Trading of Carvana

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. acquired a new stake in shares of Carvana during the 4th quarter valued at about $29,000. Parallel Advisors LLC boosted its position in Carvana by 39.0% in the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after buying an additional 194 shares in the last quarter. Hanseatic Management Services Inc. acquired a new position in Carvana in the third quarter valued at about $34,000. Tidemark LLC acquired a new position in Carvana in the fourth quarter valued at about $50,000. Finally, Harvest Fund Management Co. Ltd boosted its position in Carvana by 1,225.6% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock valued at $50,000 after buying an additional 1,103 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

About Carvana

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.