Wells Fargo & Company Increases Carvana (NYSE:CVNA) Price Target to $77.00

Carvana (NYSE:CVNA) had its price objective increased by research analysts at Wells Fargo & Company from $60.00 to $77.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential downside of 33.64% from the company’s current price.

CVNA has been the topic of several other reports. TD Cowen upped their price objective on shares of Carvana from $58.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday. Raymond James upgraded shares of Carvana from an “underperform” rating to a “market perform” rating in a research report on Friday, February 23rd. Morgan Stanley increased their price objective on Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a research report on Monday, February 26th. Robert W. Baird boosted their target price on Carvana from $65.00 to $110.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Wedbush increased their price target on shares of Carvana from $80.00 to $120.00 and gave the company a “neutral” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $67.50.

Carvana Stock Up 33.2 %

NYSE:CVNA traded up $28.95 during mid-day trading on Thursday, hitting $116.04. 9,228,462 shares of the stock traded hands, compared to its average volume of 6,094,070. The business’s 50-day moving average price is $79.47 and its 200 day moving average price is $54.84. The company has a market cap of $23.43 billion, a PE ratio of 214.89 and a beta of 3.28. Carvana has a 12-month low of $6.92 and a 12-month high of $121.85.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.56 billion. The business’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.97) EPS. Analysts anticipate that Carvana will post -3.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Mark W. Jenkins sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $86.76, for a total transaction of $4,771,800.00. Following the transaction, the chief financial officer now directly owns 178,156 shares of the company’s stock, valued at $15,456,814.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other 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 transaction of $777,773.70. Following the sale, the chief executive officer now owns 861,458 shares in the company, valued at approximately $71,354,566.14. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Mark W. Jenkins sold 55,000 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $86.76, for a total transaction of $4,771,800.00. Following the sale, the chief financial officer now directly owns 178,156 shares in the company, valued at approximately $15,456,814.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 287,883 shares of company stock worth $23,778,678. 17.12% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carvana

Several hedge funds have recently added to or reduced their stakes in CVNA. Morgan Stanley boosted its stake in Carvana by 13.8% in the 3rd quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock worth $619,478,000 after purchasing an additional 1,784,009 shares in the last quarter. Vanguard Group Inc. lifted its stake 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 worth $530,648,000 after buying an additional 655,603 shares in the last quarter. TD Asset Management Inc purchased a new stake in shares of Carvana during the third quarter valued at approximately $22,906,000. UBS Group AG increased its position in shares of Carvana by 132.6% during the third quarter. UBS Group AG now owns 81,620 shares of the company’s stock valued at $3,426,000 after acquiring an additional 331,892 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Carvana by 56.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 778,561 shares of the company’s stock worth $32,684,000 after acquiring an additional 280,851 shares during the last quarter. 56.71% of the stock is owned by institutional investors.

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.