Evercore ISI Increases Carvana (NYSE:CVNA) Price Target to $135.00

Carvana (NYSE:CVNA) had its price objective raised by stock analysts at Evercore ISI from $118.00 to $135.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has an “in-line” rating on the stock. Evercore ISI’s price objective would suggest a potential upside of 5.72% from the company’s previous close.

Other research analysts also recently issued reports about the company. Robert W. Baird lifted their price target on Carvana from $65.00 to $110.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Carvana in a research report on Wednesday, June 26th. TD Cowen lifted their price target on Carvana from $58.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, April 29th. JMP Securities lifted their price target on Carvana from $135.00 to $150.00 and gave the stock a “market outperform” rating in a research report on Friday, June 7th. Finally, Jefferies Financial Group upgraded Carvana from an “underperform” rating to a “hold” rating and boosted their price objective for the company from $30.00 to $85.00 in a research report on Tuesday, March 12th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Carvana currently has an average rating of “Hold” and an average price target of $88.50.

Carvana Stock Performance

Shares of CVNA stock opened at $127.70 on Tuesday. The stock’s 50 day simple moving average is $110.88 and its 200 day simple moving average is $80.08. Carvana has a twelve month low of $23.43 and a twelve month high of $136.92. The company has a market capitalization of $25.87 billion, a price-to-earnings ratio of 56.01 and a beta of 3.37.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.35. The company had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $2.72 billion. On average, analysts forecast that Carvana will post -0.75 EPS for the current fiscal year.

Insider Activity at Carvana

In other Carvana news, COO Benjamin E. Huston sold 18,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $115.07, for a total value of $2,071,260.00. Following the transaction, the chief operating officer now owns 213,548 shares of the company’s stock, valued at $24,572,968.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Carvana news, major shareholder Ernest C. Garcia II sold 50,000 shares of the business’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $80.09, for a total value of $4,004,500.00. Following the transaction, the insider now owns 3,262,500 shares of the company’s stock, valued at $261,293,625. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Benjamin E. Huston sold 18,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $115.07, for a total value of $2,071,260.00. Following the completion of the transaction, the chief operating officer now directly owns 213,548 shares in the company, valued at approximately $24,572,968.36. The disclosure for this sale can be found here. Insiders have sold a total of 1,923,946 shares of company stock valued at $212,520,806 in the last 90 days. 17.18% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Carvana

Institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. bought a new stake in shares of Carvana during the fourth quarter worth $29,000. Parallel Advisors LLC raised its position in shares of Carvana by 39.0% during the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after acquiring an additional 194 shares during the last quarter. Tidemark LLC bought a new stake in shares of Carvana during the fourth quarter worth $50,000. Plato Investment Management Ltd bought a new stake in shares of Carvana during the first quarter worth $55,000. Finally, GAMMA Investing LLC raised its position in shares of Carvana by 127.9% during the second quarter. GAMMA Investing LLC now owns 458 shares of the company’s stock worth $59,000 after acquiring an additional 257 shares during the last quarter. Institutional investors own 56.71% of the company’s stock.

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.