Carvana (NYSE:CVNA) Stock Price Up 4.2% on Analyst Upgrade

Carvana Co. (NYSE:CVNA)’s stock price shot up 4.2% during trading on Monday after Evercore ISI raised their price target on the stock from $142.00 to $157.00. Evercore ISI currently has an in-line rating on the stock. Carvana traded as high as $147.84 and last traded at $147.79. 693,304 shares changed hands during trading, a decline of 86% from the average session volume of 5,091,181 shares. The stock had previously closed at $141.90.

CVNA has been the subject of a number of other reports. Needham & Company LLC increased their price objective on shares of Carvana from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Robert W. Baird initiated coverage on shares of Carvana in a research note on Thursday, August 1st. They set a “neutral” rating and a $160.00 price objective on the stock. Morgan Stanley boosted their target price on Carvana from $75.00 to $110.00 and gave the stock an “underweight” rating in a report on Thursday, August 1st. Royal Bank of Canada raised shares of Carvana to a “sector perform” rating and increased their price target for the company from $166.00 to $170.00 in a report on Monday, August 19th. Finally, TD Cowen increased their price objective on Carvana from $110.00 to $148.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $151.94.

Insider Buying and Selling at Carvana

In other news, major shareholder Ernest C. Garcia II sold 9,186 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $156.95, for a total value of $1,441,742.70. Following the completion of the transaction, the insider now directly owns 41,433,131 shares in the company, valued at approximately $6,502,929,910.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, major shareholder Ernest C. Garcia II sold 9,186 shares of Carvana stock in a transaction on Monday, August 26th. The shares were sold at an average price of $156.95, for a total transaction of $1,441,742.70. Following the transaction, the insider now owns 41,433,131 shares in the company, valued at $6,502,929,910.45. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $155.94, for a total value of $15,594,000.00. Following the completion of the sale, the insider now directly owns 90,814 shares of the company’s stock, valued at approximately $14,161,535.16. The disclosure for this sale can be found here. Insiders have sold a total of 2,481,866 shares of company stock worth $338,115,484 over the last 90 days. Insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

Several institutional investors and hedge funds have recently made changes to their positions in CVNA. Ridgewood Investments LLC bought a new stake in Carvana in the 2nd quarter valued at about $32,000. Summit Securities Group LLC boosted its stake in Carvana by 110.0% during the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after purchasing an additional 3,300 shares during the last quarter. Fifth Third Bancorp increased its holdings in Carvana by 450.8% during the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock worth $43,000 after purchasing an additional 275 shares in the last quarter. Benjamin F. Edwards & Company Inc. bought a new stake in Carvana during the second quarter worth $51,000. Finally, GAMMA Investing LLC grew its stake in shares of Carvana by 127.9% in the 2nd quarter. GAMMA Investing LLC now owns 458 shares of the company’s stock worth $59,000 after acquiring an additional 257 shares in the last quarter. Institutional investors own 56.71% of the company’s stock.

Carvana Stock Performance

The company has a debt-to-equity ratio of 47.20, a quick ratio of 2.02 and a current ratio of 3.11. The stock has a market cap of $31.60 billion, a PE ratio of 66.97 and a beta of 3.43. The company’s 50 day simple moving average is $140.31 and its 200 day simple moving average is $113.19.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.14 earnings per share (EPS) for the quarter. The business had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.23 billion. Analysts expect that Carvana Co. will post 0.18 earnings per share for the current year.

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.