Wells Fargo & Company Has Lowered Expectations for Carvana (NYSE:CVNA) Stock Price

Carvana (NYSE:CVNA) had its price objective cut by Wells Fargo & Company from $300.00 to $275.00 in a research note published on Monday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms also recently weighed in on CVNA. Jefferies Financial Group lifted their price objective on Carvana from $150.00 to $185.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Robert W. Baird boosted their price target on Carvana from $160.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Citigroup increased their price objective on Carvana from $125.00 to $195.00 and gave the stock a “neutral” rating in a research note on Thursday, October 3rd. JPMorgan Chase & Co. boosted their target price on shares of Carvana from $230.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, Morgan Stanley upgraded shares of Carvana from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $110.00 to $260.00 in a research report on Tuesday, November 5th. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $230.65.

Carvana Stock Up 6.6 %

CVNA opened at $188.84 on Monday. The company has a market capitalization of $39.21 billion, a P/E ratio of 18,902.90 and a beta of 3.38. The company has a debt-to-equity ratio of 18.99, a current ratio of 3.25 and a quick ratio of 2.12. The firm’s fifty day moving average price is $236.34 and its two-hundred day moving average price is $181.99. Carvana has a fifty-two week low of $40.21 and a fifty-two week high of $268.34.

Carvana (NYSE:CVNA) last issued its earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.41. The business had revenue of $3.66 billion for the quarter, compared to analyst estimates of $3.47 billion. Carvana’s revenue was up 31.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.23 earnings per share. On average, analysts anticipate that Carvana will post 0.76 EPS for the current year.

Insider Activity

In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $190.70, for a total transaction of $19,070,000.00. Following the completion of the sale, the insider now owns 38,458,131 shares of the company’s stock, valued at approximately $7,333,965,581.70. The trade was a 0.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Benjamin E. Huston sold 3,043 shares of the firm’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $240.00, for a total value of $730,320.00. Following the completion of the transaction, the chief operating officer now owns 218,686 shares in the company, valued at $52,484,640. This represents a 1.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,151,908 shares of company stock valued at $237,894,285 over the last 90 days. 17.12% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Nordea Investment Management AB acquired a new stake in Carvana in the fourth quarter worth $1,743,000. Central Pacific Bank Trust Division bought a new stake in shares of Carvana in the 4th quarter valued at $609,000. Everence Capital Management Inc. bought a new stake in shares of Carvana in the 4th quarter valued at $573,000. GAMMA Investing LLC raised its stake in Carvana by 28.9% during the 4th quarter. GAMMA Investing LLC now owns 784 shares of the company’s stock worth $159,000 after buying an additional 176 shares during the period. Finally, Versant Capital Management Inc bought a new position in Carvana during the fourth quarter worth about $42,000. Institutional investors and hedge funds 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.