Carvana’s (CVNA) “Buy” Rating Reaffirmed at Needham & Company LLC

Carvana (NYSE:CVNA)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They currently have a $330.00 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 67.51% from the company’s current price.

Other equities analysts have also issued reports about the stock. Wedbush increased their price objective on shares of Carvana from $150.00 to $175.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. JPMorgan Chase & Co. increased their price target on shares of Carvana from $230.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Bank of America boosted their price objective on Carvana from $185.00 to $210.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Stephens reiterated an “overweight” rating and set a $300.00 target price on shares of Carvana in a research note on Thursday, January 2nd. Finally, 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. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $241.94.

Carvana Stock Down 0.7 %

NYSE:CVNA opened at $197.00 on Tuesday. The company has a debt-to-equity ratio of 18.99, a quick ratio of 2.12 and a current ratio of 3.25. Carvana has a 52-week low of $40.21 and a 52-week high of $268.34. The stock has a 50-day simple moving average of $235.93 and a 200 day simple moving average of $182.69. The company has a market cap of $40.90 billion, a PE ratio of 19,719.72 and a beta of 3.38.

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

Insider Activity at Carvana

In other Carvana news, CFO Mark W. Jenkins sold 208,495 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $224.43, for a total value of $46,792,532.85. Following the completion of the transaction, the chief financial officer now owns 90,732 shares of the company’s stock, valued at $20,362,982.76. This represents a 69.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $190.47, for a total value of $19,047,000.00. Following the completion of the transaction, the insider now owns 38,258,131 shares of the company’s stock, valued at $7,287,026,211.57. This represents a 0.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,051,908 shares of company stock valued at $218,824,285 in the last quarter. Insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

A number of institutional investors have recently added to or reduced their stakes in the business. Sugarloaf Wealth Management LLC bought a new position in shares of Carvana during the third quarter valued at $32,000. Capital Performance Advisors LLP bought a new position in Carvana during the 3rd quarter worth $40,000. Versant Capital Management Inc acquired a new position in Carvana during the 4th quarter worth about $42,000. First Horizon Advisors Inc. increased its stake in shares of Carvana by 363.0% in the third quarter. First Horizon Advisors Inc. now owns 250 shares of the company’s stock valued at $44,000 after buying an additional 196 shares during the period. Finally, Benjamin F. Edwards & Company Inc. bought a new position in shares of Carvana during the second quarter worth about $51,000. 56.71% of the stock is owned by institutional investors.

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.