Carvana (NYSE:CVNA) Upgraded at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Carvana (NYSE:CVNA) from a sector perform rating to an outperform rating in a research report report published on Tuesday, MarketBeat reports. The firm currently has $280.00 price target on the stock, up from their previous price target of $270.00.

A number of other research firms also recently weighed in on CVNA. Bank of America increased their price target on Carvana from $185.00 to $210.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Morgan Stanley raised shares of Carvana from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $110.00 to $260.00 in a research report on Tuesday, November 5th. Robert W. Baird upped their price objective on shares of Carvana from $160.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Evercore ISI raised their price objective on shares of Carvana from $240.00 to $245.00 and gave the company an “in-line” rating in a research note on Tuesday, December 3rd. Finally, Wells Fargo & Company decreased their target price on shares of Carvana from $300.00 to $275.00 and set an “overweight” rating for the company in a research report on Monday. Nine equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $241.94.

Carvana Price Performance

Carvana stock opened at $197.00 on Tuesday. The stock has a market capitalization of $40.90 billion, a price-to-earnings ratio of 19,719.72 and a beta of 3.38. Carvana has a 52-week low of $40.21 and a 52-week high of $268.34. The company has a debt-to-equity ratio of 18.99, a quick ratio of 2.12 and a current ratio of 3.25. The stock’s 50 day moving average price is $234.92 and its two-hundred day moving average price is $182.79.

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

Insider Activity at Carvana

In other news, 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 directly owns 218,686 shares of the company’s stock, valued at $52,484,640. This trade represents a 1.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark W. Jenkins sold 10,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $200.75, for a total value of $2,007,500.00. Following the sale, the chief financial officer now owns 189,097 shares in the company, valued at approximately $37,961,222.75. The trade was a 5.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 951,908 shares of company stock worth $199,569,285. Company insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC boosted its holdings in Carvana by 90.8% in the 3rd quarter. FMR LLC now owns 12,361,790 shares of the company’s stock valued at $2,152,311,000 after purchasing an additional 5,882,656 shares during the period. Lingotto Investment Management LLP grew its position in Carvana by 1.4% during the second quarter. Lingotto Investment Management LLP now owns 3,776,747 shares of the company’s stock worth $486,143,000 after buying an additional 52,833 shares in the last quarter. State Street Corp increased its stake in Carvana by 6.1% in the 3rd quarter. State Street Corp now owns 1,877,511 shares of the company’s stock worth $326,893,000 after acquiring an additional 107,610 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Carvana by 7.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,803,546 shares of the company’s stock valued at $315,133,000 after acquiring an additional 131,059 shares during the last quarter. Finally, Whale Rock Capital Management LLC purchased a new position in shares of Carvana during the third quarter worth about $162,953,000. Institutional investors 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.