Carvana (NYSE:CVNA) Upgraded by Piper Sandler to Overweight Rating

Carvana (NYSE:CVNA) was upgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a note issued to investors on Thursday, Marketbeat reports. The brokerage currently has a $225.00 price target on the stock. Piper Sandler’s price target would suggest a potential upside of 17.57% from the stock’s previous close.

Several other equities research analysts have also issued reports on CVNA. Wedbush set a $250.00 price objective on Carvana and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Citigroup lifted their price target on Carvana from $277.00 to $320.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. JPMorgan Chase & Co. lifted their price target on Carvana from $350.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Robert W. Baird lifted their price target on Carvana from $200.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, February 20th. Finally, Stephens reaffirmed an “overweight” rating and set a $300.00 price target on shares of Carvana in a research note on Monday, March 3rd. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Carvana presently has an average rating of “Moderate Buy” and an average target price of $262.71.

Carvana Price Performance

NYSE:CVNA opened at $191.38 on Thursday. The firm has a market capitalization of $40.80 billion, a price-to-earnings ratio of 121.90 and a beta of 3.56. Carvana has a 52-week low of $67.61 and a 52-week high of $292.84. The stock has a fifty day moving average of $227.57 and a 200 day moving average of $214.47. The company has a debt-to-equity ratio of 3.82, a quick ratio of 2.12 and a current ratio of 3.64.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.27. The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.32 billion. Carvana had a return on equity of 36.59% and a net margin of 1.54%. On average, research analysts expect that Carvana will post 2.85 EPS for the current fiscal year.

Insider Transactions at Carvana

In related news, insider Paul W. Breaux sold 1,362 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $270.08, for a total transaction of $367,848.96. Following the transaction, the insider now owns 153,240 shares in the company, valued at $41,387,059.20. The trade was a 0.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark W. Jenkins sold 10,000 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now owns 189,097 shares in the company, valued at approximately $37,961,222.75. This represents a 5.02 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 119,784 shares of company stock worth $27,524,344. Company insiders own 17.12% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CVNA. FMR LLC increased its holdings in Carvana by 90.8% during 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. Whale Rock Capital Management LLC purchased a new position in Carvana during the 3rd quarter valued at about $162,953,000. Norges Bank bought a new stake in Carvana during the 4th quarter valued at approximately $179,364,000. Vanguard Group Inc. boosted its position in Carvana by 5.6% during the 4th quarter. Vanguard Group Inc. now owns 11,425,367 shares of the company’s stock valued at $2,323,463,000 after acquiring an additional 610,234 shares in the last quarter. Finally, Castle Hook Partners LP bought a new stake in Carvana during the 4th quarter valued at approximately $116,020,000. Hedge funds and other 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.