Carvana (NYSE:CVNA) Upgraded to Equal Weight at Morgan Stanley

Carvana (NYSE:CVNA) was upgraded by investment analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a report released on Tuesday, MarketBeat Ratings reports. The brokerage currently has a $260.00 target price on the stock, up from their prior target price of $110.00. Morgan Stanley’s target price indicates a potential upside of 8.82% from the company’s previous close.

Several other analysts also recently weighed in on CVNA. Robert W. Baird lifted their price objective on Carvana from $160.00 to $240.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Citigroup boosted their price target on shares of Carvana from $125.00 to $195.00 and gave the company a “neutral” rating in a report on Thursday, October 3rd. BTIG Research increased their price objective on shares of Carvana from $155.00 to $188.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Jefferies Financial Group boosted their price objective on shares of Carvana from $150.00 to $185.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Finally, DA Davidson increased their target price on Carvana from $110.00 to $155.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $217.71.

Carvana Price Performance

Carvana stock opened at $238.93 on Tuesday. 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 stock has a market cap of $49.45 billion, a price-to-earnings ratio of 23,578.00 and a beta of 3.37. The firm has a 50-day moving average of $177.23 and a two-hundred day moving average of $140.97. Carvana has a 1 year low of $27.75 and a 1 year high of $259.39.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.41. The firm had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.47 billion. The firm’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same period last year, the company earned $0.23 EPS. On average, research analysts forecast that Carvana will post 0.53 earnings per share for the current year.

Insider Activity at Carvana

In other Carvana news, CFO Mark W. Jenkins sold 20,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $241.78, for a total transaction of $4,835,600.00. Following the sale, the chief financial officer now owns 170,732 shares in the company, valued at approximately $41,279,582.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Mark W. Jenkins sold 20,000 shares of Carvana stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $241.78, for a total transaction of $4,835,600.00. Following the completion of the sale, the chief financial officer now owns 170,732 shares of the company’s stock, valued at $41,279,582.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Benjamin E. Huston sold 3,043 shares of the stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $240.00, for a total transaction of $730,320.00. Following the completion of the transaction, the chief operating officer now owns 218,686 shares in the company, valued at approximately $52,484,640. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,810,251 shares of company stock valued at $494,577,629 in the last ninety days. Company insiders own 17.18% of the company’s stock.

Institutional Investors Weigh In On Carvana

Several hedge funds have recently added to or reduced their stakes in CVNA. Ridgewood Investments LLC purchased a new stake in shares of Carvana in the second quarter worth about $32,000. Sugarloaf Wealth Management LLC purchased a new stake in Carvana in the 3rd quarter worth approximately $32,000. Summit Securities Group LLC grew its stake in shares of Carvana by 110.0% during the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock worth $39,000 after purchasing an additional 3,300 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of Carvana during the 3rd quarter valued at approximately $40,000. Finally, Fifth Third Bancorp lifted its stake in shares of Carvana by 450.8% in the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock valued at $43,000 after purchasing an additional 275 shares during the period. 56.71% of the stock is owned by hedge funds and other 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.