Carvana (NYSE:CVNA) Trading Up 6.2% – Here’s What Happened

Carvana Co. (NYSE:CVNA)’s stock price traded up 6.2% during mid-day trading on Thursday . The stock traded as high as $227.57 and last traded at $227.39. 1,758,546 shares were traded during trading, a decline of 70% from the average session volume of 5,858,798 shares. The stock had previously closed at $214.04.

Analysts Set New Price Targets

A number of brokerages have commented on CVNA. Royal Bank of Canada upgraded Carvana from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $270.00 to $280.00 in a research note on Tuesday, January 7th. JMP Securities reissued a “market outperform” rating and issued a $320.00 price target on shares of Carvana in a research note on Monday, December 16th. Bank of America raised their price objective on shares of Carvana from $185.00 to $210.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Needham & Company LLC reissued a “buy” rating and issued a $330.00 target price on shares of Carvana in a research report on Tuesday, January 7th. Finally, Robert W. Baird raised their price target on shares of Carvana from $160.00 to $240.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Nine research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Carvana currently has a consensus rating of “Moderate Buy” and a consensus target price of $241.94.

Carvana Stock Up 10.0 %

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 has a market capitalization of $48.88 billion, a P/E ratio of 23,515.22 and a beta of 3.38. The business has a 50 day moving average price of $232.25 and a 200 day moving average price of $185.19.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.23 by $0.41. The business had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.47 billion. During the same period in the prior year, the firm earned $0.23 earnings per share. The business’s quarterly revenue was up 31.8% on a year-over-year basis. On average, analysts predict that Carvana Co. will post 0.88 earnings per share for the current year.

Insider Buying and Selling

In other Carvana news, CFO Mark W. Jenkins sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $200.75, for a total value of $2,007,500.00. Following the completion of the sale, the chief financial officer now owns 189,097 shares in the company, valued at approximately $37,961,222.75. This trade represents a 5.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $190.79, for a total value of $19,079,000.00. Following the sale, the insider now owns 37,658,131 shares in the company, valued at approximately $7,184,794,813.49. This represents a 0.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 751,908 shares of company stock valued at $161,216,285. 17.18% of the stock is owned by company insiders.

Institutional Investors Weigh In On Carvana

Institutional investors have recently bought and sold shares of the business. Sugarloaf Wealth Management LLC bought a new position in shares of Carvana during the 3rd quarter worth about $32,000. ORG Wealth Partners LLC acquired a new position in Carvana in the fourth quarter worth about $34,000. Capital Performance Advisors LLP bought a new position in Carvana during the third quarter worth about $40,000. Versant Capital Management Inc acquired a new stake in Carvana during the fourth quarter valued at approximately $42,000. Finally, First Horizon Advisors Inc. grew its stake in shares of Carvana by 363.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 250 shares of the company’s stock valued at $44,000 after purchasing an additional 196 shares during the period. 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.