Carvana (NYSE:CVNA) Price Target Raised to $320.00

Carvana (NYSE:CVNA) had its target price boosted by Royal Bank of Canada from $280.00 to $320.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price points to a potential upside of 35.40% from the company’s current price.

CVNA has been the topic of several other reports. Citigroup raised shares of Carvana from a “neutral” rating to a “buy” rating and upped their price target for the stock from $195.00 to $277.00 in a research report on Wednesday, January 8th. Needham & Company LLC upped their target price on shares of Carvana from $330.00 to $340.00 and gave the company a “buy” rating in a report on Thursday. JPMorgan Chase & Co. lifted their price target on Carvana from $300.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Robert W. Baird upped their price objective on Carvana from $200.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, Piper Sandler lifted their target price on Carvana from $151.00 to $225.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Nine investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $252.82.

Carvana Trading Down 16.1 %

Shares of CVNA stock traded down $45.48 on Thursday, hitting $236.35. The stock had a trading volume of 6,587,885 shares, compared to its average volume of 3,787,508. Carvana has a twelve month low of $48.15 and a twelve month high of $292.84. The firm has a market cap of $49.07 billion, a P/E ratio of 23,641.64 and a beta of 3.37. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99. The company has a fifty day moving average price of $234.84 and a two-hundred day moving average price of $206.90.

Carvana (NYSE:CVNA) last announced its quarterly earnings results 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 firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.32 billion. As a group, analysts forecast that Carvana will post 0.87 earnings per share for the current fiscal year.

Insider Transactions at Carvana

In other Carvana news, insider Daniel J. Gill sold 44,000 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $259.47, for a total value of $11,416,680.00. Following the transaction, the insider now owns 191,225 shares of the company’s stock, valued at approximately $49,617,150.75. This represents a 18.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark W. Jenkins sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $255.07, for a total transaction of $2,550,700.00. Following the sale, the chief financial officer now owns 189,761 shares in the company, valued at approximately $48,402,338.27. The trade was a 5.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 173,629 shares of company stock valued at $44,833,799. 17.12% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Carvana

Several large investors have recently made changes to their positions in CVNA. Quent Capital LLC bought a new stake in Carvana during the 4th quarter valued at approximately $28,000. Global Retirement Partners LLC raised its position in Carvana by 109.9% during the fourth quarter. Global Retirement Partners LLC now owns 149 shares of the company’s stock valued at $30,000 after purchasing an additional 78 shares during the period. Rialto Wealth Management LLC bought a new stake in shares of Carvana in the 4th quarter valued at approximately $31,000. ORG Wealth Partners LLC purchased a new stake in Carvana during the 4th quarter valued at $34,000. Finally, Versant Capital Management Inc bought a new stake in Carvana in the fourth quarter worth $42,000. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

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.