Carvana (NYSE:CVNA) Stock Rating Reaffirmed by Bank of America

Bank of America restated their buy rating on shares of Carvana (NYSE:CVNA) in a report released on Tuesday, MarketBeat Ratings reports. Bank of America currently has a $185.00 price target on the stock.

A number of other equities research analysts have also recently commented on the company. Royal Bank of Canada raised Carvana to a sector perform rating and raised their price objective for the company from $166.00 to $170.00 in a research note on Monday, August 19th. Morgan Stanley raised their price objective on Carvana from $75.00 to $110.00 and gave the company an underweight rating in a research note on Thursday, August 1st. Wells Fargo & Company raised Carvana from an equal weight rating to an overweight rating and raised their price objective for the company from $77.00 to $175.00 in a research note on Thursday, August 1st. Stephens began coverage on Carvana in a research report on Thursday, September 12th. They set an overweight rating and a $190.00 target price on the stock. Finally, Piper Sandler lifted their target price on Carvana from $105.00 to $151.00 and gave the company a neutral rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Carvana has a consensus rating of Hold and a consensus target price of $153.88.

Carvana Trading Up 1.8 %

Shares of CVNA stock opened at $173.78 on Tuesday. The company has a market cap of $35.20 billion, a P/E ratio of 76.22 and a beta of 3.43. The stock has a 50 day simple moving average of $142.36 and a two-hundred day simple moving average of $114.44. The company has a debt-to-equity ratio of 47.20, a quick ratio of 2.02 and a current ratio of 3.11. Carvana has a fifty-two week low of $25.09 and a fifty-two week high of $176.33.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.14 EPS for the quarter. The firm had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.23 billion. Research analysts forecast that Carvana will post 0.18 earnings per share for the current year.

Insiders Place Their Bets

In other Carvana news, major shareholder Ernest C. Garcia II sold 60,000 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $115.77, for a total value of $6,946,200.00. Following the transaction, the insider now owns 937,500 shares of the company’s stock, valued at $108,534,375. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Carvana news, major shareholder Ernest C. Garcia II sold 60,000 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $115.77, for a total value of $6,946,200.00. Following the sale, the insider now directly owns 937,500 shares in the company, valued at $108,534,375. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Mark W. Jenkins sold 55,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $124.08, for a total value of $6,824,400.00. Following the completion of the sale, the chief financial officer now owns 186,580 shares in the company, valued at $23,150,846.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,521,866 shares of company stock valued at $347,083,884. Insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

Hedge funds have recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Carvana during the 2nd quarter valued at $37,728,000. Maven Securities LTD bought a new stake in shares of Carvana during the 2nd quarter valued at $270,000. Senator Investment Group LP bought a new stake in shares of Carvana during the 2nd quarter valued at $63,767,000. Sylebra Capital LLC bought a new stake in shares of Carvana during the 2nd quarter valued at $67,686,000. Finally, Creative Planning raised its stake in shares of Carvana by 34.4% during the 2nd quarter. Creative Planning now owns 15,296 shares of the company’s stock valued at $1,969,000 after purchasing an additional 3,913 shares during the period. 56.71% of the stock is currently owned by 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.