Piper Sandler Forecasts Strong Price Appreciation for Carvana (NYSE:CVNA) Stock

Carvana (NYSE:CVNA) had its price objective boosted by equities research analysts at Piper Sandler from $151.00 to $225.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price target indicates a potential downside of 11.61% from the stock’s current price.

Other analysts also recently issued reports about the company. Evercore ISI increased their price target on Carvana from $186.00 to $190.00 and gave the stock an “in-line” rating in a report on Wednesday. Bank of America increased their price target on Carvana from $185.00 to $210.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Jefferies Financial Group raised their target price on Carvana from $150.00 to $185.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. JMP Securities restated a “market outperform” rating and issued a $200.00 target price on shares of Carvana in a research note on Monday, September 9th. Finally, JPMorgan Chase & Co. raised their price target on shares of Carvana from $230.00 to $300.00 and gave the company an “overweight” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Carvana presently has an average rating of “Hold” and a consensus price target of $201.82.

Carvana Price Performance

Shares of CVNA traded up $47.24 during trading hours on Thursday, reaching $254.55. The stock had a trading volume of 10,751,015 shares, compared to its average volume of 4,815,986. Carvana has a 12 month low of $25.09 and a 12 month high of $259.39. The stock has a market capitalization of $51.56 billion, a PE ratio of 112.19 and a beta of 3.44. The company has a debt-to-equity ratio of 47.20, a quick ratio of 2.02 and a current ratio of 3.11. The company’s 50-day moving average is $171.06 and its two-hundred day moving average is $135.88.

Carvana (NYSE:CVNA) last announced its earnings results 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 company had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.47 billion. During the same period in the prior year, the business earned $0.23 earnings per share. The firm’s revenue for the quarter was up 31.8% on a year-over-year basis. Research analysts expect that Carvana will post 0.29 EPS for the current year.

Insiders Place Their Bets

In other Carvana news, insider Paul W. Breaux sold 14,548 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $198.00, for a total value of $2,880,504.00. Following the completion of the sale, the insider now directly owns 119,494 shares of the company’s stock, valued at $23,659,812. 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 at the SEC website. In related news, insider Paul W. Breaux sold 14,548 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $198.00, for a total transaction of $2,880,504.00. Following the transaction, the insider now owns 119,494 shares in the company, valued at $23,659,812. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ira J. Platt sold 12,178 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $130.33, for a total transaction of $1,587,158.74. Following the transaction, the director now owns 43,229 shares in the company, valued at $5,634,035.57. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,780,891 shares of company stock valued at $465,902,485 over the last three months. Insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

A number of institutional investors have recently made changes to their positions in CVNA. Driehaus Capital Management LLC lifted its position in Carvana by 124.9% during the second quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock valued at $74,888,000 after purchasing an additional 323,153 shares during the period. Integrated Advisors Network LLC lifted its position in Carvana by 89.2% during the third quarter. Integrated Advisors Network LLC now owns 53,004 shares of the company’s stock valued at $9,229,000 after purchasing an additional 24,996 shares during the period. Highland Capital Management LLC bought a new position in Carvana in the third quarter worth approximately $1,314,000. Legacy Capital Group California Inc. bought a new position in Carvana in the third quarter worth approximately $1,248,000. Finally, Chicago Capital LLC bought a new position in Carvana in the third quarter worth approximately $940,000. 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.