Carvana Co (CVNA) Shares Up 6.6%
Shares of Carvana Co (NASDAQ:CVNA) shot up 6.6% on Monday . The company traded as high as $15.88 and last traded at $15.65. 697,830 shares traded hands during mid-day trading, a decline of 1% from the average session volume of 702,092 shares. The stock had previously closed at $14.68.
CVNA has been the subject of a number of recent analyst reports. Robert W. Baird reaffirmed an “outperform” rating and set a $22.00 price target (down from $23.00) on shares of Carvana in a report on Thursday, August 10th. Susquehanna Bancshares Inc reaffirmed a “neutral” rating and set a $16.00 price objective (up from $12.00) on shares of Carvana in a research report on Friday, August 11th. Consumer Edge reiterated an “outperform” rating and issued a $23.00 price objective on shares of Carvana in a report on Monday. Craig Hallum increased their price objective on Carvana from $16.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Finally, Wells Fargo & Company reissued an “outperform” rating and set a $23.00 target price on shares of Carvana in a research report on Sunday, August 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $20.35.
The company’s market capitalization is $242.86 million. The stock’s 50-day moving average is $16.43 and its 200-day moving average is $16.20.
Carvana (NASDAQ:CVNA) last released its earnings results on Tuesday, August 8th. The company reported ($0.28) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.02. The business had revenue of $209.37 million for the quarter, compared to analysts’ expectations of $198.84 million. The company’s quarterly revenue was up 142.0% on a year-over-year basis. Analysts forecast that Carvana Co will post ($1.13) EPS for the current fiscal year.
A number of hedge funds have recently made changes to their positions in CVNA. Spark Investment Management LLC bought a new stake in shares of Carvana in the 2nd quarter worth about $2,274,000. Schwab Charles Investment Management Inc. bought a new position in shares of Carvana during the second quarter worth about $508,000. Rhumbline Advisers bought a new position in shares of Carvana during the second quarter worth about $392,000. ClariVest Asset Management LLC acquired a new position in Carvana in the second quarter worth about $190,000. Finally, Bank of New York Mellon Corp acquired a new position in Carvana in the second quarter worth about $10,604,000.
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Carvana Co is an e-commerce platform for buying used cars. On the Company’s platform, consumers can research and identify a vehicle, inspect it using its proprietary 360-degree vehicle imaging technology, obtain financing and warranty coverage, purchase the vehicle and schedule delivery or pick-up, all from their desktop or mobile devices.
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