Carvana (NYSE:CVNA) Price Target Cut to $77.00

Carvana (NYSE:CVNA) had its price target cut by Evercore ISI from $78.00 to $77.00 in a research report report published on Tuesday, Benzinga reports. They currently have an in-line rating on the stock.

A number of other equities research analysts have also weighed in on the company. Jefferies Financial Group raised Carvana from an underperform rating to a hold rating and boosted their target price for the company from $30.00 to $85.00 in a research note on Tuesday, March 12th. Raymond James raised shares of Carvana from an underperform rating to a market perform rating in a research note on Friday, February 23rd. Royal Bank of Canada upgraded shares of Carvana from an underperform rating to a sector perform rating and boosted their price objective for the company from $45.00 to $90.00 in a research report on Friday, March 8th. Wedbush raised their target price on Carvana from $40.00 to $50.00 and gave the stock a neutral rating in a research note on Tuesday, February 20th. Finally, William Blair raised Carvana from a market perform rating to an outperform rating in a research report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $52.53.

Carvana Stock Performance

CVNA stock opened at $71.10 on Tuesday. The company has a market capitalization of $14.36 billion, a PE ratio of 131.67 and a beta of 3.32. Carvana has a one year low of $6.70 and a one year high of $94.04. The company’s 50 day moving average price is $74.84 and its two-hundred day moving average price is $52.12.

Carvana (NYSE:CVNA) last released its earnings results on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the prior year, the company posted ($0.97) earnings per share. The business’s revenue was down 14.6% compared to the same quarter last year. On average, research analysts predict that Carvana will post -3.4 EPS for the current year.

Insider Transactions at Carvana

In related news, major shareholder Ernest C. Garcia II sold 50,000 shares of the business’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $80.13, for a total transaction of $4,006,500.00. Following the sale, the insider now owns 3,312,500 shares of the company’s stock, valued at $265,430,625. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Mark W. Jenkins sold 55,000 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $86.76, for a total transaction of $4,771,800.00. Following the completion of the transaction, the chief financial officer now directly owns 178,156 shares in the company, valued at $15,456,814.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 50,000 shares of Carvana stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $80.13, for a total value of $4,006,500.00. Following the completion of the transaction, the insider now directly owns 3,312,500 shares of the company’s stock, valued at approximately $265,430,625. The disclosure for this sale can be found here. Insiders have sold 187,883 shares of company stock valued at $15,505,178 in the last three months. 17.12% of the stock is currently owned by company insiders.

Institutional Trading of Carvana

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Morgan Stanley grew its holdings in shares of Carvana by 13.8% during the third quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock valued at $619,478,000 after buying an additional 1,784,009 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Carvana by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock worth $530,648,000 after purchasing an additional 655,603 shares in the last quarter. Spruce House Investment Management LLC raised its stake in shares of Carvana by 52.7% in the fourth quarter. Spruce House Investment Management LLC now owns 10,000,000 shares of the company’s stock worth $47,400,000 after purchasing an additional 3,450,000 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Carvana by 3.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,346,602 shares of the company’s stock valued at $283,050,000 after purchasing an additional 165,379 shares in the last quarter. Finally, FMR LLC lifted its holdings in shares of Carvana by 0.5% during the third quarter. FMR LLC now owns 4,696,510 shares of the company’s stock valued at $197,160,000 after purchasing an additional 24,560 shares in the last quarter. 56.71% of the stock is currently owned by 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.