Carvana (NYSE:CVNA) Shares Gap Down to $71.15

Carvana Co. (NYSE:CVNA)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $71.15, but opened at $69.58. Carvana shares last traded at $70.96, with a volume of 363,008 shares trading hands.

Analyst Upgrades and Downgrades

CVNA has been the subject of a number of recent analyst reports. Evercore ISI reduced their price objective on Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a research note on Tuesday. JPMorgan Chase & Co. upped their price objective on Carvana from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday. JMP Securities reiterated a “market outperform” rating and set a $80.00 price target on shares of Carvana in a research note on Wednesday. Raymond James upgraded Carvana from an “underperform” rating to a “market perform” rating in a research note on Friday, February 23rd. Finally, Royal Bank of Canada upgraded Carvana from an “underperform” rating to a “sector perform” rating and increased their price target for the stock from $45.00 to $90.00 in a research note on Friday, March 8th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Carvana currently has a consensus rating of “Hold” and an average price target of $53.87.

Carvana Trading Up 0.9 %

The company has a market capitalization of $14.50 billion, a PE ratio of 131.67 and a beta of 3.32. The stock has a fifty day moving average of $74.84 and a two-hundred day moving average of $52.12.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter last year, the company posted ($0.97) earnings per share. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. Equities analysts forecast that Carvana Co. will post -3.4 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Ernest C. Garcia II sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $80.13, for a total transaction of $4,006,500.00. Following the transaction, the insider now directly owns 3,312,500 shares in the company, valued at approximately $265,430,625. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, major shareholder Ernest C. Garcia II sold 50,000 shares of Carvana stock in a transaction that occurred on 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 sale, the insider now directly owns 3,312,500 shares in the company, valued at approximately $265,430,625. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul W. Breaux sold 15,000 shares of Carvana stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $69.00, for a total value of $1,035,000.00. Following the completion of the sale, the insider now owns 150,126 shares in the company, valued at $10,358,694. The disclosure for this sale can be found here. Insiders have sold a total of 187,883 shares of company stock worth $15,505,178 in the last ninety days. 17.12% of the stock is owned by insiders.

Institutional Investors Weigh In On Carvana

A number of large investors have recently made changes to their positions in the business. Blue Trust Inc. purchased a new position in shares of Carvana in the 4th quarter valued at approximately $29,000. Captrust Financial Advisors lifted its stake in shares of Carvana by 270.9% in the 2nd quarter. Captrust Financial Advisors now owns 1,324 shares of the company’s stock valued at $30,000 after purchasing an additional 967 shares during the period. Hanseatic Management Services Inc. purchased a new position in shares of Carvana in the 3rd quarter valued at approximately $34,000. Parallel Advisors LLC lifted its stake in shares of Carvana by 39.0% in the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after purchasing an additional 194 shares during the period. Finally, Meeder Asset Management Inc. raised its stake in Carvana by 14,831.6% during the fourth quarter. Meeder Asset Management Inc. now owns 8,511 shares of the company’s stock valued at $40,000 after buying an additional 8,454 shares during the last quarter. 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.