Carvana (NYSE:CVNA) Given New $70.00 Price Target at TD Cowen

Carvana (NYSE:CVNA) had its target price increased by equities researchers at TD Cowen from $58.00 to $70.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. TD Cowen’s target price would suggest a potential downside of 17.50% from the stock’s previous close.

CVNA has been the subject of several other research reports. Morgan Stanley raised their target price on shares of Carvana from $32.00 to $45.00 and gave the stock an “underweight” rating in a report on Monday, February 26th. William Blair upgraded shares of Carvana from a “market perform” rating to an “outperform” rating in a report on Friday, February 23rd. Wedbush reiterated a “neutral” rating and set a $80.00 price objective (up previously from $60.00) on shares of Carvana in a report on Thursday. JPMorgan Chase & Co. lifted their price objective on shares of Carvana from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, April 18th. Finally, Robert W. Baird lifted their price objective on shares of Carvana from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, April 19th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $56.75.

Carvana Price Performance

Carvana stock traded up $0.54 during midday trading on Monday, reaching $84.85. 3,099,711 shares of the company traded hands, compared to its average volume of 5,983,393. The business has a 50 day moving average of $77.47 and a two-hundred day moving average of $53.92. The firm has a market capitalization of $17.13 billion, a price-to-earnings ratio of 157.06 and a beta of 3.32. Carvana has a 12 month low of $6.70 and a 12 month high of $94.04.

Carvana (NYSE:CVNA) last posted its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share 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 period last year, the firm earned ($0.97) earnings per share. The business’s quarterly revenue was down 14.6% compared to the same quarter last year. As a group, equities analysts forecast that Carvana will post -3.32 EPS for the current year.

Insider Activity at Carvana

In related news, Director Neha Parikh bought 1,300 shares of the stock in a transaction on Friday, March 1st. The stock was bought at an average price of $77.00 per share, with a total value of $100,100.00. Following the completion of the purchase, the director now directly owns 58,495 shares in the company, valued at approximately $4,504,115. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Carvana news, Director Neha Parikh acquired 1,300 shares of the stock in a transaction dated Friday, March 1st. The stock was acquired at an average price of $77.00 per share, with a total value of $100,100.00. Following the completion of the purchase, the director now owns 58,495 shares in the company, valued at approximately $4,504,115. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Thomas Taira sold 4,197 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $82.84, for a total transaction of $347,679.48. Following the completion of the transaction, the insider now directly owns 164,827 shares of the company’s stock, valued at approximately $13,654,268.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 187,883 shares of company stock valued at $15,505,178. 17.12% of the stock is owned by company insiders.

Hedge Funds Weigh In On Carvana

A number of institutional investors have recently modified their holdings of CVNA. Blue Trust Inc. acquired a new position in shares of Carvana in the 4th quarter valued at $29,000. Hanseatic Management Services Inc. acquired a new position in shares of Carvana in the 3rd quarter valued at $34,000. Parallel Advisors LLC increased its holdings 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 acquiring an additional 194 shares during the period. Harvest Fund Management Co. Ltd grew its position in Carvana by 1,225.6% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock valued at $50,000 after buying an additional 1,103 shares during the last quarter. Finally, Tidemark LLC purchased a new position in Carvana in the 4th quarter valued at $50,000. 56.71% of the stock is owned by institutional investors and hedge funds.

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.