Carvana (NYSE:CVNA) Given New $130.00 Price Target at Royal Bank of Canada

Carvana (NYSE:CVNA) had its price objective upped by equities research analysts at Royal Bank of Canada from $90.00 to $130.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 7.85% from the stock’s current price.

A number of other equities analysts have also recently commented on the company. Evercore ISI lowered their target price on Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a report on Tuesday, April 16th. Morgan Stanley lifted their price objective on Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a research note on Monday, February 26th. Wedbush lifted their price objective on Carvana from $80.00 to $120.00 and gave the company a “neutral” rating in a research note on Thursday. Raymond James upgraded Carvana from an “underperform” rating to a “market perform” rating in a research note on Friday, February 23rd. Finally, JMP Securities reiterated a “market outperform” rating and issued a $80.00 price objective on shares of Carvana in a research note on Wednesday, April 17th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $70.00.

Carvana Stock Performance

Shares of NYSE:CVNA traded up $33.45 during midday trading on Thursday, reaching $120.54. 13,821,890 shares of the company’s stock traded hands, compared to its average volume of 6,142,682. The company has a fifty day simple moving average of $79.47 and a two-hundred day simple moving average of $54.84. Carvana has a 1 year low of $6.92 and a 1 year high of $122.30. The company has a market cap of $24.34 billion, a P/E ratio of 222.58 and a beta of 3.28.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) 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 analysts’ expectations of $2.56 billion. The company’s revenue was down 14.6% on a year-over-year basis. During the same period last year, the firm earned ($0.97) earnings per share. As a group, research analysts forecast that Carvana will post -3.32 EPS for the current fiscal year.

Insider Activity

In other news, insider Paul W. Breaux sold 15,000 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were 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 directly owns 150,126 shares of the company’s stock, valued at $10,358,694. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Paul W. Breaux sold 15,000 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $69.00, for a total transaction of $1,035,000.00. Following the transaction, the insider now owns 150,126 shares in the company, valued at approximately $10,358,694. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Benjamin E. Huston sold 9,296 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $82.92, for a total transaction of $770,824.32. Following the completion of the transaction, the chief operating officer now owns 178,885 shares in the company, valued at $14,833,144.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 287,883 shares of company stock worth $23,778,678. 17.12% of the stock is owned by company insiders.

Institutional Trading of Carvana

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. bought a new position in Carvana during the 4th quarter valued at about $29,000. Hanseatic Management Services Inc. acquired a new stake in shares of Carvana during the 3rd quarter worth approximately $34,000. Parallel Advisors LLC grew its position in shares of Carvana by 39.0% during the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after buying an additional 194 shares during the period. Harvest Fund Management Co. Ltd grew its holdings in Carvana by 1,225.6% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock valued at $50,000 after purchasing an additional 1,103 shares during the period. Finally, Tidemark LLC bought a new position in Carvana in the fourth quarter valued at approximately $50,000. 56.71% of the stock is currently owned by institutional investors and hedge funds.

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.