Carvana (NYSE:CVNA) Earns “Outperform” Rating from William Blair

William Blair reissued their outperform rating on shares of Carvana (NYSE:CVNA) in a research note issued to investors on Thursday morning, RTT News reports.

A number of other equities research analysts have also issued reports on CVNA. JPMorgan Chase & Co. raised shares of Carvana from a neutral rating to an overweight rating and lifted their target price for the company from $70.00 to $130.00 in a research note on Thursday. Wells Fargo & Company upped their target price on Carvana from $60.00 to $77.00 and gave the stock an equal weight rating in a research report on Thursday. JMP Securities reiterated a market outperform rating and set a $80.00 price target on shares of Carvana in a report on Wednesday, April 17th. Wedbush boosted their price target on Carvana from $80.00 to $120.00 and gave the company a neutral rating in a research note on Thursday. Finally, Robert W. Baird raised their price objective on shares of Carvana from $65.00 to $110.00 and gave the company a neutral rating in a research report on Thursday. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $73.44.

Carvana Stock Performance

Shares of CVNA stock traded up $5.17 on Thursday, reaching $121.67. 8,528,363 shares of the company’s stock traded hands, compared to its average volume of 5,397,261. The company has a market capitalization of $24.57 billion, a P/E ratio of 53.36 and a beta of 3.28. Carvana has a 12-month low of $6.92 and a 12-month high of $124.20. The business’s 50 day moving average price is $81.81 and its two-hundred day moving average price is $56.03.

Carvana (NYSE:CVNA) last issued its earnings results 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 firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.56 billion. Carvana’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.97) EPS. Research analysts predict that Carvana will post -3.05 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Ernest C. Garcia III sold 18,100 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $116.24, for a total value of $2,103,944.00. Following the sale, the chief executive officer now directly owns 896,449 shares of the company’s stock, valued at $104,203,231.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Ernest C. Garcia III sold 18,100 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $116.24, for a total value of $2,103,944.00. Following the completion of the sale, the chief executive officer now directly owns 896,449 shares of the company’s stock, valued at $104,203,231.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Stephen R. Palmer sold 5,000 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $86.75, for a total transaction of $433,750.00. Following the completion of the sale, the vice president now owns 62,514 shares in the company, valued at approximately $5,423,089.50. The disclosure for this sale can be found here. Insiders sold a total of 442,233 shares of company stock valued at $38,200,169 in the last quarter. Insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

Hedge funds have recently made changes to their positions in the stock. Morgan Stanley raised its holdings in Carvana by 13.8% in the 3rd quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock valued at $619,478,000 after acquiring an additional 1,784,009 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Carvana by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after purchasing an additional 655,603 shares during the period. TD Asset Management Inc acquired a new position in shares of Carvana in the third quarter valued at $22,906,000. UBS Group AG lifted its position in Carvana by 132.6% in the third quarter. UBS Group AG now owns 81,620 shares of the company’s stock worth $3,426,000 after purchasing an additional 331,892 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Carvana by 56.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 778,561 shares of the company’s stock worth $32,684,000 after buying an additional 280,851 shares in the last quarter. Institutional investors own 56.71% of the company’s stock.

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.