Carvana’s (CVNA) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Carvana (NYSE:CVNA) in a research note released on Monday,Benzinga reports. The brokerage currently has a $500.00 price target on the stock.

Other analysts also recently issued reports about the stock. JMP Securities upped their target price on shares of Carvana from $440.00 to $460.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 31st. Barclays assumed coverage on shares of Carvana in a report on Tuesday, November 11th. They issued an “overweight” rating and a $390.00 target price for the company. JPMorgan Chase & Co. increased their price target on shares of Carvana from $425.00 to $490.00 and gave the company an “overweight” rating in a report on Tuesday, October 21st. Wall Street Zen lowered shares of Carvana from a “buy” rating to a “hold” rating in a report on Sunday, October 19th. Finally, Citigroup lowered their price objective on Carvana from $490.00 to $445.00 and set a “buy” rating on the stock in a research report on Monday, November 3rd. Fifteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $414.16.

Carvana Stock Up 3.8%

CVNA stock opened at $329.40 on Monday. Carvana has a fifty-two week low of $148.25 and a fifty-two week high of $413.33. The company has a market capitalization of $71.66 billion, a price-to-earnings ratio of 75.21, a price-to-earnings-growth ratio of 1.15 and a beta of 3.50. The business’s 50 day moving average price is $349.13 and its two-hundred day moving average price is $339.14. The company has a debt-to-equity ratio of 1.63, a quick ratio of 2.55 and a current ratio of 4.05.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, October 29th. The company reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.26). The firm had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.04 billion. Carvana had a net margin of 3.44% and a return on equity of 30.62%. The company’s revenue for the quarter was up 54.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.64 EPS. As a group, analysts forecast that Carvana will post 2.85 earnings per share for the current fiscal year.

Insider Transactions at Carvana

In related news, insider Paul W. Breaux sold 15,000 shares of the firm’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $375.00, for a total value of $5,625,000.00. Following the completion of the transaction, the insider owned 83,018 shares in the company, valued at $31,131,750. This trade represents a 15.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mark W. Jenkins sold 12,750 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $364.42, for a total value of $4,646,355.00. Following the sale, the chief financial officer owned 208,581 shares in the company, valued at approximately $76,011,088.02. The trade was a 5.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 396,452 shares of company stock worth $144,553,806 over the last 90 days. Insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Envestnet Asset Management Inc. boosted its holdings in shares of Carvana by 30.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 45,995 shares of the company’s stock valued at $9,617,000 after acquiring an additional 10,753 shares during the last quarter. Sigma Planning Corp lifted its position in Carvana by 9.2% during the first quarter. Sigma Planning Corp now owns 1,300 shares of the company’s stock valued at $272,000 after purchasing an additional 110 shares during the period. Victory Capital Management Inc. boosted its holdings in Carvana by 7.0% in the first quarter. Victory Capital Management Inc. now owns 40,476 shares of the company’s stock valued at $8,463,000 after purchasing an additional 2,631 shares during the last quarter. Kingsview Wealth Management LLC acquired a new stake in Carvana during the 1st quarter worth about $953,000. Finally, Private Advisor Group LLC raised its stake in shares of Carvana by 3.7% during the 1st quarter. Private Advisor Group LLC now owns 23,838 shares of the company’s stock valued at $4,984,000 after buying an additional 860 shares during the last quarter. Institutional investors and hedge funds 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.