Carvana (NYSE:CVNA) Stock Rating Reaffirmed as Buy by BTIG Research

Carvana (NYSE:CVNA)‘s stock had its “buy” rating reissued by stock analysts at BTIG Research in a research note issued on Friday, MarketBeat Ratings reports. They currently have a $87.00 price target on the stock. BTIG Research’s target price suggests a potential upside of 37.68% from the company’s previous close.

A number of other equities analysts have also weighed in on CVNA. Needham & Company LLC reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Carvana in a research note on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $80.00 target price on shares of Carvana in a research note on Friday, July 31st. Robert W. Baird set a $72.00 price target on Carvana in a report on Thursday, July 30th. DA Davidson set a $67.00 price target on Carvana in a research note on Thursday, July 30th. Finally, Citizens Jmp cut their price objective on shares of Carvana from $103.00 to $83.00 and set a “market outperform” rating for the company in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $83.13.

Carvana Trading Up 0.7%

Shares of NYSE:CVNA opened at $63.19 on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.93 and a quick ratio of 2.33. Carvana has a 1 year low of $54.46 and a 1 year high of $97.38. The company has a market cap of $69.54 billion, a P/E ratio of 34.95, a PEG ratio of 1.81 and a beta of 3.55. The stock’s fifty day moving average price is $68.93 and its 200-day moving average price is $68.57.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.03. Carvana had a net margin of 6.26% and a return on equity of 37.06%. The business had revenue of $7.38 billion during the quarter, compared to analyst estimates of $6.90 billion. During the same period in the previous year, the business earned $1.51 EPS. The company’s quarterly revenue was up 52.4% compared to the same quarter last year. Sell-side analysts expect that Carvana will post 1.67 earnings per share for the current year.

Insider Buying and Selling

In related news, Director J Quayle sold 14,525 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $75.00, for a total transaction of $1,089,375.00. Following the completion of the sale, the director directly owned 214,960 shares of the company’s stock, valued at approximately $16,122,000. This trade represents a 6.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark Jenkins sold 63,750 shares of Carvana stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $61.64, for a total value of $3,929,550.00. Following the sale, the chief financial officer owned 1,142,502 shares of the company’s stock, valued at approximately $70,423,823.28. This trade represents a 5.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 352,564 shares of company stock worth $23,800,480 over the last three months. 15.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Carvana

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its holdings in Carvana by 22.1% in the third quarter. GAMMA Investing LLC now owns 16,402 shares of the company’s stock worth $1,026,000 after purchasing an additional 2,971 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of Carvana by 37.7% during the third quarter. Farther Finance Advisors LLC now owns 50,790 shares of the company’s stock worth $3,176,000 after acquiring an additional 13,898 shares during the last quarter. CoreCap Advisors LLC increased its holdings in shares of Carvana by 413.3% during the third quarter. CoreCap Advisors LLC now owns 1,196 shares of the company’s stock valued at $75,000 after acquiring an additional 963 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Carvana by 12.0% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 1,950 shares of the company’s stock valued at $122,000 after acquiring an additional 209 shares in the last quarter. Finally, CX Institutional raised its position in shares of Carvana by 24.6% in the 3rd quarter. CX Institutional now owns 4,246 shares of the company’s stock valued at $266,000 after purchasing an additional 837 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

About Carvana

Carvana Co is an online used-car retailer that enables customers to research, purchase, finance, trade in and sell vehicles through its digital platform. The company’s services are designed to allow customers to complete much of the vehicle-buying process online, including selecting a vehicle, arranging financing, completing documentation and scheduling delivery or pickup.

Carvana offers a broad selection of used cars, trucks and sport utility vehicles. Its platform includes vehicle listings with photographs and inspection information, while its operations support vehicle reconditioning, logistics and customer delivery.