Carvana (NYSE:CVNA) Earns “Hold” Rating from Needham & Company LLC

Carvana (NYSE:CVNA)‘s stock had its “hold” rating reaffirmed by Needham & Company LLC in a research note issued on Thursday, Benzinga reports.

Several other equities analysts also recently weighed in on the company. William Blair upgraded Carvana from a “market perform” rating to an “outperform” rating in a research report on Friday, February 23rd. TD Cowen raised their price objective on Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a report on Monday, April 29th. Wedbush reiterated a “neutral” rating and issued a $80.00 target price (up from $60.00) on shares of Carvana in a research report on Thursday, April 25th. Jefferies Financial Group upgraded shares of Carvana from an “underperform” rating to a “hold” rating and boosted their price target for the stock from $30.00 to $85.00 in a research report on Tuesday, March 12th. Finally, Raymond James upgraded shares of Carvana from an “underperform” rating to a “market perform” rating in a report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $73.44.

Carvana Stock Performance

Carvana stock traded up $5.17 during trading on Thursday, reaching $121.67. The company had a trading volume of 8,528,363 shares, compared to its average volume of 5,397,261. The firm has a market capitalization of $24.57 billion, a PE ratio of 53.36 and a beta of 3.28. The firm’s 50-day simple moving average is $81.81 and its 200 day simple moving average is $55.88. Carvana has a 1-year low of $6.92 and a 1-year high of $124.20.

Carvana (NYSE:CVNA) last announced its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same quarter last year, the business posted ($0.97) EPS. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. Analysts anticipate that Carvana will post -3.32 EPS for the current year.

Insiders Place Their Bets

In other news, insider Ryan S. Keeton sold 8,250 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $115.55, for a total value of $953,287.50. Following the sale, the insider now directly owns 187,256 shares in the company, valued at approximately $21,637,430.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Paul W. Breaux sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $69.00, for a total value of $1,035,000.00. Following the completion of the transaction, the insider now directly owns 150,126 shares of the company’s stock, valued at $10,358,694. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ryan S. Keeton sold 8,250 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $115.55, for a total transaction of $953,287.50. Following the sale, the insider now directly owns 187,256 shares in the company, valued at approximately $21,637,430.80. The disclosure for this sale can be found here. Insiders sold 442,233 shares of company stock worth $38,200,169 in the last 90 days. Corporate insiders own 17.12% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CVNA. Morgan Stanley increased its position in Carvana by 13.8% during the third quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock worth $619,478,000 after buying an additional 1,784,009 shares during the period. Vanguard Group Inc. grew 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 worth $530,648,000 after acquiring an additional 655,603 shares during the last quarter. TD Asset Management Inc acquired a new position in shares of Carvana in the 3rd quarter valued at $22,906,000. UBS Group AG raised its position in Carvana by 132.6% in the 3rd quarter. UBS Group AG now owns 81,620 shares of the company’s stock valued at $3,426,000 after purchasing an additional 331,892 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Carvana by 56.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 778,561 shares of the company’s stock worth $32,684,000 after purchasing an additional 280,851 shares during the period. 56.71% of the stock is owned by hedge funds and other institutional investors.

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.