JPMorgan Chase & Co. Upgrades Carvana (NYSE:CVNA) to Overweight

Carvana (NYSE:CVNA) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Thursday, MarketBeat.com reports. The firm currently has a $130.00 price target on the stock, up from their prior price target of $70.00. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 6.85% from the stock’s current price.

Several other research firms have also issued reports on CVNA. Jefferies Financial Group raised shares of Carvana from an “underperform” rating to a “hold” rating and lifted their price target for the stock from $30.00 to $85.00 in a report on Tuesday, March 12th. TD Cowen increased their price target on Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, April 29th. Royal Bank of Canada raised Carvana from an “underperform” rating to a “sector perform” rating and raised their price target for the stock from $45.00 to $90.00 in a report on Friday, March 8th. William Blair upgraded shares of Carvana from a “market perform” rating to an “outperform” rating in a report on Friday, February 23rd. Finally, Wedbush reiterated a “neutral” rating and issued a $80.00 target price (up from $60.00) on shares of Carvana in a research note on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $73.44.

Carvana Stock Up 4.4 %

Shares of NYSE CVNA traded up $5.17 during mid-day trading on Thursday, reaching $121.67. 8,528,363 shares of the company were exchanged, compared to its average volume of 5,397,261. Carvana has a 1 year low of $6.92 and a 1 year high of $124.20. The firm has a 50-day moving average of $81.81 and a 200 day moving average of $55.88. The stock has a market cap of $24.57 billion, a price-to-earnings ratio of 53.36 and a beta of 3.28.

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

Insider Buying and Selling at Carvana

In other Carvana news, VP Stephen R. Palmer sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $86.75, for a total value of $433,750.00. Following the sale, the vice president now owns 62,514 shares in the company, valued at approximately $5,423,089.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Carvana news, CFO Mark W. Jenkins sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $86.76, for a total value of $4,771,800.00. Following the sale, the chief financial officer now directly owns 178,156 shares of the company’s stock, valued at $15,456,814.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Stephen R. Palmer sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $86.75, for a total value of $433,750.00. Following the transaction, the vice president now directly owns 62,514 shares of the company’s stock, valued at $5,423,089.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 442,233 shares of company stock worth $38,200,169. Insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of large investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC raised its stake in Carvana by 39.0% in the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after purchasing an additional 194 shares during the last quarter. Diversified Trust Co raised its position in shares of Carvana by 6.0% in the fourth quarter. Diversified Trust Co now owns 5,659 shares of the company’s stock valued at $300,000 after buying an additional 319 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of Carvana by 1.5% in the third quarter. Arizona State Retirement System now owns 25,698 shares of the company’s stock worth $1,079,000 after buying an additional 377 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in Carvana by 11.9% during the first quarter. Sequoia Financial Advisors LLC now owns 4,687 shares of the company’s stock worth $412,000 after acquiring an additional 500 shares during the last quarter. Finally, Blue Trust Inc. purchased a new stake in Carvana during the 4th quarter valued at about $29,000. 56.71% of the stock is currently owned by institutional investors and hedge funds.

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.