Carvana (NYSE:CVNA) Sets New 1-Year High Following Analyst Upgrade

Carvana Co. (NYSE:CVNA) hit a new 52-week high on Thursday after Needham & Company LLC raised their price target on the stock from $160.00 to $200.00. Needham & Company LLC currently has a buy rating on the stock. Carvana traded as high as $150.35 and last traded at $149.81, with a volume of 1773960 shares. The stock had previously closed at $133.23.

CVNA has been the topic of several other research reports. JPMorgan Chase & Co. increased their price target on shares of Carvana from $150.00 to $155.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Wells Fargo & Company raised Carvana from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $77.00 to $175.00 in a research report on Thursday. Evercore ISI raised their target price on Carvana from $135.00 to $140.00 and gave the stock an “in-line” rating in a report on Tuesday, July 16th. BTIG Research assumed coverage on Carvana in a research report on Friday, July 12th. They issued a “buy” rating and a $155.00 price objective on the stock. Finally, TD Cowen increased their price target on shares of Carvana from $58.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Carvana has an average rating of “Hold” and an average price target of $118.57.

Insider Activity at Carvana

In related news, Director Gregory B. Sullivan sold 5,000 shares of Carvana stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $120.90, for a total transaction of $604,500.00. Following the transaction, the director now owns 58,407 shares in the company, valued at $7,061,406.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Gregory B. Sullivan sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $120.90, for a total transaction of $604,500.00. Following the completion of the sale, the director now directly owns 58,407 shares in the company, valued at $7,061,406.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Ernest C. Garcia II sold 60,000 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $120.35, for a total transaction of $7,221,000.00. Following the completion of the sale, the insider now directly owns 2,992,500 shares of the company’s stock, valued at approximately $360,147,375. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,497,096 shares of company stock valued at $300,635,689. Corporate insiders own 17.12% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CVNA. Blue Trust Inc. acquired a new stake in shares of Carvana in the fourth quarter valued at $29,000. Ridgewood Investments LLC acquired a new position in Carvana in the 2nd quarter valued at about $32,000. Parallel Advisors LLC increased its stake in Carvana by 39.0% during the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after purchasing an additional 194 shares during the period. Summit Securities Group LLC lifted its position in shares of Carvana by 110.0% during the second quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock worth $39,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Fifth Third Bancorp boosted its stake in shares of Carvana by 450.8% in the second quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock valued at $43,000 after purchasing an additional 275 shares during the period. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Carvana Stock Up 9.8 %

The business’s fifty day moving average is $119.26 and its two-hundred day moving average is $91.13. The stock has a market cap of $29.64 billion, a price-to-earnings ratio of 58.39 and a beta of 3.37.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.41) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.35. The business had revenue of $3.06 billion during the quarter, compared to analyst estimates of $2.72 billion. As a group, sell-side analysts expect that Carvana Co. will post -0.71 earnings per share for the current year.

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.