Carvana (NYSE:CVNA) Rating Increased to Neutral at Wedbush

Carvana (NYSE:CVNA) was upgraded by equities researchers at Wedbush to a “neutral” rating in a report released on Monday. The firm currently has a $150.00 price objective on the stock, up from their prior price objective of $120.00. Wedbush’s price target indicates a potential downside of 2.67% from the stock’s current price.

CVNA has been the subject of a number of other research reports. Piper Sandler boosted their target price on Carvana from $105.00 to $151.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. BTIG Research raised their target price on shares of Carvana from $155.00 to $188.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. William Blair reiterated an “outperform” rating on shares of Carvana in a report on Thursday, May 2nd. Wells Fargo & Company raised shares of Carvana from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $77.00 to $175.00 in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. boosted their price target on Carvana from $150.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Carvana has a consensus rating of “Hold” and an average price target of $148.40.

Carvana Stock Performance

Carvana stock opened at $154.12 on Monday. The firm has a fifty day simple moving average of $129.85 and a two-hundred day simple moving average of $101.23. The company has a quick ratio of 1.62, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. Carvana has a twelve month low of $25.09 and a twelve month high of $156.80. The company has a market capitalization of $31.22 billion, a PE ratio of 67.60 and a beta of 3.37.

Insiders Place Their Bets

In other news, major shareholder Ernest C. Garcia II sold 60,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $105.62, for a total transaction of $6,337,200.00. Following the sale, the insider now owns 2,017,500 shares in the company, valued at approximately $213,088,350. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Carvana news, Director Ira J. Platt sold 664 shares of Carvana stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $150.00, for a total transaction of $99,600.00. Following the completion of the transaction, the director now owns 30,227 shares in the company, valued at $4,534,050. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Ernest C. Garcia II sold 60,000 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $105.62, for a total value of $6,337,200.00. Following the completion of the sale, the insider now directly owns 2,017,500 shares in the company, valued at $213,088,350. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,456,236 shares of company stock worth $305,616,285. 17.12% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Carvana

Hedge funds have recently bought and sold shares of the company. International Assets Investment Management LLC bought a new stake in Carvana during the 4th quarter valued at about $5,610,000. Federated Hermes Inc. purchased a new stake in shares of Carvana during the fourth quarter valued at approximately $864,000. Jennison Associates LLC bought a new stake in shares of Carvana during the fourth quarter valued at approximately $500,000. Illinois Municipal Retirement Fund purchased a new position in Carvana in the 4th quarter worth approximately $880,000. Finally, State of New Jersey Common Pension Fund D lifted its position in Carvana by 51.0% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 79,143 shares of the company’s stock valued at $4,190,000 after acquiring an additional 26,729 shares in the last quarter. Institutional investors own 56.71% of the company’s stock.

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.