Carvana (NYSE:CVNA) Stock Rating Reaffirmed by Bank of America

Bank of America restated their buy rating on shares of Carvana (NYSE:CVNA) in a research report sent to investors on Tuesday, Marketbeat Ratings reports. They currently have a $185.00 price objective on the stock.

CVNA has been the subject of several other reports. JPMorgan Chase & Co. boosted their target price on Carvana from $150.00 to $155.00 and gave the stock an overweight rating in a research report on Friday, July 19th. DA Davidson boosted their target price on Carvana from $110.00 to $155.00 and gave the stock a neutral rating in a research report on Thursday, August 1st. BTIG Research upped their price objective on Carvana from $155.00 to $188.00 and gave the stock a buy rating in a report on Thursday, August 1st. Piper Sandler upped their price objective on Carvana from $105.00 to $151.00 and gave the stock a neutral rating in a report on Thursday, August 1st. Finally, Stephens assumed coverage on Carvana in a report on Thursday, September 12th. They issued an overweight rating and a $190.00 price objective for the company. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $153.88.

Carvana Price Performance

Carvana stock opened at $173.78 on Tuesday. Carvana has a 52 week low of $25.09 and a 52 week high of $176.33. The business has a 50-day simple moving average of $142.36 and a 200 day simple moving average of $114.44. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. The stock has a market cap of $35.20 billion, a price-to-earnings ratio of 76.22 and a beta of 3.43.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, July 31st. The company reported $0.14 EPS for the quarter. The business had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.23 billion. On average, research analysts forecast that Carvana will post 0.18 earnings per share for the current fiscal year.

Insider Activity at Carvana

In related news, insider Thomas Taira sold 25,000 shares of the stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $120.00, for a total transaction of $3,000,000.00. Following the completion of the sale, the insider now directly owns 161,397 shares in the company, valued at approximately $19,367,640. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Carvana news, CFO Mark W. Jenkins sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $124.08, for a total transaction of $6,824,400.00. Following the completion of the transaction, the chief financial officer now owns 186,580 shares of the company’s stock, valued at approximately $23,150,846.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas Taira sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $120.00, for a total value of $3,000,000.00. Following the transaction, the insider now directly owns 161,397 shares of the company’s stock, valued at approximately $19,367,640. The disclosure for this sale can be found here. Insiders sold 2,521,866 shares of company stock worth $347,083,884 in the last ninety days. 17.12% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CVNA. Ridgewood Investments LLC bought a new position in Carvana during the 2nd quarter valued at approximately $32,000. Parallel Advisors LLC raised its position in Carvana by 39.0% during 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. Summit Securities Group LLC raised its position in Carvana by 110.0% during the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after purchasing an additional 3,300 shares during the last quarter. Fifth Third Bancorp raised its position in shares of Carvana by 450.8% in the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock worth $43,000 after acquiring an additional 275 shares in the last quarter. Finally, Tidemark LLC bought a new position in shares of Carvana in the 4th quarter worth approximately $50,000. 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.