Carvana (NYSE:CVNA – Get Free Report) 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.
View Our Latest Research Report on Carvana
Carvana Stock Performance
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.
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