Equities researchers at Oppenheimer started coverage on shares of Carvana (NYSE:CVNA) in a report released on Thursday, September 19th, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $95.00 price target on the stock. Oppenheimer’s target price would indicate a potential upside of 31.47% from the company’s current price.
Several other research firms have also weighed in on CVNA. Cowen restated an “outperform” rating and set a $85.00 price target (up previously from $81.00) on shares of Carvana in a report on Thursday, August 8th. Wells Fargo & Co reiterated a “buy” rating and issued a $85.00 target price on shares of Carvana in a research note on Monday, July 1st. Morgan Stanley reiterated an “underweight” rating and issued a $30.00 target price (up previously from $22.00) on shares of Carvana in a research note on Thursday, August 8th. Barrington Research reiterated a “hold” rating on shares of Carvana in a research note on Monday, August 5th. Finally, Needham & Company LLC assumed coverage on Carvana in a research note on Thursday, September 12th. They issued a “buy” rating and a $105.00 target price on the stock. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. Carvana presently has an average rating of “Hold” and an average price target of $77.50.
NYSE:CVNA traded up $3.00 during midday trading on Thursday, hitting $72.26. 1,619,137 shares of the company traded hands, compared to its average volume of 1,622,807. The firm’s fifty day moving average is $75.54 and its 200-day moving average is $67.62. Carvana has a 12-month low of $28.44 and a 12-month high of $85.07. The firm has a market capitalization of $10.92 billion, a P/E ratio of -41.77 and a beta of 2.17. The company has a current ratio of 3.83, a quick ratio of 1.40 and a debt-to-equity ratio of 2.10.
Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.40) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by ($0.01). Carvana had a negative net margin of 3.49% and a negative return on equity of 30.55%. The company had revenue of $986.22 million for the quarter, compared to analysts’ expectations of $914.50 million. During the same quarter in the previous year, the company posted ($0.37) EPS. The business’s quarterly revenue was up 107.5% on a year-over-year basis. On average, research analysts expect that Carvana will post -1.82 EPS for the current fiscal year.
In other news, insider Ryan S. Keeton sold 28,930 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $71.18, for a total transaction of $2,059,237.40. Following the transaction, the insider now owns 45,547 shares of the company’s stock, valued at approximately $3,242,035.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ira J. Platt sold 10,700 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $84.51, for a total value of $904,257.00. Following the transaction, the director now directly owns 33,082 shares in the company, valued at approximately $2,795,759.82. The disclosure for this sale can be found here. Insiders have sold a total of 167,361 shares of company stock worth $13,054,526 in the last three months. Corporate insiders own 13.02% of the company’s stock.
A number of hedge funds have recently modified their holdings of CVNA. Vanguard Group Inc. boosted its position in Carvana by 28.1% during the second quarter. Vanguard Group Inc. now owns 3,859,649 shares of the company’s stock valued at $241,576,000 after purchasing an additional 846,994 shares in the last quarter. North Peak Capital Management LLC boosted its holdings in Carvana by 422.7% in the first quarter. North Peak Capital Management LLC now owns 336,200 shares of the company’s stock worth $19,520,000 after acquiring an additional 271,879 shares in the last quarter. ShawSpring Partners LLC boosted its holdings in Carvana by 26.0% in the first quarter. ShawSpring Partners LLC now owns 876,506 shares of the company’s stock worth $50,890,000 after acquiring an additional 180,645 shares in the last quarter. Balyasny Asset Management LLC boosted its holdings in Carvana by 39.7% in the second quarter. Balyasny Asset Management LLC now owns 591,518 shares of the company’s stock worth $37,023,000 after acquiring an additional 168,212 shares in the last quarter. Finally, Nuveen Asset Management LLC acquired a new stake in Carvana in the second quarter worth about $9,013,000. 37.05% of the stock is currently owned by institutional investors.
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 proprietary 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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