Carvana’s (CVNA) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Carvana (NYSE:CVNA) in a report released on Tuesday,Benzinga reports. Needham & Company LLC currently has a $330.00 price objective on the stock.

CVNA has been the topic of several other reports. Morgan Stanley upgraded shares of Carvana from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $110.00 to $260.00 in a research report on Tuesday, November 5th. JPMorgan Chase & Co. boosted their price objective on shares of Carvana from $230.00 to $300.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Citigroup lifted their target price on Carvana from $125.00 to $195.00 and gave the stock a “neutral” rating in a report on Thursday, October 3rd. Robert W. Baird increased their price target on Carvana from $160.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, JMP Securities reiterated a “market outperform” rating and issued a $320.00 target price on shares of Carvana in a report on Monday, December 16th. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $241.94.

Carvana Trading Down 0.7 %

Shares of Carvana stock opened at $197.00 on Tuesday. The firm’s 50 day moving average is $234.92 and its 200 day moving average is $182.79. The firm has a market capitalization of $40.90 billion, a PE ratio of 19,719.72 and a beta of 3.38. Carvana has a 1 year low of $40.21 and a 1 year high of $268.34. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.41. The firm had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.47 billion. The firm’s revenue was up 31.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.23 earnings per share. Equities research analysts forecast that Carvana will post 0.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $193.06, for a total transaction of $19,306,000.00. Following the sale, the insider now directly owns 38,058,131 shares of the company’s stock, valued at $7,347,502,770.86. This represents a 0.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark W. Jenkins sold 208,495 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $224.43, for a total transaction of $46,792,532.85. Following the completion of the sale, the chief financial officer now directly owns 90,732 shares in the company, valued at approximately $20,362,982.76. This trade represents a 69.68 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 951,908 shares of company stock valued at $199,569,285. Insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

Several hedge funds and other institutional investors have recently modified their holdings of CVNA. Commonwealth Equity Services LLC boosted its holdings in Carvana by 5.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 4,976 shares of the company’s stock valued at $641,000 after purchasing an additional 270 shares during the period. Victory Capital Management Inc. grew its position in Carvana by 45.4% during the second quarter. Victory Capital Management Inc. now owns 27,117 shares of the company’s stock worth $3,490,000 after buying an additional 8,467 shares in the last quarter. Arizona State Retirement System increased its stake in Carvana by 3.9% in the 2nd quarter. Arizona State Retirement System now owns 27,669 shares of the company’s stock worth $3,562,000 after acquiring an additional 1,032 shares during the last quarter. Quest Partners LLC raised its holdings in shares of Carvana by 738.7% in the 2nd quarter. Quest Partners LLC now owns 780 shares of the company’s stock valued at $100,000 after acquiring an additional 687 shares in the last quarter. Finally, ClariVest Asset Management LLC bought a new stake in shares of Carvana during the 2nd quarter valued at about $1,189,000. 56.71% 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 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.