JPMorgan Chase & Co. Boosts Carvana (NYSE:CVNA) Price Target to $350.00

Carvana (NYSE:CVNA) had its price objective lifted by analysts at JPMorgan Chase & Co. from $300.00 to $350.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 41.27% from the company’s current price.

Several other research firms have also issued reports on CVNA. Needham & Company LLC reissued a “buy” rating and set a $330.00 price target on shares of Carvana in a research report on Tuesday, January 7th. Evercore ISI raised their price target on shares of Carvana from $240.00 to $245.00 and gave the stock an “in-line” rating in a research report on Tuesday, December 3rd. Wedbush increased their price objective on shares of Carvana from $150.00 to $175.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Jefferies Financial Group lifted their target price on Carvana from $150.00 to $185.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Finally, Wells Fargo & Company dropped their price target on Carvana from $300.00 to $275.00 and set an “overweight” rating on the stock in a research report on Monday, January 6th. Nine investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $244.88.

Carvana Price Performance

CVNA opened at $247.76 on Friday. The company has a debt-to-equity ratio of 18.99, a quick ratio of 2.12 and a current ratio of 3.25. Carvana has a 1-year low of $40.21 and a 1-year high of $268.34. The company has a 50-day moving average of $230.58 and a 200-day moving average of $194.27. The company has a market capitalization of $51.44 billion, a P/E ratio of 24,800.30 and a beta of 3.38.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate 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. During the same period in the prior year, the firm earned $0.23 earnings per share. The firm’s quarterly revenue was up 31.8% compared to the same quarter last year. Equities analysts expect that Carvana will post 0.88 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Mark W. Jenkins sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $200.75, for a total value of $2,007,500.00. Following the sale, the chief financial officer now directly owns 189,097 shares in the company, valued at $37,961,222.75. The trade was a 5.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel J. Gill sold 44,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $259.47, for a total transaction of $11,416,680.00. Following the sale, the insider now owns 191,225 shares of the company’s stock, valued at $49,617,150.75. The trade was a 18.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 347,340 shares of company stock worth $81,044,588 over the last ninety days. Company insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC increased its position in shares of Carvana by 90.8% in the third quarter. FMR LLC now owns 12,361,790 shares of the company’s stock worth $2,152,311,000 after acquiring an additional 5,882,656 shares in the last quarter. State Street Corp raised its stake in Carvana by 6.1% during the 3rd quarter. State Street Corp now owns 1,877,511 shares of the company’s stock valued at $326,893,000 after purchasing an additional 107,610 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Carvana by 7.8% in the third quarter. Geode Capital Management LLC now owns 1,803,546 shares of the company’s stock valued at $315,133,000 after purchasing an additional 131,059 shares in the last quarter. Whale Rock Capital Management LLC acquired a new stake in shares of Carvana in the third quarter worth $162,953,000. Finally, Holocene Advisors LP grew its holdings in shares of Carvana by 108.2% during the third quarter. Holocene Advisors LP now owns 554,112 shares of the company’s stock valued at $96,476,000 after buying an additional 287,983 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

About Carvana

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.