Bank of America Issues Positive Forecast for Carvana (NYSE:CVNA) Stock Price

Carvana (NYSE:CVNA) had its target price raised by equities research analysts at Bank of America from $252.00 to $270.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s target price points to a potential upside of 8.86% from the stock’s current price.

Several other equities analysts have also weighed in on CVNA. JMP Securities restated a “market outperform” rating and set a $320.00 target price on shares of Carvana in a report on Monday, December 16th. Morgan Stanley raised Carvana from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $110.00 to $260.00 in a research report on Tuesday, November 5th. Piper Sandler increased their target price on Carvana from $151.00 to $225.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Wedbush reissued a “neutral” rating and set a $250.00 price target on shares of Carvana in a research report on Thursday, February 6th. Finally, Robert W. Baird upped their price target on Carvana from $200.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday. Nine equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $262.53.

Carvana Stock Performance

Shares of NYSE:CVNA opened at $248.03 on Friday. The firm has a market capitalization of $51.50 billion, a PE ratio of 157.98 and a beta of 3.37. Carvana has a 12 month low of $48.15 and a 12 month high of $292.84. The company has a debt-to-equity ratio of 18.99, a current ratio of 3.25 and a quick ratio of 2.12. The business has a 50-day moving average of $234.85 and a two-hundred day moving average of $207.18.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.29 by $0.27. Carvana had a net margin of 1.54% and a return on equity of 446.67%. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.32 billion. As a group, research analysts forecast that Carvana will post 2.85 earnings per share for the current year.

Insider Buying and Selling at Carvana

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 stock was sold at an average price of $200.75, for a total transaction of $2,007,500.00. Following the completion of the transaction, the chief financial officer now 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 SEC, which is available through this hyperlink. Also, insider Paul W. Breaux sold 1,362 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $270.08, for a total value of $367,848.96. Following the transaction, the insider now owns 153,240 shares of the company’s stock, valued at approximately $41,387,059.20. The trade was a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 173,629 shares of company stock worth $44,833,799 over the last ninety days. Company insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

Several hedge funds have recently bought and sold shares of CVNA. Quent Capital LLC bought a new position in Carvana in the 4th quarter worth about $28,000. Global Retirement Partners LLC raised its holdings in shares of Carvana by 109.9% during the fourth quarter. Global Retirement Partners LLC now owns 149 shares of the company’s stock valued at $30,000 after buying an additional 78 shares during the last quarter. Rialto Wealth Management LLC acquired a new position in shares of Carvana during the fourth quarter worth approximately $31,000. ORG Wealth Partners LLC bought a new position in Carvana in the 4th quarter worth approximately $34,000. Finally, Capital Performance Advisors LLP acquired a new stake in Carvana in the 3rd quarter valued at approximately $40,000. 56.71% of the stock is currently owned by institutional investors.

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.