Carvana (NYSE:CVNA) Given New $340.00 Price Target at Needham & Company LLC

Carvana (NYSE:CVNA) had its price target hoisted by Needham & Company LLC from $330.00 to $340.00 in a report issued on Thursday,Benzinga reports. They currently have a buy rating on the stock.

CVNA has been the subject of a number of other research reports. Wedbush reissued a “neutral” rating and set a $250.00 price target on shares of Carvana in a research report on Thursday, February 6th. Robert W. Baird boosted their target price on Carvana from $200.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday. Morgan Stanley upgraded shares of Carvana from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $110.00 to $260.00 in a report on Tuesday, November 5th. JPMorgan Chase & Co. boosted their price objective on shares of Carvana from $300.00 to $350.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, Wells Fargo & Company dropped their price objective on shares of Carvana from $300.00 to $275.00 and set an “overweight” rating for the company in a research report on Monday, January 6th. Nine investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Carvana currently has a consensus rating of “Moderate Buy” and a consensus target price of $259.00.

Carvana Price Performance

CVNA opened at $248.03 on Thursday. Carvana has a 1 year low of $48.15 and a 1 year high of $292.84. The company’s 50 day simple moving average is $234.85 and its 200 day simple moving average is $207.18. The stock has a market capitalization of $51.50 billion, a PE ratio of 24,827.83 and a beta of 3.37. 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 (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.27. The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.32 billion. As a group, sell-side analysts expect that Carvana will post 0.87 EPS for the current year.

Insider Transactions at Carvana

In other news, insider Ryan S. Keeton sold 24,845 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $247.90, for a total transaction of $6,159,075.50. Following the completion of the sale, the insider now owns 151,029 shares of the company’s stock, valued at approximately $37,440,089.10. This trade represents a 14.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark W. Jenkins sold 10,000 shares of Carvana stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $255.07, for a total transaction of $2,550,700.00. Following the completion of the sale, the chief financial officer now owns 189,761 shares of the company’s stock, valued at approximately $48,402,338.27. This trade represents a 5.01 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 173,629 shares of company stock valued at $44,833,799. 17.12% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC raised its stake in shares of Carvana by 90.8% in the 3rd quarter. FMR LLC now owns 12,361,790 shares of the company’s stock valued at $2,152,311,000 after purchasing an additional 5,882,656 shares in the last quarter. Vanguard Group Inc. increased its holdings in Carvana by 5.6% in the fourth quarter. Vanguard Group Inc. now owns 11,425,367 shares of the company’s stock valued at $2,323,463,000 after buying an additional 610,234 shares during the last quarter. Lingotto Investment Management LLP raised its stake in Carvana by 1.5% during the fourth quarter. Lingotto Investment Management LLP now owns 3,987,150 shares of the company’s stock valued at $810,827,000 after buying an additional 57,215 shares in the last quarter. Durable Capital Partners LP lifted its holdings in Carvana by 6.3% during the 4th quarter. Durable Capital Partners LP now owns 2,168,232 shares of the company’s stock worth $440,932,000 after buying an additional 129,246 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Carvana by 4.2% in the 4th quarter. Geode Capital Management LLC now owns 1,878,796 shares of the company’s stock worth $381,592,000 after acquiring an additional 75,250 shares in the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

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.