Needham & Company LLC Issues Positive Forecast for Carvana (NYSE:CVNA) Stock Price

Carvana (NYSE:CVNA) had its target price boosted by research analysts at Needham & Company LLC from $340.00 to $500.00 in a research report issued to clients and investors on Thursday, MarketBeat reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 35.73% from the stock’s current price.

Several other analysts have also recently commented on the company. Wedbush raised Carvana to a “hold” rating in a report on Thursday, May 8th. Stephens lifted their price objective on Carvana from $300.00 to $375.00 and gave the company an “overweight” rating in a research report on Monday, July 7th. Gordon Haskett started coverage on Carvana in a report on Monday, July 14th. They issued a “hold” rating and a $329.00 target price on the stock. Wells Fargo & Company upped their target price on Carvana from $310.00 to $390.00 and gave the stock an “overweight” rating in a research report on Friday, July 18th. Finally, JMP Securities set a $440.00 target price on Carvana and gave the stock a “market outperform” rating in a research report on Wednesday, July 2nd. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $379.65.

Carvana Trading Down 5.6%

CVNA opened at $368.39 on Thursday. Carvana has a one year low of $118.50 and a one year high of $413.33. The company has a market cap of $78.89 billion, a P/E ratio of 92.33, a PEG ratio of 1.47 and a beta of 3.57. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.70 and a current ratio of 4.00. The business’s 50-day simple moving average is $333.58 and its 200-day simple moving average is $267.43.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.19. Carvana had a return on equity of 40.57% and a net margin of 3.46%. The company had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.54 billion. During the same quarter in the previous year, the business earned ($0.05) earnings per share. The firm’s revenue for the quarter was up 41.9% on a year-over-year basis. As a group, equities research analysts expect that Carvana will post 2.85 EPS for the current fiscal year.

Insider Activity

In related news, CFO Mark W. Jenkins sold 51,380 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $326.03, for a total value of $16,751,421.40. Following the completion of the transaction, the chief financial officer directly owned 162,079 shares of the company’s stock, valued at $52,842,616.37. This represents a 24.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $346.99, for a total value of $34,699,000.00. Following the completion of the transaction, the insider directly owned 37,092,317 shares of the company’s stock, valued at $12,870,663,075.83. This trade represents a 0.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,343,765 shares of company stock valued at $780,120,744. 17.12% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Carvana

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hilltop National Bank acquired a new stake in shares of Carvana during the 2nd quarter valued at $25,000. Brooklyn Investment Group lifted its position in shares of Carvana by 961.5% during the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company’s stock valued at $29,000 after acquiring an additional 125 shares during the last quarter. N.E.W. Advisory Services LLC acquired a new stake in shares of Carvana during the 1st quarter valued at $33,000. SJS Investment Consulting Inc. lifted its position in shares of Carvana by 960.0% during the 2nd quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock valued at $36,000 after acquiring an additional 96 shares during the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of Carvana during the 2nd quarter valued at $42,000. 56.71% of the stock is 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.