Citigroup Issues Positive Forecast for Carvana (NYSE:CVNA) Stock Price

Carvana (NYSE:CVNA) had its target price upped by analysts at Citigroup from $415.00 to $490.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 33.01% from the company’s previous close.

CVNA has been the topic of several other research reports. Robert W. Baird raised their price target on shares of Carvana from $200.00 to $275.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. Wells Fargo & Company restated an “overweight” rating and issued a $425.00 target price (up from $390.00) on shares of Carvana in a research report on Thursday. Royal Bank Of Canada lifted their target price on Carvana from $400.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday. Wedbush raised Carvana to a “hold” rating in a research note on Thursday, May 8th. Finally, JMP Securities lifted their price objective on shares of Carvana from $440.00 to $460.00 and gave the company a “market outperform” rating in a research note on Thursday. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $379.65.

Carvana Trading Down 5.6%

NYSE:CVNA opened at $368.39 on Thursday. The firm has a market capitalization of $78.89 billion, a P/E ratio of 92.33, a P/E/G ratio of 1.47 and a beta of 3.57. The business has a 50 day simple moving average of $333.58 and a 200 day simple moving average of $267.43. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.70. Carvana has a 12-month low of $118.50 and a 12-month high of $413.33.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.19. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.54 billion. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The company’s revenue for the quarter was up 41.9% compared to the same quarter last year. Equities research analysts predict that Carvana will post 2.85 EPS for the current year.

Insider Activity at Carvana

In other Carvana news, CEO Ernest C. Garcia III sold 2,700 shares of the company’s stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $403.83, for a total value of $1,090,341.00. Following the transaction, the chief executive officer owned 591,440 shares of the company’s stock, valued at approximately $238,841,215.20. This represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 50,000 shares of the firm’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $332.21, for a total value of $16,610,500.00. Following the sale, the insider directly owned 35,342,792 shares of the company’s stock, valued at approximately $11,741,228,930.32. This represents a 0.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,343,765 shares of company stock valued at $780,120,744. Company insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

Institutional investors have recently bought and sold shares of the stock. LPL Financial LLC boosted its holdings in shares of Carvana by 7.7% in the fourth quarter. LPL Financial LLC now owns 42,745 shares of the company’s stock worth $8,693,000 after buying an additional 3,067 shares during the period. Pictet Asset Management Holding SA boosted its stake in Carvana by 215.8% in the 4th quarter. Pictet Asset Management Holding SA now owns 43,920 shares of the company’s stock worth $8,932,000 after purchasing an additional 30,013 shares during the period. Orion Portfolio Solutions LLC grew its position in Carvana by 8.9% during the 4th quarter. Orion Portfolio Solutions LLC now owns 2,038 shares of the company’s stock worth $414,000 after purchasing an additional 167 shares in the last quarter. Schroder Investment Management Group acquired a new stake in Carvana during the 4th quarter valued at $642,000. Finally, O Shaughnessy Asset Management LLC raised its stake in Carvana by 37.9% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 6,947 shares of the company’s stock valued at $1,413,000 after purchasing an additional 1,911 shares during the period. Hedge funds and other institutional investors 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.