Bank of America Boosts Carvana (NYSE:CVNA) Price Target to $295.00

Carvana (NYSE:CVNA) had its price objective lifted by Bank of America from $290.00 to $295.00 in a research report report published on Thursday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

A number of other research analysts have also issued reports on the company. DA Davidson boosted their target price on Carvana from $220.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Stephens reissued an “overweight” rating and issued a $300.00 price objective on shares of Carvana in a research note on Monday, March 3rd. JMP Securities cut their price objective on shares of Carvana from $340.00 to $275.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 9th. Wells Fargo & Company lifted their target price on shares of Carvana from $290.00 to $310.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Morgan Stanley raised shares of Carvana from an “underweight” rating to an “overweight” rating in a report on Monday, March 31st. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $268.59.

Carvana Stock Down 6.0 %

CVNA stock opened at $268.27 on Thursday. Carvana has a 12 month low of $97.55 and a 12 month high of $293.62. The company has a debt-to-equity ratio of 3.82, a current ratio of 3.64 and a quick ratio of 2.12. The company has a market cap of $57.19 billion, a price-to-earnings ratio of 170.87 and a beta of 3.61. The company has a fifty day moving average price of $209.94 and a 200 day moving average price of $227.21.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.76. The business had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $3.94 billion. Carvana had a net margin of 1.54% and a return on equity of 36.59%. The business’s quarterly revenue was up 38.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.23 earnings per share. Sell-side analysts expect that Carvana will post 2.85 earnings per share for the current year.

Insiders Place Their Bets

In other Carvana news, CFO Mark W. Jenkins sold 12,750 shares of the firm’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $253.20, for a total transaction of $3,228,300.00. Following the sale, the chief financial officer now directly owns 213,459 shares of the company’s stock, valued at $54,047,818.80. This trade represents a 5.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Benjamin E. Huston sold 50,000 shares of Carvana stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $150.90, for a total transaction of $7,545,000.00. Following the sale, the chief operating officer now owns 123,803 shares of the company’s stock, valued at approximately $18,681,872.70. This trade represents a 28.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 348,560 shares of company stock worth $73,806,520. Insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Carvana by 9.7% during the 1st quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company’s stock worth $2,620,785,000 after purchasing an additional 1,109,476 shares during the period. Norges Bank purchased a new stake in shares of Carvana in the fourth quarter valued at $179,364,000. Castle Hook Partners LP acquired a new position in Carvana in the fourth quarter valued at $116,020,000. BNP Paribas Financial Markets lifted its position in Carvana by 89.8% during the fourth quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company’s stock worth $207,086,000 after buying an additional 481,912 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Carvana in the 4th quarter worth about $86,636,000. 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.