Carvana (NYSE:CVNA) Reaches New 52-Week High Following Analyst Upgrade

Carvana Co. (NYSE:CVNA)’s stock price reached a new 52-week high on Wednesday after Bank of America raised their price target on the stock from $230.00 to $276.00. The stock traded as high as $295.15 and last traded at $291.88, with a volume of 37068 shares trading hands. The stock had previously closed at $288.44.

A number of other research firms have also recently commented on CVNA. Needham & Company LLC reduced their target price on shares of Carvana from $265.00 to $262.00 and set a “buy” rating on the stock in a research report on Friday, October 30th. Stifel Nicolaus upgraded shares of Carvana from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $210.00 to $250.00 in a report on Friday, October 30th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Carvana from $165.00 to $225.00 and gave the company a “hold” rating in a research report on Thursday, November 5th. Piper Sandler lifted their target price on Carvana from $209.00 to $265.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 29th. Finally, Oppenheimer started coverage on Carvana in a research note on Friday, October 30th. They issued a “buy” rating and a $250.00 price target on the stock. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and eighteen have issued a buy rating to the company. Carvana has an average rating of “Buy” and a consensus price target of $221.54.

In other news, major shareholder Ernest C. Garcia II sold 900 shares of the business’s stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $211.49, for a total transaction of $190,341.00. Following the completion of the transaction, the insider now directly owns 200 shares in the company, valued at $42,298. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mark W. Jenkins sold 8,111 shares of the stock in a transaction that occurred on Friday, November 27th. The stock was sold at an average price of $249.72, for a total value of $2,025,478.92. Following the completion of the transaction, the chief financial officer now directly owns 42,145 shares of the company’s stock, valued at $10,524,449.40. The disclosure for this sale can be found here. Insiders sold 2,797,980 shares of company stock worth $679,711,385 over the last ninety days. 12.25% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Eudaimonia Partners LLC acquired a new position in shares of Carvana during the third quarter valued at $25,000. CNB Bank acquired a new stake in shares of Carvana in the 3rd quarter worth approximately $45,000. Chiron Capital Management LLC bought a new position in shares of Carvana in the third quarter valued at approximately $56,000. US Bancorp DE increased its stake in shares of Carvana by 22.1% during the third quarter. US Bancorp DE now owns 375 shares of the company’s stock valued at $84,000 after acquiring an additional 68 shares during the period. Finally, Harvest Fund Management Co. Ltd bought a new stake in Carvana during the third quarter worth approximately $96,000. 48.41% of the stock is owned by institutional investors.

The business has a 50-day simple moving average of $257.83 and a two-hundred day simple moving average of $204.09. The company has a quick ratio of 1.42, a current ratio of 3.18 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $49.72 billion, a price-to-earnings ratio of -106.02 and a beta of 2.52.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Thursday, October 29th. The company reported ($0.10) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.29) by $0.19. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.53 billion. Carvana had a negative return on equity of 43.19% and a negative net margin of 3.06%. The company’s quarterly revenue was up 41.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.56) EPS. On average, analysts forecast that Carvana Co. will post -2.29 EPS for the current year.

About Carvana (NYSE:CVNA)

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.

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