Cowen Downgrades Carvana (NYSE:CVNA) to Market Perform

Cowen downgraded shares of Carvana (NYSE:CVNAGet Rating) from an outperform rating to a market perform rating in a report issued on Monday, MarketBeat Ratings reports.

Other research analysts have also issued research reports about the company. Piper Sandler upgraded Carvana from a neutral rating to an overweight rating and dropped their price target for the stock from $98.00 to $73.00 in a research report on Monday, September 12th. Truist Financial dropped their target price on Carvana from $80.00 to $50.00 and set a buy rating for the company in a research report on Tuesday, October 4th. DA Davidson dropped their target price on Carvana from $49.00 to $42.00 in a research report on Monday, August 8th. JMP Securities dropped their target price on Carvana from $70.00 to $45.00 and set a market outperform rating for the company in a research report on Friday, October 21st. Finally, Oppenheimer lowered Carvana from an outperform rating to a market perform rating in a research report on Tuesday, November 15th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $47.00.

Carvana Trading Up 19.4 %

CVNA opened at $8.12 on Monday. The firm has a market cap of $1.53 billion, a P/E ratio of -0.91 and a beta of 2.48. Carvana has a 12 month low of $6.50 and a 12 month high of $296.70. The company has a current ratio of 2.38, a quick ratio of 1.01 and a debt-to-equity ratio of 17.69. The stock has a 50-day moving average of $16.70 and a 200 day moving average of $26.43.

Carvana (NYSE:CVNAGet Rating) last released its quarterly earnings results on Thursday, November 3rd. The company reported ($2.67) EPS for the quarter, missing the consensus estimate of ($2.02) by ($0.65). The company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Carvana had a negative return on equity of 191.74% and a negative net margin of 5.99%. As a group, research analysts forecast that Carvana will post -9.72 EPS for the current year.

Insider Activity

In related news, insider Thomas Taira purchased 10,000 shares of the firm’s stock in a transaction dated Friday, November 11th. The stock was purchased at an average price of $11.13 per share, with a total value of $111,300.00. Following the completion of the purchase, the insider now owns 42,518 shares of the company’s stock, valued at approximately $473,225.34. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In other Carvana news, insider Thomas Taira acquired 10,000 shares of Carvana stock in a transaction that occurred on Friday, November 11th. The stock was bought at an average price of $11.13 per share, with a total value of $111,300.00. Following the completion of the purchase, the insider now directly owns 42,518 shares of the company’s stock, valued at approximately $473,225.34. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory B. Sullivan acquired 8,000 shares of Carvana stock in a transaction that occurred on Monday, November 14th. The stock was acquired at an average cost of $10.00 per share, with a total value of $80,000.00. Following the purchase, the director now directly owns 17,392 shares of the company’s stock, valued at $173,920. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 251,000 shares of company stock valued at $2,065,760. Corporate insiders own 10.70% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of large investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its stake in Carvana by 49.7% in the second quarter. Price T Rowe Associates Inc. MD now owns 20,100,843 shares of the company’s stock worth $453,877,000 after buying an additional 6,670,993 shares in the last quarter. Baillie Gifford & Co. raised its stake in Carvana by 29.7% in the third quarter. Baillie Gifford & Co. now owns 14,144,058 shares of the company’s stock worth $287,125,000 after buying an additional 3,242,429 shares in the last quarter. Tiger Global Management LLC grew its holdings in Carvana by 17.5% in the first quarter. Tiger Global Management LLC now owns 8,531,177 shares of the company’s stock worth $1,017,684,000 after purchasing an additional 1,268,272 shares during the last quarter. Vanguard Group Inc. grew its holdings in Carvana by 46.8% in the first quarter. Vanguard Group Inc. now owns 7,297,426 shares of the company’s stock worth $870,511,000 after purchasing an additional 2,325,545 shares during the last quarter. Finally, CAS Investment Partners LLC grew its holdings in Carvana by 1.5% in the third quarter. CAS Investment Partners LLC now owns 6,827,803 shares of the company’s stock worth $138,604,000 after purchasing an additional 100,000 shares during the last quarter.

Carvana Company Profile

(Get Rating)

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. The company's 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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