Carvana (NYSE:CVNA) PT Lowered to $77.00

Carvana (NYSE:CVNA) had its price objective lowered by investment analysts at Evercore ISI from $78.00 to $77.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “in-line” rating on the stock. Evercore ISI’s price target suggests a potential upside of 11.34% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. Morgan Stanley increased their target price on shares of Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a research note on Monday, February 26th. JMP Securities raised their price target on shares of Carvana from $60.00 to $80.00 and gave the stock a “market outperform” rating in a research note on Friday, February 23rd. Royal Bank of Canada raised shares of Carvana from an “underperform” rating to a “sector perform” rating and raised their price target for the stock from $45.00 to $90.00 in a research note on Friday, March 8th. Wedbush raised their price target on shares of Carvana from $40.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 20th. Finally, William Blair raised shares of Carvana from a “market perform” rating to an “outperform” rating in a research note on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $50.53.

Carvana Trading Down 2.1 %

Shares of CVNA opened at $69.16 on Tuesday. Carvana has a twelve month low of $6.70 and a twelve month high of $94.04. The company has a market cap of $13.96 billion, a P/E ratio of 128.08 and a beta of 3.32. The company’s fifty day simple moving average is $74.47 and its 200-day simple moving average is $51.99.

Carvana (NYSE:CVNA) last announced its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same quarter in the prior year, the company posted ($0.97) earnings per share. The company’s revenue for the quarter was down 14.6% on a year-over-year basis. Analysts predict that Carvana will post -3.4 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Thomas Taira sold 4,197 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $82.84, for a total value of $347,679.48. Following the sale, the insider now directly owns 164,827 shares in the company, valued at approximately $13,654,268.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Thomas Taira sold 4,197 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $82.84, for a total value of $347,679.48. Following the sale, the insider now directly owns 164,827 shares in the company, valued at approximately $13,654,268.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark W. Jenkins sold 55,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $86.76, for a total transaction of $4,771,800.00. Following the completion of the sale, the chief financial officer now owns 178,156 shares in the company, valued at $15,456,814.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 187,883 shares of company stock worth $15,505,178. Corporate insiders own 17.18% of the company’s stock.

Institutional Trading of Carvana

A number of institutional investors have recently bought and sold shares of CVNA. Morgan Stanley boosted its stake in Carvana by 65.1% in the 4th quarter. Morgan Stanley now owns 14,083,153 shares of the company’s stock worth $66,754,000 after purchasing an additional 5,554,691 shares in the last quarter. Spruce House Investment Management LLC boosted its stake in Carvana by 52.7% in the 4th quarter. Spruce House Investment Management LLC now owns 10,000,000 shares of the company’s stock worth $47,400,000 after purchasing an additional 3,450,000 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Carvana in the 4th quarter worth approximately $14,102,000. FMR LLC boosted its stake in Carvana by 143.7% in the 1st quarter. FMR LLC now owns 4,667,263 shares of the company’s stock worth $45,693,000 after purchasing an additional 2,752,097 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Carvana by 46.8% in the 1st 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 in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

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.