Bank of America Issues Positive Forecast for Carvana (NYSE:CVNA) Stock Price

Carvana (NYSE:CVNA) had its price objective boosted by Bank of America from $325.00 to $375.00 in a report issued on Tuesday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities research analysts have also weighed in on CVNA. Royal Bank of Canada increased their target price on Carvana from $320.00 to $340.00 and gave the stock an “outperform” rating in a research report on Thursday, May 8th. Stephens reissued an “overweight” rating and set a $300.00 price target on shares of Carvana in a report on Monday, March 3rd. Needham & Company LLC reissued a “buy” rating and set a $340.00 price target on shares of Carvana in a report on Thursday, May 8th. Robert W. Baird raised their price target on Carvana from $200.00 to $275.00 and gave the company a “neutral” rating in a report on Thursday, May 8th. Finally, JMP Securities lowered their price target on Carvana from $340.00 to $275.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 9th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Carvana currently has a consensus rating of “Moderate Buy” and a consensus target price of $280.35.

Carvana Stock Performance

Shares of Carvana stock opened at $318.88 on Tuesday. The firm has a market cap of $68.29 billion, a PE ratio of 203.11 and a beta of 3.65. The firm’s 50-day simple moving average is $270.50 and its 200-day simple moving average is $240.77. The company has a debt-to-equity ratio of 3.82, a quick ratio of 2.12 and a current ratio of 3.64. Carvana has a 1 year low of $100.05 and a 1 year high of $351.43.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.76. Carvana had a return on equity of 36.59% and a net margin of 1.54%. The business had revenue of $4.23 billion for the quarter, compared to analyst estimates of $3.94 billion. During the same period in the prior year, the company posted $0.23 EPS. The business’s revenue was up 38.3% compared to the same quarter last year. Equities analysts forecast that Carvana will post 2.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Ernest C. Garcia III sold 1,862 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $347.97, for a total value of $647,920.14. Following the transaction, the chief executive officer now directly owns 770,000 shares of the company’s stock, valued at approximately $267,936,900. This trade represents a 0.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Benjamin E. Huston sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $350.62, for a total value of $7,012,400.00. Following the completion of the transaction, the chief operating officer now directly owns 138,074 shares in the company, valued at $48,411,505.88. The trade was a 12.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,271,046 shares of company stock worth $379,975,633. 17.12% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its holdings in Carvana by 9.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 462,962 shares of the company’s stock valued at $94,148,000 after buying an additional 39,089 shares during the last quarter. Plato Investment Management Ltd grew its holdings in Carvana by 135.5% in the 4th quarter. Plato Investment Management Ltd now owns 5,204 shares of the company’s stock valued at $1,062,000 after buying an additional 2,994 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Carvana by 37.7% in the 4th quarter. Bank of New York Mellon Corp now owns 478,488 shares of the company’s stock valued at $97,305,000 after buying an additional 130,942 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Carvana in the 4th quarter valued at approximately $60,866,000. Finally, State of New Jersey Common Pension Fund D grew its holdings in Carvana by 7.1% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 42,052 shares of the company’s stock valued at $8,552,000 after buying an additional 2,771 shares during the last quarter. 56.71% of the stock is owned by institutional investors.

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.