Evercore ISI Increases Carvana (NYSE:CVNA) Price Target to $305.00

Carvana (NYSE:CVNA) had its price target increased by equities research analysts at Evercore ISI from $295.00 to $305.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “in-line” rating on the stock. Evercore ISI’s target price would indicate a potential downside of 5.34% from the stock’s current price.

Several other research firms also recently commented on CVNA. JPMorgan Chase & Co. dropped their target price on Carvana from $365.00 to $325.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Wells Fargo & Company increased their price objective on shares of Carvana from $290.00 to $310.00 and gave the company an “overweight” rating in a research report on Thursday, May 8th. Citigroup lifted their target price on shares of Carvana from $280.00 to $325.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Wall Street Zen cut shares of Carvana from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Robert W. Baird boosted their price objective on shares of Carvana from $200.00 to $275.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Carvana currently has an average rating of “Moderate Buy” and a consensus target price of $284.18.

Carvana Stock Up 0.7%

Shares of NYSE:CVNA traded up $2.13 during midday trading on Tuesday, reaching $322.21. The company’s stock had a trading volume of 930,852 shares, compared to its average volume of 3,935,123. Carvana has a 12-month low of $111.55 and a 12-month high of $351.43. The firm has a market capitalization of $69.00 billion, a P/E ratio of 113.25, a PEG ratio of 1.25 and a beta of 3.65. The firm has a 50 day moving average of $285.11 and a 200-day moving average of $242.97. The company has a quick ratio of 2.70, a current ratio of 3.81 and a debt-to-equity ratio of 2.97.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.76. Carvana had a net margin of 2.68% and a return on equity of 44.86%. The business had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $3.94 billion. During the same quarter last year, the firm earned $0.23 earnings per share. The business’s revenue for the quarter was up 38.3% on a year-over-year basis. On average, research analysts anticipate that Carvana will post 2.85 earnings per share for the current year.

Insider Activity

In other Carvana news, insider Thomas Taira sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $260.00, for a total value of $1,300,000.00. Following the completion of the sale, the insider now directly owns 171,509 shares in the company, valued at $44,592,340. This trade represents a 2.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ernest C. Garcia III sold 1,862 shares of the stock in a transaction on Friday, June 6th. The shares were sold at an average price of $347.97, for a total value of $647,920.14. Following the sale, the chief executive officer now owns 770,000 shares of the company’s stock, valued at approximately $267,936,900. This represents a 0.24% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,285,573 shares of company stock valued at $392,493,929. Corporate insiders own 16.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its position in shares of Carvana by 13.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company’s stock valued at $3,125,749,000 after acquiring an additional 1,823,218 shares during the period. Vanguard Group Inc. increased its holdings in Carvana by 9.7% in the 1st quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company’s stock worth $2,620,785,000 after buying an additional 1,109,476 shares during the period. Lingotto Investment Management LLP raised its position in Carvana by 1.5% during the 4th quarter. Lingotto Investment Management LLP now owns 3,987,150 shares of the company’s stock worth $810,827,000 after buying an additional 57,215 shares during the last quarter. Durable Capital Partners LP boosted its holdings in shares of Carvana by 6.3% in the 4th quarter. Durable Capital Partners LP now owns 2,168,232 shares of the company’s stock valued at $440,932,000 after acquiring an additional 129,246 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Carvana by 4.2% in the fourth quarter. Geode Capital Management LLC now owns 1,878,796 shares of the company’s stock valued at $381,592,000 after purchasing an additional 75,250 shares during the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

Carvana Company Profile

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.