Analysts Set Carvana Co. (NYSE:CVNA) Price Target at $84.14

Shares of Carvana Co. (NYSE:CVNA) have received an average rating of “Moderate Buy” from the twenty-four brokerages that are presently covering the firm, MarketBeat reports. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $84.1364.

CVNA has been the subject of several research reports. Citizens Jmp decreased their target price on Carvana from $103.00 to $83.00 and set a “market outperform” rating for the company in a research report on Thursday, July 30th. Argus dropped their price target on shares of Carvana from $500.00 to $100.00 in a report on Monday, May 11th. Barclays decreased their price objective on shares of Carvana from $94.00 to $93.00 and set an “overweight” rating for the company in a report on Friday, July 31st. DA Davidson set a $67.00 price target on Carvana in a report on Thursday, July 30th. Finally, Jefferies Financial Group cut their price objective on Carvana from $95.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, July 14th.

Insiders Place Their Bets

In related news, COO Benjamin Huston sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $68.55, for a total transaction of $3,427,500.00. Following the completion of the sale, the chief operating officer directly owned 458,755 shares in the company, valued at approximately $31,447,655.25. The trade was a 9.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director J Quayle sold 14,525 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $70.00, for a total value of $1,016,750.00. Following the completion of the transaction, the director owned 214,960 shares of the company’s stock, valued at $15,047,200. The trade was a 6.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 420,897 shares of company stock valued at $28,914,626. 15.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Carvana

A number of hedge funds and other institutional investors have recently modified their holdings of CVNA. Corient Private Wealth LP grew its stake in Carvana by 610.0% during the second quarter. Corient Private Wealth LP now owns 43,568 shares of the company’s stock valued at $2,868,000 after acquiring an additional 37,432 shares in the last quarter. Optimize Financial Inc. boosted its holdings in shares of Carvana by 398.3% during the 2nd quarter. Optimize Financial Inc. now owns 10,050 shares of the company’s stock valued at $661,000 after purchasing an additional 8,033 shares during the last quarter. Tucker Asset Management LLC purchased a new position in shares of Carvana during the second quarter valued at about $397,000. Amundi increased its holdings in shares of Carvana by 379.7% in the second quarter. Amundi now owns 2,421,045 shares of the company’s stock worth $159,353,000 after purchasing an additional 1,916,349 shares during the last quarter. Finally, HighTower Advisors LLC increased its holdings in shares of Carvana by 306.5% in the second quarter. HighTower Advisors LLC now owns 22,741 shares of the company’s stock worth $1,497,000 after purchasing an additional 17,146 shares during the last quarter. Institutional investors own 56.71% of the company’s stock.

Carvana Stock Down 1.3%

Shares of NYSE CVNA opened at $73.21 on Friday. The firm has a fifty day simple moving average of $68.65 and a two-hundred day simple moving average of $68.27. Carvana has a 12 month low of $54.46 and a 12 month high of $97.38. The company has a current ratio of 3.93, a quick ratio of 2.33 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $80.56 billion, a PE ratio of 40.49, a price-to-earnings-growth ratio of 2.17 and a beta of 3.49.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.03. Carvana had a net margin of 6.26% and a return on equity of 37.06%. The company had revenue of $7.38 billion for the quarter, compared to analysts’ expectations of $6.90 billion. During the same quarter in the previous year, the company earned $1.51 earnings per share. Carvana’s quarterly revenue was up 52.4% on a year-over-year basis. Equities analysts expect that Carvana will post 1.65 earnings per share for the current year.

Carvana Company Profile

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana’s model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.