Citigroup Cuts Carvana (NYSE:CVNA) Price Target to $280.00

Carvana (NYSE:CVNA) had its target price trimmed by Citigroup from $320.00 to $280.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

CVNA has been the subject of a number of other research reports. Royal Bank of Canada upped their target price on shares of Carvana from $280.00 to $320.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Bank of America dropped their price objective on shares of Carvana from $270.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Evercore ISI cut their price objective on shares of Carvana from $250.00 to $240.00 and set an “in-line” rating for the company in a report on Tuesday, March 11th. DA Davidson boosted their target price on Carvana from $220.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. cut their price target on Carvana from $365.00 to $325.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Carvana currently has a consensus rating of “Moderate Buy” and an average price target of $253.59.

Carvana Trading Down 7.9 %

Shares of NYSE:CVNA opened at $202.94 on Tuesday. The company has a current ratio of 3.64, a quick ratio of 2.12 and a debt-to-equity ratio of 3.82. Carvana has a 12-month low of $67.61 and a 12-month high of $292.84. The business has a 50 day moving average of $217.21 and a two-hundred day moving average of $219.98. The company has a market capitalization of $43.26 billion, a PE ratio of 129.26 and a beta of 3.61.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, February 19th. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.27. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.32 billion. Carvana had a return on equity of 36.59% and a net margin of 1.54%. As a group, analysts forecast that Carvana will post 2.85 EPS for the current year.

Insider Activity

In related news, insider Paul W. Breaux sold 1,362 shares of Carvana stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $270.08, for a total value of $367,848.96. Following the completion of the transaction, the insider now directly owns 153,240 shares in the company, valued at approximately $41,387,059.20. This trade represents a 0.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Benjamin E. Huston sold 50,000 shares of Carvana stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $150.90, for a total value of $7,545,000.00. Following the completion of the transaction, the chief operating officer now owns 123,803 shares of the company’s stock, valued at approximately $18,681,872.70. The trade was a 28.77 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 330,810 shares of company stock worth $69,243,820. 16.36% 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 bought and sold shares of CVNA. Rhumbline Advisers raised its holdings in shares of Carvana by 5.7% during the first quarter. Rhumbline Advisers now owns 208,856 shares of the company’s stock valued at $43,668,000 after buying an additional 11,240 shares during the last quarter. GAMMA Investing LLC increased its position in Carvana by 27,368.4% in the 1st quarter. GAMMA Investing LLC now owns 215,352 shares of the company’s stock valued at $45,026,000 after acquiring an additional 214,568 shares during the period. Versant Capital Management Inc raised its stake in Carvana by 39.4% during the 1st quarter. Versant Capital Management Inc now owns 290 shares of the company’s stock valued at $61,000 after acquiring an additional 82 shares in the last quarter. Wellington Management Group LLP raised its stake in Carvana by 4.1% during the 4th quarter. Wellington Management Group LLP now owns 36,215 shares of the company’s stock valued at $7,365,000 after acquiring an additional 1,430 shares in the last quarter. Finally, California State Teachers Retirement System boosted its position in Carvana by 81.5% during the 4th quarter. California State Teachers Retirement System now owns 181,249 shares of the company’s stock worth $36,859,000 after acquiring an additional 81,414 shares during the period. 56.71% of the stock is currently owned by institutional investors and hedge funds.

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.