Carvana’s (CVNA) Buy Rating Reiterated at Needham & Company LLC

Carvana (NYSE:CVNA)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They presently have a $500.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 57.10% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. Piper Sandler raised their price target on Carvana from $340.00 to $440.00 and gave the company an “overweight” rating in a report on Thursday, July 31st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Carvana in a report on Tuesday, November 11th. Wall Street Zen lowered shares of Carvana from a “buy” rating to a “hold” rating in a report on Sunday, October 19th. Evercore ISI cut their target price on Carvana from $425.00 to $395.00 and set an “in-line” rating on the stock in a research note on Thursday, October 30th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $460.00 price target on shares of Carvana in a research note on Thursday, October 30th. Fifteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $414.16.

Carvana Stock Performance

Shares of Carvana stock opened at $318.27 on Monday. The company has a current ratio of 4.05, a quick ratio of 2.55 and a debt-to-equity ratio of 1.63. The business has a fifty day simple moving average of $351.97 and a two-hundred day simple moving average of $338.29. The firm has a market capitalization of $69.24 billion, a P/E ratio of 72.66, a P/E/G ratio of 1.15 and a beta of 3.50. Carvana has a 12 month low of $148.25 and a 12 month high of $413.33.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, October 29th. The company reported $1.03 EPS for the quarter, missing the consensus estimate of $1.29 by ($0.26). Carvana had a return on equity of 30.62% and a net margin of 3.44%.The business had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same period in the previous year, the firm earned $0.64 EPS. The company’s revenue was up 54.5% on a year-over-year basis. On average, equities analysts forecast that Carvana will post 2.85 earnings per share for the current fiscal year.

Insider Transactions at Carvana

In other Carvana news, insider Ryan S. Keeton sold 32,370 shares of the company’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $301.68, for a total transaction of $9,765,381.60. Following the completion of the sale, the insider directly owned 115,456 shares of the company’s stock, valued at approximately $34,830,766.08. This represents a 21.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ira J. Platt sold 14,000 shares of Carvana stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $379.14, for a total transaction of $5,307,960.00. Following the transaction, the director owned 7,231 shares in the company, valued at $2,741,561.34. This represents a 65.94% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 426,452 shares of company stock worth $154,720,683. 16.36% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Envestnet Asset Management Inc. lifted its holdings in Carvana by 30.5% during the first quarter. Envestnet Asset Management Inc. now owns 45,995 shares of the company’s stock valued at $9,617,000 after purchasing an additional 10,753 shares in the last quarter. Sigma Planning Corp increased its stake in Carvana by 9.2% in the 1st quarter. Sigma Planning Corp now owns 1,300 shares of the company’s stock worth $272,000 after buying an additional 110 shares in the last quarter. Victory Capital Management Inc. increased its stake in Carvana by 7.0% in the 1st quarter. Victory Capital Management Inc. now owns 40,476 shares of the company’s stock worth $8,463,000 after buying an additional 2,631 shares in the last quarter. Kingsview Wealth Management LLC bought a new stake in Carvana during the first quarter valued at about $953,000. Finally, Private Advisor Group LLC lifted its position in shares of Carvana by 3.7% in the first quarter. Private Advisor Group LLC now owns 23,838 shares of the company’s stock valued at $4,984,000 after acquiring an additional 860 shares in the last quarter. 56.71% of the stock is currently 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.