Carvana (NYSE:CVNA) Price Target Raised to $77.00 at Wells Fargo & Company

Carvana (NYSE:CVNA) had its target price boosted by Wells Fargo & Company from $60.00 to $77.00 in a research report report published on Thursday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Other equities analysts also recently issued research reports about the company. Jefferies Financial Group raised Carvana from an underperform rating to a hold rating and increased their price target for the stock from $30.00 to $85.00 in a research report on Tuesday, March 12th. Robert W. Baird boosted their price target on shares of Carvana from $65.00 to $110.00 and gave the company a neutral rating in a report on Thursday. Raymond James upgraded shares of Carvana from an underperform rating to a market perform rating in a research note on Friday, February 23rd. TD Cowen boosted their price objective on shares of Carvana from $58.00 to $70.00 and gave the stock a hold rating in a research note on Monday, April 29th. Finally, Needham & Company LLC restated a hold rating on shares of Carvana in a research note on Thursday. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $73.44.

Carvana Stock Performance

NYSE CVNA traded up $5.17 on Thursday, hitting $121.67. 8,528,363 shares of the stock were exchanged, compared to its average volume of 5,397,261. The firm has a market capitalization of $24.57 billion, a P/E ratio of 53.36 and a beta of 3.28. Carvana has a 52-week low of $6.92 and a 52-week high of $124.20. The stock has a fifty day moving average price of $81.81 and a two-hundred day moving average price of $55.88.

Carvana (NYSE:CVNA) last released its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same quarter last year, the firm posted ($0.97) EPS. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. Sell-side analysts expect that Carvana will post -3.32 earnings per share for the current fiscal year.

Insider Activity at Carvana

In related news, CEO Ernest C. Garcia III sold 18,100 shares of Carvana stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $116.24, for a total transaction of $2,103,944.00. Following the completion of the sale, the chief executive officer now owns 896,449 shares of the company’s stock, valued at $104,203,231.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Ernest C. Garcia III sold 18,100 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $116.24, for a total value of $2,103,944.00. Following the sale, the chief executive officer now owns 896,449 shares in the company, valued at $104,203,231.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Benjamin E. Huston sold 9,296 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $82.92, for a total transaction of $770,824.32. Following the transaction, the chief operating officer now owns 178,885 shares of the company’s stock, valued at $14,833,144.20. The disclosure for this sale can be found here. Insiders have sold a total of 442,233 shares of company stock valued at $38,200,169 in the last ninety days. Company insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

Several hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. acquired a new position in shares of Carvana in the 4th quarter valued at $29,000. Hanseatic Management Services Inc. acquired a new stake in shares of Carvana during the 3rd quarter valued at about $34,000. Parallel Advisors LLC boosted its position in Carvana by 39.0% during the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after purchasing an additional 194 shares in the last quarter. Harvest Fund Management Co. Ltd increased its position in shares of Carvana by 1,225.6% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock valued at $50,000 after buying an additional 1,103 shares in the last quarter. Finally, Tidemark LLC purchased a new position in shares of Carvana during the 4th quarter valued at approximately $50,000. Hedge funds and other institutional investors 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.