Carvana (NYSE:CVNA) Rating Reiterated by Needham & Company LLC

Carvana (NYSE:CVNA)‘s stock had its “hold” rating restated by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday, Benzinga reports.

Other equities analysts also recently issued reports about the company. Robert W. Baird raised their price target on Carvana from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, April 19th. Wedbush reiterated a “neutral” rating and issued a $80.00 target price (up previously from $60.00) on shares of Carvana in a research note on Thursday, April 25th. Evercore ISI cut their price target on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a report on Tuesday, April 16th. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 price objective on shares of Carvana in a research report on Wednesday, April 17th. Finally, JPMorgan Chase & Co. raised Carvana from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $70.00 to $130.00 in a report on Thursday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $73.44.

Carvana Stock Up 4.4 %

Shares of NYSE:CVNA traded up $5.17 during midday trading on Thursday, reaching $121.67. The company’s stock had a trading volume of 8,528,363 shares, compared to its average volume of 5,397,261. Carvana has a 12-month low of $6.92 and a 12-month high of $124.20. The firm has a market capitalization of $24.57 billion, a P/E ratio of 53.36 and a beta of 3.28. The firm has a 50 day moving average of $81.81 and a 200-day moving average of $55.88.

Carvana (NYSE:CVNA) last announced 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 for the quarter, compared to analyst estimates of $2.56 billion. During the same period last year, the company earned ($0.97) earnings per share. The business’s quarterly revenue was down 14.6% on a year-over-year basis. On average, research analysts predict that Carvana will post -3.32 EPS for the current year.

Insider Buying and Selling

In other Carvana news, VP Stephen R. Palmer sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $86.75, for a total transaction of $433,750.00. Following the completion of the sale, the vice president now directly owns 62,514 shares of the company’s stock, valued at $5,423,089.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Thomas Taira sold 4,197 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $82.84, for a total value of $347,679.48. Following the completion of the sale, the insider now directly owns 164,827 shares of the company’s stock, valued at approximately $13,654,268.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Stephen R. Palmer sold 5,000 shares of Carvana stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $86.75, for a total transaction of $433,750.00. Following the transaction, the vice president now directly owns 62,514 shares in the company, valued at approximately $5,423,089.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 442,233 shares of company stock valued at $38,200,169. 17.12% of the stock is owned by insiders.

Institutional Trading of Carvana

Hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. purchased a new position in shares of Carvana during the 4th quarter valued at $29,000. Parallel Advisors LLC lifted its position in shares of Carvana by 39.0% in the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after acquiring an additional 194 shares in the last quarter. Hanseatic Management Services Inc. bought a new position in shares of Carvana in the third quarter worth about $34,000. Tidemark LLC purchased a new stake in shares of Carvana during the fourth quarter worth about $50,000. Finally, Harvest Fund Management Co. Ltd raised its stake in Carvana by 1,225.6% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock valued at $50,000 after purchasing an additional 1,103 shares during the period. 56.71% of the stock is owned by hedge funds and other institutional investors.

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.