Wedbush Raises Carvana (NYSE:CVNA) Price Target to $120.00

Carvana (NYSE:CVNA) had its target price upped by Wedbush from $80.00 to $120.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a neutral rating on the stock. Wedbush also issued estimates for Carvana’s Q1 2024 earnings at ($0.53) EPS, Q2 2024 earnings at ($0.55) EPS, Q3 2024 earnings at ($0.54) EPS, Q4 2024 earnings at ($0.68) EPS, FY2024 earnings at ($2.31) EPS, FY2025 earnings at ($1.54) EPS and FY2026 earnings at ($0.57) EPS.

CVNA has been the topic of a number of other reports. Royal Bank of Canada upgraded Carvana from an underperform rating to a sector perform rating and boosted their price target for the company from $45.00 to $90.00 in a report on Friday, March 8th. Robert W. Baird upped their price target on Carvana from $65.00 to $110.00 and gave the stock a neutral rating in a research report on Thursday. TD Cowen raised their price target 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. Evercore ISI cut their price objective on shares of Carvana from $78.00 to $77.00 and set an in-line rating on the stock in a research report on Tuesday, April 16th. Finally, Raymond James upgraded shares of Carvana from an underperform rating to a market perform rating in a report on Friday, February 23rd. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $73.44.

Carvana Stock Up 4.4 %

Shares of CVNA traded up $5.17 on Thursday, hitting $121.67. The company’s stock had a trading volume of 8,528,363 shares, compared to its average volume of 5,397,261. The firm’s fifty day moving average price is $81.81 and its 200-day moving average price is $55.88. Carvana has a fifty-two week low of $6.92 and a fifty-two week high of $124.20. The firm has a market capitalization of $24.57 billion, a price-to-earnings ratio of 53.36 and a beta of 3.28.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the previous year, the business earned ($0.97) EPS. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. As a group, equities analysts predict that Carvana will post -3.32 earnings per share for the current fiscal year.

Insider Transactions at Carvana

In other Carvana news, insider Paul W. Breaux sold 15,000 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $69.00, for a total value of $1,035,000.00. Following the transaction, the insider now directly owns 150,126 shares of the company’s stock, valued at approximately $10,358,694. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Carvana news, insider Paul W. Breaux sold 15,000 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $69.00, for a total transaction of $1,035,000.00. Following the transaction, the insider now owns 150,126 shares in the company, valued at approximately $10,358,694. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Neha Parikh bought 1,300 shares of Carvana stock in a transaction dated Friday, March 1st. The stock was acquired at an average cost of $77.00 per share, with a total value of $100,100.00. Following the transaction, the director now owns 58,495 shares of the company’s stock, valued at approximately $4,504,115. The disclosure for this purchase can be found here. In the last three months, insiders sold 442,233 shares of company stock worth $38,200,169. 17.12% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. GSA Capital Partners LLP bought a new position in shares of Carvana in the first quarter worth $969,000. FORA Capital LLC increased its holdings in Carvana by 109.4% in the 1st quarter. FORA Capital LLC now owns 84,969 shares of the company’s stock valued at $7,470,000 after buying an additional 44,392 shares during the period. Sequoia Financial Advisors LLC raised its position in shares of Carvana by 11.9% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,687 shares of the company’s stock valued at $412,000 after buying an additional 500 shares in the last quarter. HB Wealth Management LLC bought a new stake in shares of Carvana during the 1st quarter worth approximately $244,000. Finally, Principal Financial Group Inc. boosted its position in shares of Carvana by 9.2% during the 1st quarter. Principal Financial Group Inc. now owns 12,702 shares of the company’s stock worth $1,117,000 after acquiring an additional 1,068 shares in the last quarter. 56.71% of the stock is 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.