Wedbush Increases Carvana (NYSE:CVNA) Price Target to $75.00

Carvana (NYSE:CVNA) had its target price boosted by equities researchers at Wedbush from $70.00 to $75.00 in a research report issued to clients and investors on Thursday, Stock Target Advisor reports. The brokerage currently has a “neutral” rating on the stock. Wedbush’s price target points to a potential downside of 3.80% from the company’s current price. Wedbush also issued estimates for Carvana’s FY2021 earnings at ($0.74) EPS and FY2022 earnings at ($0.68) EPS.

Several other research analysts have also recently weighed in on CVNA. ValuEngine cut Carvana from a “hold” rating to a “sell” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. initiated coverage on Carvana in a research note on Thursday, September 26th. They set a “neutral” rating and a $75.00 target price for the company. Morgan Stanley reaffirmed an “underweight” rating and set a $30.00 target price (up previously from $29.00) on shares of Carvana in a research note on Tuesday, October 15th. Oppenheimer initiated coverage on Carvana in a research note on Thursday, September 19th. They set an “outperform” rating and a $95.00 target price for the company. Finally, Bank of America reaffirmed a “buy” rating and set a $86.00 target price (up previously from $82.00) on shares of Carvana in a research note on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $79.40.

Shares of NYSE:CVNA traded up $4.84 on Thursday, hitting $77.96. The company’s stock had a trading volume of 1,733,233 shares, compared to its average volume of 1,693,685. Carvana has a 12 month low of $28.44 and a 12 month high of $85.97. The company has a market capitalization of $11.00 billion, a price-to-earnings ratio of -45.06 and a beta of 2.20. The stock’s 50-day moving average is $74.12 and its two-hundred day moving average is $70.02. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.40 and a current ratio of 3.83.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by ($0.17). Carvana had a negative return on equity of 30.55% and a negative net margin of 3.49%. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $997.46 million. During the same period in the previous year, the company posted ($0.40) EPS. The company’s revenue for the quarter was up 104.7% compared to the same quarter last year. Equities analysts expect that Carvana will post -1.82 earnings per share for the current fiscal year.

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In other news, CFO Mark W. Jenkins sold 40,000 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $80.06, for a total transaction of $3,202,400.00. Following the completion of the sale, the chief financial officer now directly owns 52,049 shares of the company’s stock, valued at $4,167,042.94. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ira J. Platt sold 14,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $79.58, for a total value of $1,114,120.00. Following the sale, the director now directly owns 32,863 shares of the company’s stock, valued at $2,615,237.54. The disclosure for this sale can be found here. Insiders have sold 99,000 shares of company stock valued at $8,004,447 in the last ninety days. Company insiders own 13.02% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Resources Investment Advisors LLC. lifted its stake in Carvana by 150.0% in the 2nd quarter. Resources Investment Advisors LLC. now owns 500 shares of the company’s stock worth $31,000 after acquiring an additional 300 shares in the last quarter. Aperio Group LLC purchased a new stake in Carvana in the 2nd quarter worth about $75,000. FNY Investment Advisers LLC lifted its stake in Carvana by 12,800.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 1,290 shares of the company’s stock worth $80,000 after acquiring an additional 1,280 shares in the last quarter. Meridian Wealth Management LLC purchased a new stake in Carvana in the 2nd quarter worth about $118,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Carvana in the 2nd quarter worth about $158,000. 37.06% of the stock is 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 proprietary 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.

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Analyst Recommendations for Carvana (NYSE:CVNA)

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