Cowen Increases Carvana (NYSE:CVNA) Price Target to $336.00

Carvana (NYSE:CVNA) had its target price lifted by Cowen from $250.00 to $336.00 in a research note issued to investors on Tuesday, The Fly reports. The firm presently has an “outperform” rating on the stock. Cowen’s target price would indicate a potential upside of 19.17% from the company’s current price.

CVNA has been the topic of a number of other reports. Smith Barney Citigroup raised their target price on Carvana from $240.00 to $250.00 in a research note on Monday, November 2nd. Stifel Nicolaus upgraded shares of Carvana from a “hold” rating to a “buy” rating and lifted their price objective for the company from $210.00 to $250.00 in a research report on Friday, October 30th. Truist initiated coverage on shares of Carvana in a research report on Tuesday, December 15th. They issued a “buy” rating and a $314.00 target price for the company. Bank of America raised their price target on shares of Carvana from $230.00 to $276.00 in a research note on Tuesday, January 12th. Finally, Citigroup boosted their price objective on Carvana from $250.00 to $305.00 in a research report on Thursday, January 28th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have assigned a buy rating to the stock. Carvana presently has a consensus rating of “Buy” and an average target price of $232.26.

Shares of NYSE CVNA opened at $281.94 on Tuesday. Carvana has a 12-month low of $22.16 and a 12-month high of $314.56. The company has a market cap of $48.43 billion, a price-to-earnings ratio of -103.27 and a beta of 2.52. The company has a current ratio of 3.18, a quick ratio of 1.42 and a debt-to-equity ratio of 1.12. The stock’s 50 day simple moving average is $280.42 and its 200 day simple moving average is $233.11.

In related news, COO Benjamin E. Huston sold 3,700 shares of the company’s stock in a transaction that occurred on Friday, November 27th. The shares were sold at an average price of $250.00, for a total value of $925,000.00. Following the completion of the sale, the chief operating officer now owns 37,742 shares in the company, valued at approximately $9,435,500. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 25th. The stock was sold at an average price of $237.15, for a total transaction of $7,114,500.00. Following the completion of the transaction, the insider now directly owns 500 shares of the company’s stock, valued at approximately $118,575. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,965,818 shares of company stock valued at $741,180,950. 12.25% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lone Pine Capital LLC purchased a new position in shares of Carvana during the fourth quarter valued at $586,457,000. Jennison Associates LLC boosted its position in Carvana by 65.6% during the 4th quarter. Jennison Associates LLC now owns 3,202,268 shares of the company’s stock worth $767,071,000 after acquiring an additional 1,268,656 shares during the period. BlackRock Inc. grew its stake in Carvana by 44.4% during the 4th quarter. BlackRock Inc. now owns 3,432,778 shares of the company’s stock valued at $822,287,000 after acquiring an additional 1,055,257 shares in the last quarter. Pelham Capital Ltd. grew its stake in Carvana by 239.6% during the 4th quarter. Pelham Capital Ltd. now owns 577,264 shares of the company’s stock valued at $138,278,000 after acquiring an additional 407,264 shares in the last quarter. Finally, Duquesne Family Office LLC increased its holdings in shares of Carvana by 428.7% in the 4th quarter. Duquesne Family Office LLC now owns 485,981 shares of the company’s stock valued at $116,412,000 after purchasing an additional 394,065 shares during the period. Institutional investors own 48.41% 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.

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