Carvana’s (CVNA) “Market Outperform” Rating Reaffirmed at JMP Securities

JMP Securities reiterated their market outperform rating on shares of Carvana (NYSE:CVNA) in a research report released on Wednesday morning, Benzinga reports. They currently have a $80.00 price objective on the stock.

A number of other research firms have also issued reports on CVNA. Royal Bank of Canada raised Carvana from an underperform rating to a sector perform rating and lifted their target price for the stock from $45.00 to $90.00 in a report on Friday, March 8th. Jefferies Financial Group raised Carvana from an underperform rating to a hold rating and lifted their target price for the stock from $30.00 to $85.00 in a report on Tuesday, March 12th. William Blair raised Carvana from a market perform rating to an outperform rating in a report on Friday, February 23rd. Morgan Stanley lifted their target price on Carvana from $32.00 to $45.00 and gave the stock an underweight rating in a report on Monday, February 26th. Finally, Evercore ISI lowered their target price on Carvana from $78.00 to $77.00 and set an in-line rating on the stock in a report on Tuesday. One analyst has rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Carvana has a consensus rating of Hold and an average price target of $50.53.

Carvana Stock Down 2.1 %

Shares of NYSE CVNA opened at $69.16 on Wednesday. Carvana has a fifty-two week low of $6.70 and a fifty-two week high of $94.04. The firm’s 50-day simple moving average is $74.47 and its 200 day simple moving average is $51.99. The stock has a market cap of $13.96 billion, a P/E ratio of 128.08 and a beta of 3.32.

Carvana (NYSE:CVNA) last issued its quarterly earnings data 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 company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.56 billion. The firm’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.97) EPS. On average, sell-side analysts anticipate that Carvana will post -3.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Carvana

In other Carvana news, insider Paul W. Breaux sold 20,000 shares of Carvana stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $89.00, for a total transaction of $1,780,000.00. Following the transaction, the insider now owns 115,032 shares of the company’s stock, valued at approximately $10,237,848. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Ernest C. Garcia III sold 9,390 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $82.83, for a total value of $777,773.70. Following the transaction, the chief executive officer now owns 861,458 shares in the company, valued at $71,354,566.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul W. Breaux sold 20,000 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $89.00, for a total value of $1,780,000.00. Following the completion of the transaction, the insider now owns 115,032 shares in the company, valued at approximately $10,237,848. The disclosure for this sale can be found here. Insiders have sold a total of 187,883 shares of company stock valued at $15,505,178 in the last 90 days. 17.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. 1832 Asset Management L.P. acquired a new position in shares of Carvana during the 1st quarter worth $59,000. Blue Trust Inc. acquired a new position in shares of Carvana during the 4th quarter worth $29,000. Parallel Advisors LLC increased its stake in shares of Carvana by 39.0% during the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after purchasing an additional 194 shares during the last quarter. Hanseatic Management Services Inc. acquired a new position in shares of Carvana during the 3rd quarter worth $34,000. Finally, Studio Investment Management LLC acquired a new position in shares of Carvana during the 4th quarter worth $47,000. Institutional investors and hedge funds 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.