Carvana (NYSE:CVNA) Price Target Increased to $77.00 by Analysts at Wells Fargo & Company

Carvana (NYSE:CVNA) had its price objective raised by Wells Fargo & Company from $60.00 to $77.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Carvana from a neutral rating to an overweight rating and boosted their price objective for the company from $70.00 to $130.00 in a report on Thursday. JMP Securities reissued a market outperform rating and set a $80.00 price target on shares of Carvana in a report on Wednesday, April 17th. TD Cowen lifted their price objective on Carvana from $58.00 to $70.00 and gave the stock a hold rating in a report on Monday, April 29th. Robert W. Baird upped their price objective on Carvana from $65.00 to $110.00 and gave the company a neutral rating in a research report on Thursday. Finally, Raymond James raised Carvana from an underperform rating to a market perform rating in a research report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the company. According to MarketBeat, Carvana has a consensus rating of Hold and a consensus price target of $73.44.

Carvana Stock Up 4.4 %

NYSE:CVNA opened at $121.67 on Thursday. Carvana has a 52 week low of $6.92 and a 52 week high of $124.20. The stock has a market cap of $24.57 billion, a price-to-earnings ratio of 53.36 and a beta of 3.28. The company’s 50 day moving average price is $81.81 and its 200-day moving average price is $56.03.

Carvana (NYSE:CVNA) last posted 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 during the quarter, compared to analysts’ expectations of $2.56 billion. During the same period in the prior year, the company earned ($0.97) EPS. Carvana’s revenue was down 14.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Carvana will post -3.05 earnings per share for the current year.

Insider Transactions at Carvana

In related news, VP Stephen R. Palmer sold 5,000 shares of Carvana stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $86.75, for a total transaction of $433,750.00. Following the sale, the vice president now owns 62,514 shares of the company’s stock, valued at approximately $5,423,089.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Carvana news, CFO Mark W. Jenkins sold 55,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $86.76, for a total transaction of $4,771,800.00. Following the completion of the transaction, the chief financial officer now owns 178,156 shares of the company’s stock, valued at approximately $15,456,814.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Stephen R. Palmer sold 5,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $86.75, for a total value of $433,750.00. Following the transaction, the vice president now owns 62,514 shares of the company’s stock, valued at approximately $5,423,089.50. The disclosure for this sale can be found here. Insiders sold a total of 442,233 shares of company stock valued at $38,200,169 over the last 90 days. Company insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its position in shares of Carvana by 39.0% during the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after acquiring an additional 194 shares during the last quarter. Diversified Trust Co raised its stake in Carvana by 6.0% during the fourth quarter. Diversified Trust Co now owns 5,659 shares of the company’s stock valued at $300,000 after purchasing an additional 319 shares in the last quarter. Arizona State Retirement System lifted its position in Carvana by 1.5% during the third quarter. Arizona State Retirement System now owns 25,698 shares of the company’s stock valued at $1,079,000 after purchasing an additional 377 shares during the last quarter. Sequoia Financial Advisors LLC grew its stake 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 worth $412,000 after buying an additional 500 shares in the last quarter. Finally, Blue Trust Inc. bought a new stake in shares of Carvana in the 4th quarter worth about $29,000. 56.71% of the stock is owned by 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.