Carvana (NYSE:CVNA) PT Raised to $135.00

Carvana (NYSE:CVNA) had its target price lifted by Evercore ISI from $118.00 to $135.00 in a report issued on Tuesday morning, Benzinga reports. The brokerage currently has an in-line rating on the stock.

A number of other analysts have also issued reports on CVNA. Needham & Company LLC reiterated a hold rating on shares of Carvana in a research note on Wednesday, June 26th. William Blair reissued an outperform rating on shares of Carvana in a report on Thursday, May 2nd. Wedbush reaffirmed a neutral rating and set a $120.00 price objective on shares of Carvana in a research note on Wednesday, June 26th. TD Cowen increased their target price 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. Finally, Robert W. Baird boosted their price target on shares of Carvana from $65.00 to $110.00 and gave the company a neutral rating in a research report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and an average target price of $88.50.

Carvana Stock Performance

Shares of Carvana stock opened at $127.84 on Tuesday. The stock has a market capitalization of $25.90 billion, a P/E ratio of 56.07 and a beta of 3.37. Carvana has a 52-week low of $23.43 and a 52-week high of $136.92. The stock’s 50-day simple moving average is $111.89 and its 200 day simple moving average is $80.41.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.35. The business had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $2.72 billion. Equities research analysts forecast that Carvana will post -0.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Ernest C. Garcia II sold 75,000 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $124.72, for a total value of $9,354,000.00. Following the completion of the sale, the insider now owns 562,500 shares of the company’s stock, valued at approximately $70,155,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Ernest C. Garcia II sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $80.13, for a total value of $4,006,500.00. Following the transaction, the insider now owns 3,312,500 shares in the company, valued at $265,430,625. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Ernest C. Garcia II sold 75,000 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $124.72, for a total transaction of $9,354,000.00. Following the sale, the insider now owns 562,500 shares of the company’s stock, valued at $70,155,000. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,923,946 shares of company stock valued at $212,520,806. 17.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Carvana

Hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. purchased a new position in Carvana during the 4th quarter valued at about $29,000. Parallel Advisors LLC lifted its stake in Carvana by 39.0% in the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after acquiring an additional 194 shares during the period. Tidemark LLC purchased a new position in Carvana during the 4th quarter valued at $50,000. Plato Investment Management Ltd bought a new position in Carvana in the 1st quarter worth $55,000. Finally, GAMMA Investing LLC lifted its position in shares of Carvana by 127.9% in the 2nd quarter. GAMMA Investing LLC now owns 458 shares of the company’s stock worth $59,000 after purchasing an additional 257 shares during the period. 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.