Wells Fargo & Company Increases Carvana (NYSE:CVNA) Price Target to $250.00

Carvana (NYSE:CVNA) had its target price upped by Wells Fargo & Company from $175.00 to $250.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 26.33% from the company’s current price.

A number of other brokerages have also issued reports on CVNA. Bank of America lifted their target price on Carvana from $185.00 to $210.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler lifted their target price on Carvana from $105.00 to $151.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. BTIG Research lifted their price target on Carvana from $155.00 to $188.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Jefferies Financial Group lifted their price target on Carvana from $150.00 to $185.00 and gave the stock a “hold” rating in a research note on Tuesday. Finally, Needham & Company LLC lifted their price target on Carvana from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $182.29.

Carvana Stock Up 0.3 %

Shares of CVNA traded up $0.55 during midday trading on Wednesday, reaching $197.90. 730,148 shares of the company were exchanged, compared to its average volume of 4,816,008. The stock has a 50-day moving average price of $164.96 and a 200-day moving average price of $131.07. The company has a market cap of $40.09 billion, a price-to-earnings ratio of 86.75 and a beta of 3.44. Carvana has a 1-year low of $25.09 and a 1-year high of $200.50. The company has a current ratio of 3.11, a quick ratio of 2.02 and a debt-to-equity ratio of 47.20.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, July 31st. The company reported $0.14 earnings per share (EPS) for the quarter. The business had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.23 billion. Research analysts expect that Carvana will post 0.29 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Ernest C. Garcia II sold 75,000 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $130.52, for a total value of $9,789,000.00. Following the completion of the sale, the insider now owns 1,790,814 shares of the company’s stock, valued at $233,737,043.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Carvana news, major shareholder Ernest C. Garcia II sold 75,000 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $130.52, for a total value of $9,789,000.00. Following the sale, the insider now directly owns 1,790,814 shares in the company, valued at approximately $233,737,043.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel J. Gill sold 30,000 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $175.00, for a total transaction of $5,250,000.00. Following the completion of the sale, the insider now owns 328,329 shares in the company, valued at approximately $57,457,575. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,759,366 shares of company stock worth $445,990,909. 17.12% of the stock is owned by company insiders.

Institutional Investors Weigh In On Carvana

Hedge funds and other institutional investors have recently bought and sold shares of the business. Driehaus Capital Management LLC raised its position in Carvana by 124.9% in the second quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock worth $74,888,000 after acquiring an additional 323,153 shares in the last quarter. Tidal Investments LLC acquired a new stake in Carvana during the 1st quarter worth about $1,783,000. Vanguard Group Inc. raised its holdings in Carvana by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 10,290,551 shares of the company’s stock worth $904,642,000 after buying an additional 266,972 shares during the period. Chicago Capital LLC acquired a new stake in Carvana during the 3rd quarter worth about $940,000. Finally, US Bancorp DE raised its holdings in Carvana by 724.5% during the 1st quarter. US Bancorp DE now owns 5,549 shares of the company’s stock worth $488,000 after buying an additional 4,876 shares during the period. 56.71% of the stock is currently 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.