Carvana’s (CVNA) Market Outperform Rating Reiterated at JMP Securities

JMP Securities reiterated their market outperform rating on shares of Carvana (NYSE:CVNA) in a research note published on Monday morning,Benzinga reports. They currently have a $320.00 price objective on the stock.

Several other brokerages also recently weighed in on CVNA. Morgan Stanley raised Carvana from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $110.00 to $260.00 in a research report on Tuesday, November 5th. Evercore ISI increased their price objective on shares of Carvana from $240.00 to $245.00 and gave the company an “in-line” rating in a research report on Tuesday, December 3rd. Piper Sandler boosted their target price on shares of Carvana from $151.00 to $225.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Wells Fargo & Company raised their price target on shares of Carvana from $175.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Carvana from $230.00 to $300.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Carvana currently has a consensus rating of “Hold” and an average target price of $222.71.

Carvana Stock Down 8.2 %

CVNA opened at $233.02 on Monday. The company has a market cap of $48.38 billion, a PE ratio of 23,325.33 and a beta of 3.32. The company has a debt-to-equity ratio of 18.99, a quick ratio of 2.12 and a current ratio of 3.25. Carvana has a 1 year low of $40.21 and a 1 year high of $268.34. The firm has a 50 day moving average price of $232.27 and a 200 day moving average price of $171.95.

Carvana (NYSE:CVNA) last issued its earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.41. The business had revenue of $3.66 billion during the quarter, compared to analysts’ expectations of $3.47 billion. During the same period in the prior year, the business posted $0.23 EPS. The business’s revenue was up 31.8% on a year-over-year basis. Sell-side analysts expect that Carvana will post 0.76 earnings per share for the current year.

Insider Activity

In other news, CFO Mark W. Jenkins sold 208,495 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $224.43, for a total value of $46,792,532.85. Following the completion of the sale, the chief financial officer now directly owns 90,732 shares of the company’s stock, valued at approximately $20,362,982.76. This represents a 69.68 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ryan S. Keeton sold 24,845 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $247.90, for a total transaction of $6,159,075.50. Following the transaction, the insider now owns 151,029 shares in the company, valued at $37,440,089.10. This represents a 14.13 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,871,908 shares of company stock valued at $363,028,785. Insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sugarloaf Wealth Management LLC acquired a new stake in shares of Carvana in the third quarter valued at $32,000. Capital Performance Advisors LLP bought a new stake in Carvana in the third quarter worth about $40,000. Ridgewood Investments LLC acquired a new stake in Carvana in the 2nd quarter valued at about $32,000. First Horizon Advisors Inc. boosted its position in shares of Carvana by 363.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 250 shares of the company’s stock valued at $44,000 after purchasing an additional 196 shares in the last quarter. Finally, Summit Securities Group LLC boosted its position in shares of Carvana by 110.0% during the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after purchasing an additional 3,300 shares in the last quarter. 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.