Carvana (NYSE:CVNA) Trading Up 8.2%

Carvana Co. (NYSE:CVNA – Get Rating)’s share price was up 8.2% during mid-day trading on Thursday . The company traded as high as $37.95 and last traded at $37.76. Approximately 146,774 shares were traded during trading, a decline of 99% from the average daily volume of 10,713,702 shares. The stock had previously closed at $34.90.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CVNA shares. Bank of America dropped their target price on shares of Carvana from $225.00 to $80.00 in a research report on Thursday, May 19th. Stifel Nicolaus lowered their price objective on shares of Carvana from $48.00 to $34.00 and set a “hold” rating on the stock in a report on Tuesday, June 28th. Truist Financial lowered their price objective on shares of Carvana from $160.00 to $80.00 and set a “na” rating on the stock in a report on Monday, May 16th. Morgan Stanley lowered their price objective on shares of Carvana from $105.00 to $75.00 and set an “equal weight” rating on the stock in a report on Thursday, July 14th. Finally, Needham & Company LLC lowered their price objective on shares of Carvana from $80.00 to $31.00 and set a “buy” rating on the stock in a report on Tuesday, July 5th. Eleven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $101.55.

Carvana Price Performance

The company’s 50-day moving average is $26.16 and its two-hundred day moving average is $78.90. The company has a current ratio of 1.36, a quick ratio of 0.47 and a debt-to-equity ratio of 63.19.

Carvana (NYSE:CVNA – Get Rating) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($2.35) earnings per share for the quarter, missing the consensus estimate of ($1.75) by ($0.60). The company had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.99 billion. Carvana had a negative net margin of 4.24% and a negative return on equity of 144.51%. Carvana’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 EPS. Analysts predict that Carvana Co. will post -7.17 earnings per share for the current year.

Insiders Place Their Bets

In other Carvana news, major shareholder Ernest C. Garcia II bought 1,191,468 shares of the business’s stock in a transaction on Monday, June 13th. The stock was purchased at an average price of $20.67 per share, for a total transaction of $24,627,643.56. Following the completion of the transaction, the insider now directly owns 2,578,314 shares of the company’s stock, valued at $53,293,750.38. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In other news, major shareholder Ernest C. Garcia II purchased 793,790 shares of the stock in a transaction dated Friday, June 10th. The shares were purchased at an average cost of $21.95 per share, with a total value of $17,423,690.50. Following the completion of the acquisition, the insider now owns 1,386,846 shares in the company, valued at approximately $30,441,269.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Ernest C. Garcia II purchased 1,191,468 shares of the stock in a transaction dated Monday, June 13th. The stock was purchased at an average cost of $20.67 per share, for a total transaction of $24,627,643.56. Following the completion of the acquisition, the insider now owns 2,578,314 shares of the company’s stock, valued at approximately $53,293,750.38. The disclosure for this purchase can be found here. Insiders acquired 2,197,008 shares of company stock worth $47,538,049 over the last quarter. 10.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carvana

A number of institutional investors and hedge funds have recently modified their holdings of the company. abrdn plc lifted its holdings in shares of Carvana by 1.2% in the fourth quarter. abrdn plc now owns 6,497 shares of the company’s stock worth $1,506,000 after buying an additional 76 shares in the last quarter. Eaton Vance Management lifted its holdings in shares of Carvana by 1.7% in the fourth quarter. Eaton Vance Management now owns 4,798 shares of the company’s stock worth $1,083,000 after buying an additional 80 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in shares of Carvana by 31.5% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 355 shares of the company’s stock worth $82,000 after buying an additional 85 shares in the last quarter. Equitable Holdings Inc. lifted its holdings in shares of Carvana by 11.6% in the fourth quarter. Equitable Holdings Inc. now owns 959 shares of the company’s stock worth $222,000 after buying an additional 100 shares in the last quarter. Finally, D.A. Davidson & CO. raised its stake in Carvana by 2.0% in the fourth quarter. D.A. Davidson & CO. now owns 5,610 shares of the company’s stock valued at $1,300,000 after purchasing an additional 110 shares in the last quarter.

Carvana Company Profile

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Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. The company's 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.