Carvana (NYSE:CVNA) Hits New 12-Month High Following Analyst Upgrade

Carvana Co. (NYSE:CVNA) shares hit a new 52-week high during mid-day trading on Thursday after JMP Securities raised their price target on the stock from $80.00 to $135.00. JMP Securities currently has a market outperform rating on the stock. Carvana traded as high as $121.85 and last traded at $119.88, with a volume of 7411419 shares changing hands. The stock had previously closed at $87.09.

Several other equities research analysts have also issued reports on CVNA. Raymond James upgraded shares of Carvana from an “underperform” rating to a “market perform” rating in a research report on Friday, February 23rd. William Blair reaffirmed an “outperform” rating on shares of Carvana in a report on Thursday. Wedbush upped their target price on shares of Carvana from $80.00 to $120.00 and gave the stock a “neutral” rating in a research report on Thursday. Jefferies Financial Group upgraded Carvana from an “underperform” rating to a “hold” rating and raised their price target for the company from $30.00 to $85.00 in a research report on Tuesday, March 12th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Carvana in a report on Thursday. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $73.44.

Insider Buying and Selling at Carvana

In other Carvana news, COO Benjamin E. Huston sold 9,296 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $82.92, for a total value of $770,824.32. Following the transaction, the chief operating officer now owns 178,885 shares in the company, valued at $14,833,144.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, COO Benjamin E. Huston sold 9,296 shares of Carvana stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $82.92, for a total value of $770,824.32. Following the sale, the chief operating officer now directly owns 178,885 shares in the company, valued at approximately $14,833,144.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ernest C. Garcia III sold 9,390 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $82.83, for a total value of $777,773.70. Following the completion of the sale, the chief executive officer now directly owns 861,458 shares of the company’s stock, valued at approximately $71,354,566.14. The disclosure for this sale can be found here. Insiders sold 442,233 shares of company stock valued at $38,200,169 in the last quarter. Company insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. bought a new stake in shares of Carvana during the 4th quarter valued at $29,000. Hanseatic Management Services Inc. bought a new stake in Carvana during the third quarter worth about $34,000. Parallel Advisors LLC boosted its stake in Carvana by 39.0% during the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after acquiring an additional 194 shares in the last quarter. Harvest Fund Management Co. Ltd grew its holdings in Carvana by 1,225.6% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock worth $50,000 after purchasing an additional 1,103 shares during the period. Finally, Tidemark LLC bought a new position in shares of Carvana during the fourth quarter valued at approximately $50,000. 56.71% of the stock is owned by institutional investors.

Carvana Stock Up 4.5 %

The company’s fifty day moving average price is $80.75 and its 200-day moving average price is $55.27. The stock has a market capitalization of $24.58 billion, a PE ratio of 53.39 and a beta of 3.28.

Carvana (NYSE:CVNA) last released its earnings results on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same quarter last year, the business earned ($0.97) earnings per share. The company’s quarterly revenue was down 14.6% on a year-over-year basis. Equities research analysts anticipate that Carvana Co. will post -3.32 earnings per share for the current year.

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.