Wells Fargo & Company upgraded shares of Carvana (NYSE:CVNA – Free Report) from an equal weight rating to an overweight rating in a report issued on Thursday, MarketBeat.com reports. The brokerage currently has $175.00 price target on the stock, up from their prior price target of $77.00.
A number of other research analysts have also weighed in on CVNA. TD Cowen raised their price objective on Carvana from $58.00 to $70.00 and gave the company a hold rating in a research report on Monday, April 29th. JPMorgan Chase & Co. lifted their price target on Carvana from $150.00 to $155.00 and gave the stock an overweight rating in a research report on Friday, July 19th. Needham & Company LLC raised shares of Carvana from a hold rating to a buy rating and set a $160.00 price objective on the stock in a research report on Wednesday, July 10th. Wedbush reaffirmed a neutral rating and issued a $120.00 target price on shares of Carvana in a report on Monday, July 29th. Finally, William Blair reiterated an outperform rating on shares of Carvana in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $143.60.
Read Our Latest Stock Analysis on Carvana
Carvana Stock Performance
Insider Buying and Selling at Carvana
In related news, insider Daniel J. Gill sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $150.00, for a total value of $3,000,000.00. Following the transaction, the insider now owns 359,370 shares of the company’s stock, valued at $53,905,500. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, major shareholder Ernest C. Garcia II sold 60,000 shares of Carvana stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $114.04, for a total transaction of $6,842,400.00. Following the transaction, the insider now directly owns 2,797,500 shares of the company’s stock, valued at approximately $319,026,900. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Daniel J. Gill sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $150.00, for a total value of $3,000,000.00. Following the transaction, the insider now owns 359,370 shares of the company’s stock, valued at $53,905,500. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,435,166 shares of company stock valued at $294,375,485. 17.12% of the stock is owned by company insiders.
Institutional Trading of Carvana
Several institutional investors and hedge funds have recently modified their holdings of the company. Hemington Wealth Management bought a new position in Carvana in the 2nd quarter worth $219,000. Versor Investments LP boosted its stake in shares of Carvana by 131.4% in the second quarter. Versor Investments LP now owns 8,100 shares of the company’s stock worth $1,043,000 after acquiring an additional 4,600 shares during the period. CIBC Asset Management Inc raised its stake in Carvana by 22.3% during the 2nd quarter. CIBC Asset Management Inc now owns 3,251 shares of the company’s stock valued at $418,000 after purchasing an additional 593 shares during the period. Convergence Investment Partners LLC bought a new position in Carvana in the 2nd quarter worth approximately $2,049,000. Finally, Natixis Advisors LLC purchased a new stake in Carvana during the 2nd quarter valued at approximately $10,147,000. 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.
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