Needham & Company LLC Issues Positive Forecast for Carvana (NYSE:CVNA) Stock Price

Carvana (NYSE:CVNA) had its target price hoisted by Needham & Company LLC from $300.00 to $330.00 in a report published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts have also issued reports about the company. Stephens began coverage on Carvana in a research note on Thursday, September 12th. They issued an “overweight” rating and a $190.00 price objective for the company. Bank of America upped their price objective on Carvana from $185.00 to $210.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. JMP Securities upped their price objective on Carvana from $200.00 to $320.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Evercore ISI upped their price objective on Carvana from $240.00 to $245.00 and gave the stock an “in-line” rating in a research note on Tuesday, December 3rd. Finally, Royal Bank of Canada upgraded Carvana to a “sector perform” rating and upped their price objective for the stock from $166.00 to $170.00 in a research note on Monday, August 19th. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $222.71.

Carvana Price Performance

NYSE CVNA opened at $250.95 on Monday. The business’s fifty day moving average price is $225.86 and its 200-day moving average price is $166.94. The stock has a market capitalization of $52.10 billion, a price-to-earnings ratio of 25,095.00 and a beta of 3.32. The company has a debt-to-equity ratio of 18.99, a current ratio of 3.25 and a quick ratio of 2.12. Carvana has a 1-year low of $37.47 and a 1-year high of $268.34.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.41. The firm had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.47 billion. Carvana’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.23 earnings per share. On average, equities analysts predict that Carvana will post 0.76 earnings per share for the current year.

Insider Buying and Selling at Carvana

In other Carvana news, insider Daniel J. Gill sold 30,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $175.00, for a total value of $5,250,000.00. Following the completion of the sale, the insider now owns 328,329 shares of the company’s stock, valued at $57,457,575. This trade represents a 8.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the completion of the sale, the insider now directly owns 40,058,131 shares of the company’s stock, valued at approximately $6,209,010,305. The trade was a 0.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,022,063 shares of company stock valued at $383,108,209 in the last 90 days. Insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of institutional investors have recently modified their holdings of the stock. Eagle Asset Management Inc. purchased a new position in Carvana during the third quarter valued at approximately $50,531,000. Driehaus Capital Management LLC increased its holdings in Carvana by 124.9% during the second quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock valued at $74,888,000 after buying an additional 323,153 shares during the period. Swiss National Bank grew its holdings in Carvana by 6.9% in the third quarter. Swiss National Bank now owns 207,900 shares of the company’s stock worth $36,197,000 after purchasing an additional 13,400 shares during the last quarter. Integrated Advisors Network LLC grew its holdings in Carvana by 89.2% in the third quarter. Integrated Advisors Network LLC now owns 53,004 shares of the company’s stock worth $9,229,000 after purchasing an additional 24,996 shares during the last quarter. Finally, Colonial River Investments LLC purchased a new position in Carvana in the third quarter worth $786,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

About Carvana

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.