JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Carvana (NYSE:CVNA) Stock

Carvana (NYSE:CVNA) had its target price raised by analysts at JPMorgan Chase & Co. from $300.00 to $350.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 43.45% from the stock’s previous close.

A number of other equities research analysts have also issued reports on CVNA. Robert W. Baird lifted their target price on shares of Carvana from $160.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Piper Sandler boosted their target price on Carvana from $151.00 to $225.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Royal Bank of Canada raised Carvana from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $270.00 to $280.00 in a research report on Tuesday, January 7th. Needham & Company LLC reiterated a “buy” rating and set a $330.00 price target on shares of Carvana in a report on Tuesday, January 7th. Finally, Wedbush increased their price objective on Carvana from $150.00 to $175.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Nine research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Carvana currently has an average rating of “Moderate Buy” and a consensus target price of $244.88.

Carvana Stock Down 0.6 %

Shares of Carvana stock opened at $243.99 on Friday. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99. Carvana has a 1 year low of $40.21 and a 1 year high of $268.34. The stock has a 50-day moving average price of $230.82 and a 200 day moving average price of $193.19. The company has a market cap of $50.66 billion, a P/E ratio of 24,423.42 and a beta of 3.38.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.41. The company had revenue of $3.66 billion during the quarter, compared to analysts’ expectations of $3.47 billion. During the same period last year, the company earned $0.23 earnings per share. Carvana’s revenue for the quarter was up 31.8% compared to the same quarter last year. As a group, analysts expect that Carvana will post 0.88 EPS for the current fiscal year.

Insider Buying and Selling at Carvana

In other news, CFO Mark W. Jenkins sold 10,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $200.75, for a total transaction of $2,007,500.00. Following the completion of the transaction, the chief financial officer now owns 189,097 shares of the company’s stock, valued at approximately $37,961,222.75. This represents a 5.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ryan S. Keeton sold 24,845 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 151,029 shares of the company’s stock, valued at approximately $37,440,089.10. The trade was a 14.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 347,340 shares of company stock worth $81,044,588 over the last ninety days. Company insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

Several large investors have recently added to or reduced their stakes in CVNA. Eagle Asset Management Inc. acquired a new position in shares of Carvana in the third quarter valued at $50,531,000. Oak Thistle LLC increased its holdings in Carvana by 115.9% in the 4th quarter. Oak Thistle LLC now owns 3,238 shares of the company’s stock valued at $658,000 after buying an additional 1,738 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Carvana by 33.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 382,607 shares of the company’s stock valued at $77,807,000 after buying an additional 95,497 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in shares of Carvana during the 4th quarter worth about $609,000. Finally, Swiss National Bank boosted its position in shares of Carvana by 6.9% during the 3rd quarter. Swiss National Bank now owns 207,900 shares of the company’s stock valued at $36,197,000 after acquiring an additional 13,400 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

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.