DA Davidson Issues Positive Forecast for Carvana (NYSE:CVNA) Stock Price

Carvana (NYSE:CVNA) had its price target upped by investment analysts at DA Davidson from $220.00 to $260.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. DA Davidson’s price objective would suggest a potential upside of 16.52% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Morgan Stanley raised shares of Carvana from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $110.00 to $260.00 in a research report on Tuesday, November 5th. Needham & Company LLC raised their target price on shares of Carvana from $330.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday. Citigroup raised shares of Carvana from a “neutral” rating to a “buy” rating and raised their target price for the stock from $195.00 to $277.00 in a report on Wednesday, January 8th. Piper Sandler raised their target price on shares of Carvana from $151.00 to $225.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Royal Bank of Canada raised their target price on shares of Carvana from $280.00 to $320.00 and gave the stock an “outperform” rating in a report on Thursday. Nine equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $265.06.

Carvana Stock Performance

Shares of CVNA stock opened at $223.14 on Thursday. The company has a debt-to-equity ratio of 18.99, a quick ratio of 2.12 and a current ratio of 3.25. Carvana has a one year low of $49.38 and a one year high of $292.84. The company’s 50-day simple moving average is $234.35 and its 200-day simple moving average is $207.79. The stock has a market capitalization of $46.33 billion, a price-to-earnings ratio of 142.13 and a beta of 3.37.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.29 by $0.27. Carvana had a net margin of 1.54% and a return on equity of 446.67%. The business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.32 billion. Equities analysts anticipate that Carvana will post 2.85 earnings per share for the current fiscal year.

Insider Activity at Carvana

In related news, insider Daniel J. Gill sold 44,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $259.47, for a total transaction of $11,416,680.00. Following the transaction, the insider now owns 191,225 shares in the company, valued at $49,617,150.75. This trade represents a 18.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark W. Jenkins sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $275.68, for a total transaction of $5,513,600.00. Following the transaction, the chief financial officer now owns 199,962 shares in the company, valued at $55,125,524.16. This represents a 9.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 173,629 shares of company stock worth $44,833,799 over the last quarter. 17.12% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CVNA. FMR LLC grew its position in Carvana by 90.8% in the third quarter. FMR LLC now owns 12,361,790 shares of the company’s stock worth $2,152,311,000 after buying an additional 5,882,656 shares during the last quarter. Whale Rock Capital Management LLC acquired a new position in Carvana in the third quarter worth approximately $162,953,000. Norges Bank acquired a new position in Carvana in the fourth quarter worth approximately $179,364,000. Vanguard Group Inc. grew its position in Carvana by 5.6% in the fourth quarter. Vanguard Group Inc. now owns 11,425,367 shares of the company’s stock worth $2,323,463,000 after buying an additional 610,234 shares during the last quarter. Finally, Castle Hook Partners LP acquired a new position in Carvana in the fourth quarter worth approximately $116,020,000. 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.