Wells Fargo & Company Cuts Carvana (NYSE:CVNA) Price Target to $290.00

Carvana (NYSE:CVNA) had its price target trimmed by Wells Fargo & Company from $310.00 to $290.00 in a research note released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

CVNA has been the subject of several other research reports. JMP Securities reduced their target price on shares of Carvana from $340.00 to $275.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 9th. Morgan Stanley upgraded Carvana from an “underweight” rating to an “overweight” rating in a research report on Monday, March 31st. Bank of America lowered their price objective on Carvana from $270.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Evercore ISI reduced their target price on Carvana from $250.00 to $240.00 and set an “in-line” rating for the company in a research report on Tuesday, March 11th. Finally, DA Davidson lifted their price target on shares of Carvana from $220.00 to $260.00 and gave the stock a “neutral” rating in a research note on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $254.76.

Carvana Price Performance

NYSE CVNA opened at $241.37 on Monday. The stock has a market capitalization of $51.45 billion, a PE ratio of 153.74 and a beta of 3.61. The stock has a 50-day simple moving average of $204.04 and a 200 day simple moving average of $223.32. The company has a debt-to-equity ratio of 3.82, a quick ratio of 2.12 and a current ratio of 3.64. Carvana has a twelve month low of $80.07 and a twelve month high of $292.84.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.27. Carvana had a return on equity of 36.59% and a net margin of 1.54%. The company had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.32 billion. Research analysts anticipate that Carvana will post 2.85 EPS for the current year.

Insider Activity

In related news, CFO Mark W. Jenkins sold 28,422 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $288.85, for a total transaction of $8,209,694.70. Following the completion of the sale, the chief financial officer now directly owns 219,962 shares of the company’s stock, valued at $63,536,023.70. This trade represents a 11.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Thomas Taira sold 27,593 shares of the business’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $225.03, for a total value of $6,209,252.79. Following the completion of the transaction, the insider now directly owns 179,673 shares in the company, valued at approximately $40,431,815.19. This represents a 13.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 330,810 shares of company stock worth $69,243,820. Insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

Several hedge funds have recently modified their holdings of the stock. World Investment Advisors LLC bought a new position in Carvana in the 3rd quarter valued at $2,009,000. Wilmington Savings Fund Society FSB bought a new position in Carvana in the third quarter valued at about $241,000. Optimist Retirement Group LLC acquired a new stake in Carvana in the third quarter worth about $289,000. Lord Abbett & CO. LLC raised its holdings in Carvana by 1,454.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 538,473 shares of the company’s stock worth $93,754,000 after purchasing an additional 503,824 shares during the last quarter. Finally, Versant Capital Management Inc acquired a new position in Carvana during the 4th quarter valued at about $42,000. 56.71% of the stock is owned by 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.