Wells Fargo & Company Raises Carvana (NYSE:CVNA) Price Target to $250.00

Carvana (NYSE:CVNA) had its target price lifted by Wells Fargo & Company from $175.00 to $250.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research analysts also recently commented on CVNA. Morgan Stanley raised their price target on shares of Carvana from $75.00 to $110.00 and gave the company an “underweight” rating in a report on Thursday, August 1st. TD Cowen raised their price target on Carvana from $110.00 to $148.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Citigroup boosted their price objective on Carvana from $125.00 to $195.00 and gave the stock a “neutral” rating in a report on Thursday, October 3rd. Stephens initiated coverage on shares of Carvana in a research note on Thursday, September 12th. They issued an “overweight” rating and a $190.00 target price on the stock. Finally, Royal Bank of Canada raised shares of Carvana to a “sector perform” rating and boosted their price target for the stock from $166.00 to $170.00 in a research note on Monday, August 19th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $182.29.

Carvana Price Performance

Shares of NYSE:CVNA opened at $202.60 on Wednesday. The firm has a market capitalization of $41.04 billion, a PE ratio of 88.86 and a beta of 3.44. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. The company has a 50-day moving average price of $167.97 and a two-hundred day moving average price of $132.84. Carvana has a twelve month low of $25.09 and a twelve month high of $203.72.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.14 earnings per share for the quarter. The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.23 billion. Equities analysts forecast that Carvana will post 0.29 EPS for the current year.

Insider Transactions at Carvana

In related news, major shareholder Ernest C. Garcia II sold 75,000 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $133.41, for a total transaction of $10,005,750.00. Following the completion of the sale, the insider now directly owns 1,565,814 shares in the company, valued at $208,895,245.74. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Carvana news, CFO Mark W. Jenkins sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $146.14, for a total value of $730,700.00. Following the transaction, the chief financial officer now owns 180,609 shares in the company, valued at approximately $26,394,199.26. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Ernest C. Garcia II sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $133.41, for a total value of $10,005,750.00. Following the completion of the sale, the insider now directly owns 1,565,814 shares in the company, valued at $208,895,245.74. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,955,891 shares of company stock worth $489,299,685. Company insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

Several institutional investors and hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its stake in shares of Carvana by 39.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock valued at $655,727,000 after buying an additional 2,112,463 shares during the period. Sylebra Capital LLC purchased a new position in Carvana during the 2nd quarter valued at $67,686,000. Senator Investment Group LP bought a new position in Carvana in the 2nd quarter worth $63,767,000. Driehaus Capital Management LLC lifted its position in shares of Carvana by 124.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock worth $74,888,000 after purchasing an additional 323,153 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Carvana during the 2nd quarter valued at about $39,997,000. Hedge funds and other institutional investors 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.