Needham & Company LLC Boosts Carvana (NYSE:CVNA) Price Target to $330.00

Carvana (NYSE:CVNA) had its price objective raised by research analysts at Needham & Company LLC from $300.00 to $330.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 39.56% from the company’s current price.

CVNA has been the subject of a number of other research reports. Evercore ISI increased their target price on Carvana from $240.00 to $245.00 and gave the company an “in-line” rating in a report on Tuesday, December 3rd. Morgan Stanley upgraded Carvana from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $110.00 to $260.00 in a research report on Tuesday, November 5th. Piper Sandler raised their price objective on Carvana from $151.00 to $225.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Wells Fargo & Company lifted their target price on shares of Carvana from $175.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Citigroup increased their target price on shares of Carvana from $125.00 to $195.00 and gave the company a “neutral” rating in a research report on Thursday, October 3rd. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $222.71.

Carvana Price Performance

Carvana stock opened at $236.47 on Monday. The stock has a market capitalization of $49.10 billion, a P/E ratio of 23,646.50 and a beta of 3.32. The company’s fifty day moving average price is $224.38 and its 200 day moving average price is $166.35. 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 1 year low of $37.47 and a 1 year high of $268.34.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.41. The company had revenue of $3.66 billion during the quarter, compared to analyst estimates of $3.47 billion. During the same quarter last year, the business earned $0.23 EPS. The firm’s revenue for the quarter was up 31.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Carvana will post 0.76 earnings per share for the current fiscal year.

Insider Buying and Selling at Carvana

In related news, CFO Mark W. Jenkins sold 10,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $255.07, for a total transaction of $2,550,700.00. Following the completion of the transaction, the chief financial officer now owns 189,761 shares of the company’s stock, valued at approximately $48,402,338.27. This trade represents a 5.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Daniel J. Gill sold 44,000 shares of the business’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 value of $11,416,680.00. Following the completion of the sale, the insider now directly owns 191,225 shares in the company, valued at approximately $49,617,150.75. The trade was a 18.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,022,063 shares of company stock worth $383,108,209 over the last quarter. 17.12% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Ridgewood Investments LLC purchased a new position in Carvana during the 2nd quarter valued at about $32,000. Sugarloaf Wealth Management LLC acquired a new stake in shares of Carvana during the third quarter worth about $32,000. Summit Securities Group LLC boosted its stake in shares of Carvana by 110.0% in the second quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after purchasing an additional 3,300 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Carvana in the third quarter valued at approximately $40,000. Finally, Fifth Third Bancorp increased its stake in Carvana by 450.8% during the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock worth $43,000 after buying an additional 275 shares during the period. 56.71% of the stock is currently 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.