Carvana Co. (NYSE:CVNA) Receives $222.71 Average Target Price from Analysts

Carvana Co. (NYSE:CVNA) has earned an average recommendation of “Hold” from the nineteen research firms that are currently covering the firm, MarketBeat reports. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $222.71.

A number of equities research analysts have issued reports on the company. Jefferies Financial Group increased their price target on Carvana from $150.00 to $185.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Piper Sandler upped their target price on shares of Carvana from $151.00 to $225.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Stephens initiated coverage on shares of Carvana in a research note on Thursday, September 12th. They issued an “overweight” rating and a $190.00 price target for the company. Wells Fargo & Company increased their price objective on shares of Carvana from $175.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Bank of America lifted their price objective on shares of Carvana from $185.00 to $210.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th.

Carvana Price Performance

Shares of CVNA opened at $248.29 on Wednesday. The company has a market cap of $51.55 billion, a P/E ratio of 24,829.00 and a beta of 3.32. Carvana has a fifty-two week low of $40.21 and a fifty-two week high of $268.34. The company has a quick ratio of 2.12, a current ratio of 3.25 and a debt-to-equity ratio of 18.99. The firm’s 50 day moving average price is $228.64 and its 200 day moving average price is $168.46.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.41. The company had revenue of $3.66 billion for the quarter, compared to analysts’ expectations of $3.47 billion. The firm’s revenue was up 31.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.23 EPS. On average, research analysts forecast that Carvana will post 0.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Benjamin E. Huston sold 3,043 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $240.00, for a total transaction of $730,320.00. Following the completion of the sale, the chief operating officer now owns 218,686 shares in the company, valued at $52,484,640. This represents a 1.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the completion of the sale, the insider now owns 40,058,131 shares of the company’s stock, valued at $6,209,010,305. This trade represents a 0.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,071,908 shares of company stock worth $395,374,785 in the last 90 days. Company insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

A number of institutional investors have recently modified their holdings of the business. FMR LLC lifted its holdings in Carvana by 90.8% in the third quarter. FMR LLC now owns 12,361,790 shares of the company’s stock valued at $2,152,311,000 after acquiring an additional 5,882,656 shares during the period. Lingotto Investment Management LLP increased its holdings in shares of Carvana by 1.4% in the 2nd quarter. Lingotto Investment Management LLP now owns 3,776,747 shares of the company’s stock valued at $486,143,000 after purchasing an additional 52,833 shares in the last quarter. State Street Corp lifted its stake in shares of Carvana by 6.1% in the third quarter. State Street Corp now owns 1,877,511 shares of the company’s stock valued at $326,893,000 after purchasing an additional 107,610 shares during the period. Geode Capital Management LLC boosted its holdings in Carvana by 7.8% during the third quarter. Geode Capital Management LLC now owns 1,803,546 shares of the company’s stock worth $315,133,000 after buying an additional 131,059 shares in the last quarter. Finally, Whale Rock Capital Management LLC purchased a new stake in shares of Carvana during the 3rd quarter worth approximately $162,953,000. 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.