Carvana (NYSE:CVNA) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Carvana (NYSE:CVNA) in a report issued on Tuesday morning,Benzinga reports. They currently have a $330.00 price target on the stock.

CVNA has been the subject of several other research reports. Bank of America upped their price target on Carvana from $185.00 to $210.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Piper Sandler raised their target price on Carvana from $151.00 to $225.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Jefferies Financial Group boosted their price target on shares of Carvana from $150.00 to $185.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price objective on shares of Carvana in a report on Monday, December 16th. Finally, Morgan Stanley raised shares of Carvana from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $110.00 to $260.00 in a research note on Tuesday, November 5th. Ten analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $237.12.

Carvana Trading Up 5.2 %

Shares of Carvana stock opened at $198.67 on Tuesday. The company has a market cap of $41.25 billion, a price-to-earnings ratio of 19,886.89 and a beta of 3.38. Carvana has a 1 year low of $40.21 and a 1 year high of $268.34. The company’s fifty day simple moving average is $236.14 and its 200-day simple moving average is $182.59. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping 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. The business’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.23 earnings per share. As a group, sell-side analysts expect that Carvana will post 0.76 EPS for the current year.

Insiders Place Their Bets

In related news, COO Benjamin E. Huston sold 3,043 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $240.00, for a total value of $730,320.00. Following the transaction, the chief operating officer now owns 218,686 shares in the company, valued at $52,484,640. This trade represents a 1.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel J. Gill sold 44,000 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $259.47, for a total transaction of $11,416,680.00. Following the sale, the insider now directly owns 191,225 shares of the company’s stock, valued at approximately $49,617,150.75. This trade represents a 18.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,051,908 shares of company stock valued at $218,824,285 in the last 90 days. 17.12% of the stock is currently owned by insiders.

Institutional Trading of Carvana

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. 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 valued at $2,152,311,000 after purchasing an additional 5,882,656 shares in the last quarter. Whale Rock Capital Management LLC acquired a new position in shares of Carvana during the 3rd quarter worth about $162,953,000. Sylebra Capital LLC bought a new position in shares of Carvana in the 2nd quarter valued at about $67,686,000. Lord Abbett & CO. LLC increased its position in shares of Carvana by 1,454.1% in the third quarter. Lord Abbett & CO. LLC now owns 538,473 shares of the company’s stock valued at $93,754,000 after acquiring an additional 503,824 shares during the last quarter. Finally, Senator Investment Group LP bought a new stake in Carvana during the second quarter worth about $63,767,000. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Carvana Company Profile

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.