Carvana (NYSE:CVNA) Raised to Overweight at JPMorgan Chase & Co.

Carvana (NYSE:CVNA) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Thursday, Briefing.com reports. The firm presently has a $130.00 price target on the stock, up from their previous price target of $70.00. JPMorgan Chase & Co.‘s price objective points to a potential upside of 49.13% from the stock’s previous close.

Several other research analysts also recently weighed in on the company. Morgan Stanley boosted their target price on Carvana from $32.00 to $45.00 and gave the stock an “underweight” rating in a research note on Monday, February 26th. Raymond James raised shares of Carvana from an “underperform” rating to a “market perform” rating in a research report on Friday, February 23rd. Royal Bank of Canada upgraded shares of Carvana from an “underperform” rating to a “sector perform” rating and upped their price target for the company from $45.00 to $90.00 in a research note on Friday, March 8th. Robert W. Baird lifted their price objective on shares of Carvana from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, April 19th. Finally, Evercore ISI reduced their target price on Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a research note on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $60.50.

Carvana Stock Up 5.1 %

CVNA opened at $87.17 on Thursday. Carvana has a 52 week low of $6.70 and a 52 week high of $94.04. The company has a market capitalization of $17.60 billion, a P/E ratio of 161.43 and a beta of 3.28. The stock’s fifty day moving average is $78.71 and its two-hundred day moving average is $54.62.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.56 billion. The business’s quarterly revenue was down 14.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.97) EPS. Equities analysts anticipate that Carvana will post -3.32 earnings per share for the current year.

Insider Activity at Carvana

In related news, Director Neha Parikh purchased 1,300 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was purchased at an average price of $77.00 per share, with a total value of $100,100.00. Following the completion of the acquisition, the director now owns 58,495 shares in the company, valued at $4,504,115. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Neha Parikh acquired 1,300 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was purchased at an average cost of $77.00 per share, for a total transaction of $100,100.00. Following the completion of the transaction, the director now owns 58,495 shares in the company, valued at $4,504,115. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul W. Breaux sold 15,000 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $69.00, for a total value of $1,035,000.00. Following the sale, the insider now directly owns 150,126 shares of the company’s stock, valued at $10,358,694. The disclosure for this sale can be found here. In the last quarter, insiders sold 287,883 shares of company stock valued at $23,778,678. Corporate insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

Hedge funds have recently bought and sold shares of the company. Sequoia Financial Advisors LLC increased its holdings in shares of Carvana by 11.9% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,687 shares of the company’s stock valued at $412,000 after acquiring an additional 500 shares during the last quarter. HB Wealth Management LLC purchased a new position in Carvana in the first quarter valued at approximately $244,000. Principal Financial Group Inc. raised its holdings in Carvana by 9.2% during the first quarter. Principal Financial Group Inc. now owns 12,702 shares of the company’s stock worth $1,117,000 after purchasing an additional 1,068 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new stake in Carvana during the first quarter worth approximately $357,000. Finally, Investmentaktiengesellschaft Fuer Langfristige Investoren TGV lifted its position in shares of Carvana by 17.6% during the 1st quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 588,149 shares of the company’s stock worth $51,704,000 after buying an additional 88,149 shares during the last quarter. Institutional investors and hedge funds 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.