Stephens Reaffirms “Overweight” Rating for Carvana (NYSE:CVNA)

Carvana (NYSE:CVNA)‘s stock had its “overweight” rating reaffirmed by Stephens in a report issued on Thursday,Benzinga reports. They currently have a $300.00 price objective on the stock. Stephens’ price objective would suggest a potential upside of 69.34% from the company’s current price.

Several other analysts also recently commented on CVNA. JPMorgan Chase & Co. raised their price objective on shares of Carvana from $230.00 to $300.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. JMP Securities restated a “market outperform” rating and issued a $320.00 price objective on shares of Carvana in a research report on Monday, December 16th. Needham & Company LLC upped their price objective on Carvana from $300.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Wells Fargo & Company lifted their target price on Carvana from $175.00 to $250.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Wedbush upped their price target on Carvana from $150.00 to $175.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Eleven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Carvana presently has a consensus rating of “Hold” and a consensus price target of $229.18.

Carvana Price Performance

Shares of CVNA opened at $177.16 on Thursday. The firm has a fifty day simple moving average of $236.67 and a two-hundred day simple moving average of $180.45. The firm has a market cap of $36.78 billion, a PE ratio of 17,733.73 and a beta of 3.32. 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 has a 1-year low of $40.21 and a 1-year high of $268.34.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.41. The business had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.47 billion. Carvana’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter last year, the company earned $0.23 EPS. On average, equities analysts anticipate that Carvana will post 0.76 EPS for the current year.

Insider Buying and Selling

In other news, CFO Mark W. Jenkins sold 208,495 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $224.43, for a total value of $46,792,532.85. Following the completion of the transaction, the chief financial officer now directly owns 90,732 shares of the company’s stock, valued at approximately $20,362,982.76. The trade was a 69.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $190.70, for a total value of $19,070,000.00. Following the completion of the transaction, the insider now owns 38,458,131 shares in the company, valued at $7,333,965,581.70. This trade represents a 0.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,251,908 shares of company stock valued at $255,943,285 over the last three months. 17.18% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVNA. Sugarloaf Wealth Management LLC purchased a new position in shares of Carvana in the third quarter worth $32,000. Capital Performance Advisors LLP acquired a new position in shares of Carvana in the 3rd quarter valued at $40,000. Versant Capital Management Inc purchased a new position in Carvana in the 4th quarter worth $42,000. First Horizon Advisors Inc. lifted its position in Carvana by 363.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 250 shares of the company’s stock worth $44,000 after acquiring an additional 196 shares during the period. Finally, Benjamin F. Edwards & Company Inc. purchased a new stake in Carvana during the 2nd quarter valued at about $51,000. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

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.