Needham & Company LLC Issues Positive Forecast for Carvana (NYSE:CVNA) Stock Price

Carvana (NYSE:CVNA) had its price objective lifted by Needham & Company LLC from $330.00 to $340.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts also recently issued reports on the stock. Royal Bank of Canada raised shares of Carvana from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $270.00 to $280.00 in a report on Tuesday, January 7th. JMP Securities reiterated a “market outperform” rating and issued a $320.00 price objective on shares of Carvana in a research report on Monday, December 16th. Evercore ISI upped their target price on shares of Carvana from $240.00 to $245.00 and gave the stock an “in-line” rating in a research report on Tuesday, December 3rd. Morgan Stanley raised Carvana from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $110.00 to $260.00 in a report on Tuesday, November 5th. Finally, Robert W. Baird boosted their price objective on Carvana from $200.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday. Nine equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $259.00.

Carvana Stock Performance

Shares of NYSE CVNA opened at $248.03 on Thursday. 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 $234.85 and its two-hundred day moving average price is $207.18. Carvana has a 52-week low of $48.15 and a 52-week high of $292.84. The stock has a market capitalization of $51.50 billion, a P/E ratio of 24,827.83 and a beta of 3.37.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.27. The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.32 billion. As a group, sell-side analysts forecast that Carvana will post 0.87 earnings per share for the current year.

Insider Activity

In other Carvana news, CFO Mark W. Jenkins sold 10,000 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $255.07, for a total value of $2,550,700.00. Following the transaction, the chief financial officer now owns 189,761 shares of the company’s stock, valued at approximately $48,402,338.27. This represents a 5.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul W. Breaux sold 1,362 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $270.08, for a total value of $367,848.96. Following the sale, the insider now directly owns 153,240 shares of the company’s stock, valued at approximately $41,387,059.20. This represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 173,629 shares of company stock worth $44,833,799 over the last 90 days. 17.12% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carvana

A number of institutional investors and hedge funds have recently modified their holdings of CVNA. Fidelis Capital Partners LLC increased its stake in Carvana by 3.4% in the 4th quarter. Fidelis Capital Partners LLC now owns 1,541 shares of the company’s stock worth $313,000 after purchasing an additional 51 shares in the last quarter. Bleakley Financial Group LLC lifted its stake in Carvana by 2.8% during the fourth quarter. Bleakley Financial Group LLC now owns 2,373 shares of the company’s stock valued at $483,000 after buying an additional 65 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Carvana by 21.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 426 shares of the company’s stock worth $87,000 after buying an additional 74 shares during the period. Forum Financial Management LP increased its position in shares of Carvana by 3.8% in the third quarter. Forum Financial Management LP now owns 2,071 shares of the company’s stock worth $361,000 after acquiring an additional 76 shares in the last quarter. Finally, Great Lakes Advisors LLC raised its holdings in shares of Carvana by 2.1% during the fourth quarter. Great Lakes Advisors LLC now owns 3,698 shares of the company’s stock valued at $752,000 after acquiring an additional 77 shares during the period. 56.71% of the stock is owned by institutional investors and hedge funds.

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.