Carvana Co. (NYSE:CVNA – Get Free Report)’s stock price shot up 1.9% during trading on Friday . The stock traded as high as $157.54 and last traded at $155.90. 905,727 shares traded hands during trading, a decline of 83% from the average session volume of 5,323,803 shares. The stock had previously closed at $153.02.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on CVNA shares. Wells Fargo & Company raised shares of Carvana from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $77.00 to $175.00 in a research note on Thursday, August 1st. Piper Sandler upped their price objective on Carvana from $105.00 to $151.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Needham & Company LLC raised their target price on shares of Carvana from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. DA Davidson raised their price target on Carvana from $110.00 to $155.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Finally, TD Cowen boosted their price objective on shares of Carvana from $110.00 to $148.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Carvana presently has an average rating of “Hold” and an average price target of $148.40.
Check Out Our Latest Stock Report on Carvana
Carvana Price Performance
Insider Buying and Selling at Carvana
In other news, CFO Mark W. Jenkins sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $99.25, for a total transaction of $496,250.00. Following the sale, the chief financial officer now owns 192,552 shares of the company’s stock, valued at approximately $19,110,786. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Mark W. Jenkins sold 5,000 shares of Carvana stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.25, for a total transaction of $496,250.00. Following the completion of the transaction, the chief financial officer now owns 192,552 shares of the company’s stock, valued at approximately $19,110,786. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $154.95, for a total transaction of $15,495,000.00. Following the completion of the sale, the insider now directly owns 490,814 shares in the company, valued at $76,051,629.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,496,236 shares of company stock valued at $314,460,885. 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 stock. Ridgewood Investments LLC purchased a new stake in Carvana during the 2nd quarter worth $32,000. Summit Securities Group LLC grew its stake in Carvana by 110.0% during the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock worth $39,000 after buying an additional 3,300 shares during the last quarter. Fifth Third Bancorp lifted its stake in Carvana by 450.8% in the second quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock valued at $43,000 after buying an additional 275 shares during the last quarter. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Carvana during the second quarter valued at $51,000. Finally, GAMMA Investing LLC lifted its position in Carvana by 127.9% in the 2nd quarter. GAMMA Investing LLC now owns 458 shares of the company’s stock valued at $59,000 after purchasing an additional 257 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.
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.
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