JMP Securities Reaffirms “Market Outperform” Rating for Carvana (NYSE:CVNA)

JMP Securities reaffirmed their market outperform rating on shares of Carvana (NYSE:CVNA) in a research report sent to investors on Monday,Benzinga reports. They currently have a $320.00 price target on the stock.

Several other research analysts have also weighed in on CVNA. Bank of America upped their price target on Carvana from $185.00 to $210.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Stephens initiated coverage on shares of Carvana in a report on Thursday, September 12th. They set an “overweight” rating and a $190.00 price target for the company. Wedbush upped their price objective on shares of Carvana from $150.00 to $175.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. Evercore ISI increased 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. Finally, Piper Sandler boosted their price target on shares of Carvana from $151.00 to $225.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Eleven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $222.71.

Carvana Trading Down 8.2 %

Shares of CVNA opened at $233.02 on Monday. The business’s 50-day moving average price is $232.27 and its 200 day moving average price is $171.95. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99. The stock has a market capitalization of $48.38 billion, a P/E ratio of 23,325.33 and a beta of 3.32. Carvana has a 1-year low of $40.21 and a 1-year high of $268.34.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.41. The firm had revenue of $3.66 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same quarter in the prior year, the firm earned $0.23 EPS. The firm’s revenue was up 31.8% compared to the same quarter last year. Analysts expect that Carvana will post 0.76 earnings per share for the current year.

Insider Buying and Selling at Carvana

In other Carvana news, insider Daniel J. Gill sold 30,000 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $175.00, for a total value of $5,250,000.00. Following the completion of the sale, the insider now directly owns 328,329 shares in the company, valued at $57,457,575. This represents a 8.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $169.88, for a total value of $16,988,000.00. Following the transaction, the insider now owns 39,258,131 shares in the company, valued at $6,669,171,294.28. This trade represents a 0.25 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,871,908 shares of company stock valued at $363,028,785. Corporate insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of large investors have recently bought and sold shares of CVNA. Blue Trust Inc. acquired a new position in Carvana during the second quarter worth $106,000. Raymond James & Associates lifted its position in Carvana by 154.1% during the 2nd quarter. Raymond James & Associates now owns 10,544 shares of the company’s stock worth $1,357,000 after buying an additional 6,394 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Carvana by 450.8% during the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock worth $43,000 after buying an additional 275 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Carvana by 3,218.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,318 shares of the company’s stock valued at $427,000 after acquiring an additional 3,218 shares in the last quarter. Finally, Summit Securities Group LLC increased its position in shares of Carvana by 110.0% in the second quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after acquiring an additional 3,300 shares during the last quarter. Institutional investors and hedge funds 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.