JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Carvana (NYSE:CVNA) Stock

Carvana (NYSE:CVNA) had its target price increased by analysts at JPMorgan Chase & Co. from $350.00 to $365.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 93.96% from the company’s current price.

A number of other equities research analysts also recently commented on CVNA. DA Davidson lifted their target price on Carvana from $220.00 to $260.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Citigroup upped their target price on shares of Carvana from $277.00 to $320.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Wedbush set a $250.00 target price on shares of Carvana and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. William Blair reissued an “outperform” rating on shares of Carvana in a research note on Thursday, February 20th. Finally, Robert W. Baird increased their price objective on shares of Carvana from $200.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $265.94.

Carvana Trading Up 0.7 %

Shares of CVNA opened at $188.19 on Friday. Carvana has a 12-month low of $67.61 and a 12-month high of $292.84. The firm has a market capitalization of $40.11 billion, a P/E ratio of 119.86 and a beta of 3.56. The firm has a 50-day moving average price of $231.41 and a 200 day moving average price of $213.28. The company has a current ratio of 3.64, a quick ratio of 2.12 and a debt-to-equity ratio of 3.82.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.27. The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.32 billion. Carvana had a net margin of 1.54% and a return on equity of 36.59%. Sell-side analysts forecast that Carvana will post 2.85 EPS for the current year.

Insider Transactions at Carvana

In related news, CFO Mark W. Jenkins sold 10,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $200.75, for a total transaction of $2,007,500.00. Following the completion of the transaction, the chief financial officer now owns 189,097 shares in the company, valued at approximately $37,961,222.75. The trade was a 5.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul W. Breaux sold 1,362 shares of the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $270.08, for a total value of $367,848.96. Following the completion of the sale, the insider now owns 153,240 shares in the company, 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. Over the last ninety days, insiders sold 119,629 shares of company stock valued at $30,866,419. 17.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Eagle Asset Management Inc. acquired a new position in Carvana during the third quarter worth approximately $50,531,000. Plato Investment Management Ltd boosted its stake in Carvana by 135.5% during the 4th quarter. Plato Investment Management Ltd now owns 5,204 shares of the company’s stock worth $1,062,000 after purchasing an additional 2,994 shares during the period. Oak Thistle LLC increased its stake in Carvana by 115.9% in the fourth quarter. Oak Thistle LLC now owns 3,238 shares of the company’s stock valued at $658,000 after purchasing an additional 1,738 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Carvana by 37.7% in the fourth quarter. Bank of New York Mellon Corp now owns 478,488 shares of the company’s stock valued at $97,305,000 after buying an additional 130,942 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Carvana by 33.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 382,607 shares of the company’s stock worth $77,807,000 after buying an additional 95,497 shares during the period. 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.