Evercore ISI Raises Carvana (NYSE:CVNA) Price Target to $135.00

Carvana (NYSE:CVNA) had its target price hoisted by Evercore ISI from $118.00 to $135.00 in a report issued on Tuesday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

A number of other brokerages have also commented on CVNA. TD Cowen increased their price objective on Carvana from $58.00 to $70.00 and gave the company a hold rating in a research report on Monday, April 29th. JPMorgan Chase & Co. lifted their price objective on Carvana from $130.00 to $150.00 and gave the stock an overweight rating in a research report on Monday, June 10th. JMP Securities upped their target price on shares of Carvana from $135.00 to $150.00 and gave the company a market outperform rating in a research report on Friday, June 7th. Wells Fargo & Company lifted their price target on shares of Carvana from $60.00 to $77.00 and gave the stock an equal weight rating in a research report on Thursday, May 2nd. Finally, Robert W. Baird boosted their price target on shares of Carvana from $65.00 to $110.00 and gave the stock a neutral rating in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $88.50.

Carvana Stock Performance

Carvana stock opened at $127.84 on Tuesday. Carvana has a 52 week low of $23.43 and a 52 week high of $136.92. The firm has a market cap of $25.90 billion, a P/E ratio of 56.07 and a beta of 3.37. The business’s fifty day moving average is $111.89 and its two-hundred day moving average is $80.41.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.35. The company had revenue of $3.06 billion during the quarter, compared to analyst estimates of $2.72 billion. On average, equities research analysts predict that Carvana will post -0.75 earnings per share for the current year.

Insider Activity at Carvana

In other Carvana news, major shareholder Ernest C. Garcia II sold 75,000 shares of Carvana stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $125.43, for a total transaction of $9,407,250.00. Following the transaction, the insider now directly owns 2,917,500 shares in the company, valued at $365,942,025. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO Mark W. Jenkins sold 55,000 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $124.08, for a total transaction of $6,824,400.00. Following the completion of the sale, the chief financial officer now owns 186,580 shares of the company’s stock, valued at $23,150,846.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 75,000 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $125.43, for a total transaction of $9,407,250.00. Following the completion of the sale, the insider now directly owns 2,917,500 shares in the company, valued at $365,942,025. The disclosure for this sale can be found here. Insiders sold a total of 1,923,946 shares of company stock worth $212,520,806 in the last quarter. Corporate insiders own 17.18% of the company’s stock.

Institutional Trading of Carvana

Several hedge funds and other institutional investors have recently modified their holdings of CVNA. Price T Rowe Associates Inc. MD grew its holdings in shares of Carvana by 39.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock worth $655,727,000 after buying an additional 2,112,463 shares in the last quarter. Morgan Stanley raised its holdings in shares of Carvana by 13.8% in the third quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock valued at $619,478,000 after purchasing an additional 1,784,009 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Carvana by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock worth $530,648,000 after purchasing an additional 655,603 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Carvana by 17.1% in the fourth quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock worth $78,560,000 after purchasing an additional 216,893 shares in the last quarter. Finally, Steadview Capital Management LLC boosted its holdings in Carvana by 15.6% during the fourth quarter. Steadview Capital Management LLC now owns 876,905 shares of the company’s stock worth $46,423,000 after purchasing an additional 118,500 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.