Carvana (NYSE:CVNA) Stock Rating Upgraded by Wedbush

Carvana (NYSE:CVNA) was upgraded by Wedbush to a “neutral” rating in a research report issued on Monday. The firm presently has a $150.00 price objective on the stock, up from their previous price objective of $120.00. Wedbush’s price objective would indicate a potential downside of 2.67% from the company’s previous close.

CVNA has been the topic of a number of other research reports. Robert W. Baird initiated coverage on shares of Carvana in a research note on Thursday, August 1st. They set a “neutral” rating and a $160.00 price target on the stock. Royal Bank of Canada raised their target price on Carvana from $90.00 to $130.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 2nd. JMP Securities boosted their price target on Carvana from $150.00 to $200.00 and gave the company a “market outperform” rating in a research note on Friday, August 2nd. TD Cowen raised their price objective on Carvana from $110.00 to $148.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. upped their target price on Carvana from $150.00 to $155.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $148.40.

Carvana Price Performance

Shares of NYSE CVNA opened at $154.12 on Monday. Carvana has a fifty-two week low of $25.09 and a fifty-two week high of $156.80. The company has a debt-to-equity ratio of 47.20, a quick ratio of 1.62 and a current ratio of 3.11. The company has a market cap of $31.22 billion, a PE ratio of 67.60 and a beta of 3.37. The business has a 50-day simple moving average of $129.85 and a two-hundred day simple moving average of $101.23.

Insider Activity at Carvana

In other Carvana news, major shareholder Ernest C. Garcia II sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $110.84, for a total value of $6,650,400.00. Following the sale, the insider now directly owns 2,077,500 shares of the company’s stock, valued at $230,270,100. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, major shareholder Ernest C. Garcia II sold 60,000 shares of Carvana stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $110.84, for a total value of $6,650,400.00. Following the sale, the insider now owns 2,077,500 shares in the company, valued at $230,270,100. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ira J. Platt sold 664 shares of Carvana stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $150.00, for a total transaction of $99,600.00. Following the completion of the sale, the director now owns 30,227 shares in the company, valued at approximately $4,534,050. The disclosure for this sale can be found here. Insiders sold a total of 2,456,236 shares of company stock worth $305,616,285 in the last 90 days. Corporate insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

Institutional investors have recently made changes to their positions in the company. Senator Investment Group LP acquired a new position in Carvana in the 2nd quarter valued at $63,767,000. Sylebra Capital LLC purchased a new stake in shares of Carvana during the second quarter worth $67,686,000. Creative Planning raised its position in shares of Carvana by 34.4% in the second quarter. Creative Planning now owns 15,296 shares of the company’s stock valued at $1,969,000 after buying an additional 3,913 shares during the last quarter. Algert Global LLC boosted its position in Carvana by 135.8% during the second quarter. Algert Global LLC now owns 64,095 shares of the company’s stock worth $8,250,000 after acquiring an additional 36,915 shares during the last quarter. Finally, Driehaus Capital Management LLC grew its stake in Carvana by 124.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock valued at $74,888,000 after acquiring an additional 323,153 shares in the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

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.