Carvana (NYSE:CVNA) Upgraded by Morgan Stanley to “Equal Weight” Rating

Morgan Stanley upgraded shares of Carvana (NYSE:CVNA) from an underweight rating to an equal weight rating in a report published on Tuesday, MarketBeat reports. They currently have $260.00 target price on the stock, up from their previous target price of $110.00.

A number of other brokerages have also recently weighed in on CVNA. Piper Sandler increased their price target on Carvana from $151.00 to $225.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Robert W. Baird boosted their price target on shares of Carvana from $160.00 to $240.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. DA Davidson increased their price objective on shares of Carvana from $110.00 to $155.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Citigroup lifted their price objective on shares of Carvana from $125.00 to $195.00 and gave the company a “neutral” rating in a research report on Thursday, October 3rd. Finally, Bank of America upped their target price on shares of Carvana from $185.00 to $210.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $217.71.

Carvana Stock Up 4.3 %

Shares of Carvana stock opened at $235.78 on Tuesday. The company has a debt-to-equity ratio of 18.99, a current ratio of 3.25 and a quick ratio of 2.12. Carvana has a 1-year low of $27.75 and a 1-year high of $259.39. The business has a 50-day moving average of $175.69 and a 200-day moving average of $139.81. The company has a market capitalization of $48.79 billion, a PE ratio of 23,578.00 and a beta of 3.37.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.23 by $0.41. The company had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.47 billion. The business’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.23 EPS. As a group, equities analysts forecast that Carvana will post 0.53 EPS for the current fiscal year.

Insider Activity

In other news, Director Ira J. Platt sold 12,178 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $130.33, for a total value of $1,587,158.74. Following the sale, the director now owns 43,229 shares of the company’s stock, valued at approximately $5,634,035.57. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Ira J. Platt sold 12,178 shares of Carvana stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $130.33, for a total value of $1,587,158.74. Following the transaction, the director now owns 43,229 shares of the company’s stock, valued at $5,634,035.57. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Benjamin E. Huston sold 3,043 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $240.00, for a total transaction of $730,320.00. Following the completion of the sale, the chief operating officer now owns 218,686 shares in the company, valued at $52,484,640. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,663,934 shares of company stock worth $453,200,905. 17.18% of the stock is owned by company insiders.

Institutional Investors Weigh In On Carvana

Several large investors have recently modified their holdings of the stock. Sugarloaf Wealth Management LLC purchased a new stake in shares of Carvana during the third quarter valued at $32,000. Capital Performance Advisors LLP acquired a new stake in Carvana during the 3rd quarter worth about $40,000. Ridgewood Investments LLC purchased a new stake in Carvana during the second quarter valued at about $32,000. Summit Securities Group LLC boosted its holdings in shares of Carvana by 110.0% in the second 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 period. Finally, Fifth Third Bancorp increased its position in shares of Carvana by 450.8% in the second quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock worth $43,000 after acquiring an additional 275 shares in the last quarter. 56.71% of the stock is owned by institutional investors.

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.