Carvana (NYSE:CVNA) Reaches New 52-Week High – What’s Next?

Carvana Co. (NYSE:CVNA) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $259.96 and last traded at $259.33, with a volume of 1092533 shares. The stock had previously closed at $248.38.

Analyst Upgrades and Downgrades

CVNA has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their price target on Carvana from $230.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Needham & Company LLC upped their target price on Carvana from $200.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, October 31st. JMP Securities lifted their price target on shares of Carvana from $200.00 to $320.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. Stephens assumed coverage on shares of Carvana in a report on Thursday, September 12th. They issued an “overweight” rating and a $190.00 price objective for the company. Finally, Robert W. Baird lifted their target price on shares of Carvana from $160.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. 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 company has an average rating of “Hold” and an average price target of $217.71.

Carvana Price Performance

The stock has a market capitalization of $54.13 billion, a P/E ratio of 26,198.20 and a beta of 3.37. The business’s 50 day moving average price is $201.61 and its 200 day moving average price is $153.27. 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 (NYSE:CVNA) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.41. The business had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.47 billion. During the same quarter in the previous year, the business posted $0.23 earnings per share. The firm’s revenue was up 31.8% on a year-over-year basis. Sell-side analysts forecast that Carvana Co. will post 0.76 EPS for the current year.

Insider Activity

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $155.69, for a total value of $15,569,000.00. Following the transaction, the insider now directly owns 41,233,131 shares in the company, valued at $6,419,586,165.39. The trade was a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark W. Jenkins sold 208,495 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $224.43, for a total value of $46,792,532.85. Following the sale, the chief financial officer now owns 90,732 shares of the company’s stock, valued at $20,362,982.76. This represents a 69.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,327,249 shares of company stock valued at $421,876,322 in the last ninety days. Corporate insiders own 17.12% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC lifted its position in shares of Carvana by 90.8% in the third quarter. FMR LLC now owns 12,361,790 shares of the company’s stock worth $2,152,311,000 after buying an additional 5,882,656 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Carvana by 39.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock valued at $655,727,000 after acquiring an additional 2,112,463 shares during the last quarter. Lingotto Investment Management LLP grew its holdings in shares of Carvana by 1.4% in the second quarter. Lingotto Investment Management LLP now owns 3,776,747 shares of the company’s stock valued at $486,143,000 after purchasing an additional 52,833 shares in the last quarter. State Street Corp increased its position in Carvana by 6.1% in the third quarter. State Street Corp now owns 1,877,511 shares of the company’s stock worth $326,893,000 after purchasing an additional 107,610 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Carvana by 7.8% during the third quarter. Geode Capital Management LLC now owns 1,803,546 shares of the company’s stock valued at $315,133,000 after purchasing an additional 131,059 shares in the last quarter. Institutional investors 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.