Research Analysts’ Recent Ratings Changes for Carvana (CVNA)

by · The Cerbat Gem

Several brokerages have updated their recommendations and price targets on shares of Carvana (NYSE: CVNA) in the last few weeks:

  • 10/9/2024 – Carvana had its price target raised by analysts at JPMorgan Chase & Co. from $185.00 to $230.00. They now have an “overweight” rating on the stock.
  • 10/9/2024 – Carvana had its price target raised by analysts at Bank of America Co. from $185.00 to $210.00. They now have a “buy” rating on the stock.
  • 10/7/2024 – Carvana had its price target raised by analysts at Wedbush from $150.00 to $175.00. They now have a “neutral” rating on the stock.
  • 10/3/2024 – Carvana had its price target raised by analysts at Citigroup Inc. from $125.00 to $195.00. They now have a “neutral” rating on the stock.
  • 9/26/2024 – Carvana had its “in-line” rating reaffirmed by analysts at Evercore ISI. They now have a $178.00 price target on the stock.
  • 9/17/2024 – Carvana had its “buy” rating reaffirmed by analysts at Bank of America Co.. They now have a $185.00 price target on the stock.
  • 9/16/2024 – Carvana had its price target raised by analysts at Evercore ISI from $142.00 to $157.00. They now have an “in-line” rating on the stock.
  • 9/12/2024 – Carvana is now covered by analysts at Stephens. They set an “overweight” rating and a $190.00 price target on the stock.
  • 9/9/2024 – Carvana had its “market outperform” rating reaffirmed by analysts at JMP Securities. They now have a $200.00 price target on the stock.

Carvana Stock Performance

CVNA traded up $0.18 during midday trading on Monday, hitting $191.49. 1,561,337 shares of the company traded hands, compared to its average volume of 4,846,647. The company’s 50-day moving average is $162.78 and its 200 day moving average is $129.50. Carvana Co. has a 52 week low of $25.09 and a 52 week high of $196.36. The firm has a market capitalization of $38.79 billion, a PE ratio of 83.99 and a beta of 3.44. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20.

Carvana (NYSE:CVNA – Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.14 earnings per share for the quarter. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.23 billion. On average, research analysts expect that Carvana Co. will post 0.29 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $191.37, for a total transaction of $19,137,000.00. Following the sale, the insider now directly owns 37,858,131 shares in the company, valued at $7,244,910,529.47. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $191.37, for a total transaction of $19,137,000.00. Following the sale, the insider now owns 37,858,131 shares of the company’s stock, valued at $7,244,910,529.47. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark W. Jenkins sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $146.14, for a total value of $730,700.00. Following the completion of the sale, the chief financial officer now directly owns 180,609 shares of the company’s stock, valued at $26,394,199.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,834,366 shares of company stock worth $455,381,659. Company insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Carvana by 2.7% during the first quarter. Vanguard Group Inc. now owns 10,290,551 shares of the company’s stock valued at $904,642,000 after buying an additional 266,972 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Carvana by 39.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock worth $655,727,000 after acquiring an additional 2,112,463 shares in the last quarter. Lingotto Investment Management LLP raised its position in shares of Carvana by 1.4% during the 2nd quarter. Lingotto Investment Management LLP now owns 3,776,747 shares of the company’s stock worth $486,143,000 after purchasing an additional 52,833 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Carvana by 12.2% during the second quarter. Renaissance Technologies LLC now owns 813,400 shares of the company’s stock valued at $104,701,000 after acquiring an additional 88,500 shares during the last quarter. Finally, Driehaus Capital Management LLC lifted its holdings in Carvana by 124.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock valued at $74,888,000 after purchasing an additional 323,153 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors.

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.

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