Carvana (NYSE:CVNA) Price Target Raised to $300.00 at Needham & Company LLC

by · The Markets Daily

Carvana (NYSE:CVNA – Get Free Report) had its price objective upped by research analysts at Needham & Company LLC from $200.00 to $300.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 27.10% from the stock’s previous close.

A number of other research analysts have also issued reports on CVNA. JMP Securities restated a “market outperform” rating and set a $200.00 price target on shares of Carvana in a research note on Monday, September 9th. Wells Fargo & Company raised their target price on Carvana from $175.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. TD Cowen boosted their price target on Carvana from $110.00 to $148.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Piper Sandler increased their price objective on Carvana from $105.00 to $151.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Finally, DA Davidson lifted their target price on Carvana from $110.00 to $155.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $193.35.

Get Our Latest Report on Carvana

Carvana Stock Up 13.9 %

Shares of CVNA stock opened at $236.03 on Thursday. The stock’s fifty day moving average price is $171.06 and its 200 day moving average price is $135.88. Carvana has a 1-year low of $25.09 and a 1-year high of $241.65. The company has a market cap of $47.81 billion, a price-to-earnings ratio of 90.93 and a beta of 3.44. The company has a debt-to-equity ratio of 47.20, a current ratio of 3.11 and a quick ratio of 2.02.

Carvana (NYSE:CVNA – Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.41. The business had revenue of $3.66 billion for the quarter, compared to analysts’ expectations of $3.47 billion. During the same quarter in the previous year, the firm posted $0.23 EPS. Carvana’s revenue was up 31.8% on a year-over-year basis. On average, research analysts expect that Carvana will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Carvana news, major shareholder Ernest C. Garcia II sold 15,814 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $201.16, for a total value of $3,181,144.24. Following the transaction, the insider now owns 37,442,317 shares in the company, valued at approximately $7,531,896,487.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, major shareholder Ernest C. Garcia II sold 75,000 shares of Carvana stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $137.84, for a total transaction of $10,338,000.00. Following the transaction, the insider now owns 1,240,814 shares in the company, valued at approximately $171,033,801.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Ernest C. Garcia II sold 15,814 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $201.16, for a total value of $3,181,144.24. Following the transaction, the insider now directly owns 37,442,317 shares in the company, valued at $7,531,896,487.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,780,891 shares of company stock valued at $465,902,485. 17.12% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Ridgewood Investments LLC purchased a new stake in shares of Carvana during the 2nd quarter valued at approximately $32,000. Sugarloaf Wealth Management LLC purchased a new position in Carvana in the third quarter worth approximately $32,000. Summit Securities Group LLC increased its stake in Carvana by 110.0% during the second quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock worth $39,000 after acquiring an additional 3,300 shares during the last quarter. Fifth Third Bancorp raised its position in Carvana by 450.8% in the second quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock valued at $43,000 after purchasing an additional 275 shares during the period. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in shares of Carvana in the 2nd quarter valued at $51,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Carvana Company Profile

(Get Free Report)

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.

Read More