Bank of America Reaffirms Buy Rating for Carvana (NYSE:CVNA)

Bank of America reiterated their buy rating on shares of Carvana (NYSE:CVNA) in a report published on Tuesday morning, Marketbeat Ratings reports. They currently have a $185.00 target price on the stock.

CVNA has been the subject of several other reports. BTIG Research lifted their price objective on Carvana from $155.00 to $188.00 and gave the stock a buy rating in a research report on Thursday, August 1st. Royal Bank of Canada raised Carvana to a sector perform rating and boosted their price target for the company from $166.00 to $170.00 in a research note on Monday, August 19th. Wells Fargo & Company upgraded Carvana from an equal weight rating to an overweight rating and increased their price target for the stock from $77.00 to $175.00 in a report on Thursday, August 1st. Robert W. Baird assumed coverage on shares of Carvana in a research note on Thursday, August 1st. They issued a neutral rating and a $160.00 price objective for the company. Finally, JMP Securities reissued a market outperform rating and set a $200.00 target price on shares of Carvana in a research note on Monday, September 9th. One analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Carvana currently has an average rating of Hold and an average target price of $153.88.

Carvana Price Performance

Shares of CVNA opened at $170.72 on Tuesday. The business has a 50-day moving average of $141.54 and a 200-day moving average of $114.04. Carvana has a 1 year low of $25.09 and a 1 year high of $171.67. The company has a market capitalization of $34.58 billion, a price-to-earnings ratio of 74.88 and a beta of 3.43. 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) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.14 earnings per share (EPS) for the quarter. The firm had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.23 billion. As a group, equities research analysts anticipate that Carvana will post 0.18 earnings per share for the current year.

Insider Activity at Carvana

In other Carvana news, insider Thomas Taira sold 25,000 shares of Carvana stock in a transaction on Monday, June 24th. The shares were sold at an average price of $120.00, for a total transaction of $3,000,000.00. Following the transaction, the insider now directly owns 161,397 shares of the company’s stock, valued at approximately $19,367,640. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Ernest C. Garcia II sold 9,186 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $156.95, for a total transaction of $1,441,742.70. Following the completion of the sale, the insider now directly owns 41,433,131 shares of the company’s stock, valued at $6,502,929,910.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas Taira sold 25,000 shares of Carvana stock in a transaction on Monday, June 24th. The stock was sold at an average price of $120.00, for a total value of $3,000,000.00. Following the sale, the insider now owns 161,397 shares in the company, valued at $19,367,640. The disclosure for this sale can be found here. In the last three months, insiders sold 2,521,866 shares of company stock valued at $347,083,884. 17.12% of the stock is owned by insiders.

Institutional Investors Weigh In On Carvana

A number of hedge funds have recently made changes to their positions in the business. Maven Securities LTD bought a new position in shares of Carvana during the 2nd quarter valued at approximately $270,000. Senator Investment Group LP purchased a new position in shares of Carvana during the 2nd quarter valued at $63,767,000. Sylebra Capital LLC purchased a new position in shares of Carvana during the 2nd quarter valued at $67,686,000. Creative Planning grew its stake in shares of Carvana by 34.4% during the 2nd quarter. Creative Planning now owns 15,296 shares of the company’s stock worth $1,969,000 after acquiring an additional 3,913 shares during the period. Finally, Algert Global LLC increased its holdings in Carvana by 135.8% in the 2nd 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. 56.71% of the stock is currently 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.