Carvana (NYSE:CVNA) Raised to “Overweight” at Piper Sandler

Piper Sandler upgraded shares of Carvana (NYSE:CVNA) from a neutral rating to an overweight rating in a research note published on Thursday, Marketbeat reports. Piper Sandler currently has $225.00 target price on the stock.

A number of other research firms have also recently commented on CVNA. DA Davidson lifted their price objective on Carvana from $220.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. JMP Securities reissued a “market outperform” rating and issued a $320.00 price target on shares of Carvana in a research note on Monday, December 16th. Evercore ISI decreased their price target on Carvana from $250.00 to $240.00 and set an “in-line” rating on the stock in a research note on Tuesday, March 11th. Stephens reissued an “overweight” rating and issued a $300.00 price target on shares of Carvana in a research note on Monday, March 3rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $340.00 price target on shares of Carvana in a research note on Friday, March 7th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Carvana presently has a consensus rating of “Moderate Buy” and an average target price of $262.71.

Carvana Trading Up 5.3 %

Carvana stock opened at $185.41 on Thursday. The stock has a market cap of $39.52 billion, a PE ratio of 118.10 and a beta of 3.56. The stock has a 50-day moving average price of $227.61 and a 200 day moving average price of $214.18. Carvana has a 52 week low of $67.61 and a 52 week high of $292.84. The company has a current ratio of 3.64, a quick ratio of 2.12 and a debt-to-equity ratio of 3.82.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.27. The firm had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.32 billion. Carvana had a return on equity of 36.59% and a net margin of 1.54%. Equities research analysts predict that Carvana will post 2.85 earnings per share for the current fiscal year.

Insider Activity at Carvana

In related news, insider Paul W. Breaux sold 1,362 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $270.08, for a total transaction of $367,848.96. Following the sale, the insider now directly owns 153,240 shares in the company, valued at approximately $41,387,059.20. This trade represents a 0.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Mark W. Jenkins sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $200.75, for a total value of $2,007,500.00. Following the sale, the chief financial officer now owns 189,097 shares in the company, valued at approximately $37,961,222.75. The trade was a 5.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 119,784 shares of company stock worth $27,524,344. 17.12% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carvana

Several hedge funds have recently modified their holdings of CVNA. FMR LLC increased its holdings in Carvana by 90.8% during the 3rd quarter. FMR LLC now owns 12,361,790 shares of the company’s stock worth $2,152,311,000 after purchasing an additional 5,882,656 shares during the last quarter. Whale Rock Capital Management LLC purchased a new stake in Carvana during the 3rd quarter worth approximately $162,953,000. Norges Bank purchased a new stake in Carvana during the 4th quarter worth approximately $179,364,000. Vanguard Group Inc. increased its holdings in Carvana by 5.6% during the 4th quarter. Vanguard Group Inc. now owns 11,425,367 shares of the company’s stock worth $2,323,463,000 after purchasing an additional 610,234 shares during the last quarter. Finally, Castle Hook Partners LP purchased a new stake in Carvana during the 4th quarter worth approximately $116,020,000. 56.71% of the stock is currently owned by hedge funds and other 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.