Carvana (NYSE:CVNA) Raised to Outperform at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Carvana (NYSE:CVNA) from a sector perform rating to an outperform rating in a report released on Tuesday, Marketbeat Ratings reports. The firm currently has $280.00 target price on the stock, up from their previous target price of $270.00.

Several other research analysts have also recently commented on CVNA. Jefferies Financial Group upped their target price on shares of Carvana from $150.00 to $185.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. JMP Securities restated a “market outperform” rating and issued a $320.00 target price on shares of Carvana in a research report on Monday, December 16th. Evercore ISI boosted their price target on Carvana from $240.00 to $245.00 and gave the stock an “in-line” rating in a research report on Tuesday, December 3rd. Bank of America increased their price target on Carvana from $185.00 to $210.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Carvana from $230.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Ten investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $237.12.

Carvana Stock Up 5.2 %

NYSE:CVNA opened at $198.67 on Tuesday. The firm has a market capitalization of $41.25 billion, a PE ratio of 19,886.89 and a beta of 3.38. Carvana has a 52 week low of $40.21 and a 52 week high of $268.34. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99. The stock has a 50 day moving average of $236.14 and a 200-day moving average of $182.59.

Carvana (NYSE:CVNA) last issued its 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 company had revenue of $3.66 billion during the quarter, compared to analyst estimates of $3.47 billion. Carvana’s quarterly revenue was up 31.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.23 earnings per share. Analysts predict that Carvana will post 0.76 EPS for the current year.

Insider Transactions at Carvana

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $192.55, for a total transaction of $19,255,000.00. Following the sale, the insider now owns 38,258,131 shares in the company, valued at $7,366,603,124.05. The trade was a 0.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ryan S. Keeton sold 24,845 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $247.90, for a total transaction of $6,159,075.50. Following the completion of the transaction, the insider now directly owns 151,029 shares of the company’s stock, valued at $37,440,089.10. This represents a 14.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,051,908 shares of company stock valued at $218,824,285 over the last three months. Company insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

Hedge funds have recently bought and sold shares of the business. Sugarloaf Wealth Management LLC purchased a new position in Carvana during the 3rd quarter valued at about $32,000. Capital Performance Advisors LLP purchased a new position in Carvana during the third quarter valued at approximately $40,000. Versant Capital Management Inc acquired a new position in Carvana in the 4th quarter valued at approximately $42,000. First Horizon Advisors Inc. increased its stake in Carvana by 363.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 250 shares of the company’s stock valued at $44,000 after buying an additional 196 shares during the period. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Carvana during the 2nd quarter valued at $51,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Carvana Company Profile

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.