Carvana (NYSE:CVNA) Stock Rating Upgraded by Citigroup

Citigroup upgraded shares of Carvana (NYSE:CVNA) from a neutral rating to a buy rating in a report issued on Wednesday, Marketbeat.com reports. The brokerage currently has $277.00 target price on the stock, up from their previous target price of $195.00.

CVNA has been the topic of several other research reports. Piper Sandler raised their price target on shares of Carvana from $151.00 to $225.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Needham & Company LLC restated a “buy” rating and set a $330.00 target price on shares of Carvana in a report on Tuesday. Stephens reaffirmed an “overweight” rating and set a $300.00 price target on shares of Carvana in a research report on Thursday, January 2nd. JMP Securities reissued a “market outperform” rating and issued a $320.00 price objective on shares of Carvana in a research report on Monday, December 16th. Finally, Evercore ISI upped their target price on Carvana from $240.00 to $245.00 and gave the stock an “in-line” rating in a research report on Tuesday, December 3rd. Nine analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $241.94.

Carvana Stock Down 0.7 %

Shares of CVNA opened at $197.00 on Wednesday. The firm has a market cap of $40.90 billion, a PE ratio of 19,719.72 and a beta of 3.38. The company has a quick ratio of 2.12, a current ratio of 3.25 and a debt-to-equity ratio of 18.99. The company’s fifty day moving average is $235.93 and its two-hundred day moving average is $182.69. Carvana has a fifty-two week low of $40.21 and a fifty-two week high of $268.34.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.41. The firm had revenue of $3.66 billion for the quarter, compared to analysts’ expectations of $3.47 billion. Carvana’s revenue was up 31.8% on a year-over-year basis. During the same period last year, the firm posted $0.23 EPS. Analysts forecast that Carvana will post 0.76 earnings per share for the current year.

Insider Activity at Carvana

In other Carvana news, CFO Mark W. Jenkins sold 208,495 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $224.43, for a total value of $46,792,532.85. Following the transaction, the chief financial officer now owns 90,732 shares of the company’s stock, valued at $20,362,982.76. This trade represents a 69.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Benjamin E. Huston sold 3,043 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $240.00, for a total value of $730,320.00. Following the transaction, the chief operating officer now directly owns 218,686 shares of the company’s stock, valued at $52,484,640. This trade represents a 1.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,051,908 shares of company stock valued at $218,824,285 over the last three months. 17.12% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVNA. Diversified Trust Co increased its position in Carvana by 123.4% in the fourth quarter. Diversified Trust Co now owns 4,848 shares of the company’s stock worth $986,000 after buying an additional 2,678 shares during the period. Nordea Investment Management AB acquired a new stake in shares of Carvana in the 4th quarter worth about $1,743,000. Central Pacific Bank Trust Division bought a new stake in Carvana in the 4th quarter valued at about $609,000. Everence Capital Management Inc. bought a new stake in Carvana in the 4th quarter valued at about $573,000. Finally, GAMMA Investing LLC boosted its stake in Carvana by 28.9% during the 4th quarter. GAMMA Investing LLC now owns 784 shares of the company’s stock valued at $159,000 after purchasing an additional 176 shares during the period. Institutional investors and hedge funds own 56.71% of the company’s stock.

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.