Carvana’s (CVNA) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Carvana (NYSE:CVNA) in a report issued on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $330.00 price objective on the stock.

Other equities analysts have also issued reports about the company. Robert W. Baird raised their price target on Carvana from $160.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Bank of America lifted their target price on shares of Carvana from $185.00 to $210.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. JMP Securities reissued a “market outperform” rating and set a $320.00 price target on shares of Carvana in a research report on Monday, December 16th. Citigroup boosted their price objective on shares of Carvana from $125.00 to $195.00 and gave the company a “neutral” rating in a research report on Thursday, October 3rd. Finally, Evercore ISI raised their target price on Carvana from $240.00 to $245.00 and gave the stock an “in-line” rating in a research note on Tuesday, December 3rd. Nine equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. 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 Performance

Shares of NYSE CVNA opened at $197.00 on Tuesday. The stock’s 50-day moving average is $234.92 and its 200 day moving average is $182.79. The stock has a market cap of $40.90 billion, a price-to-earnings ratio of 19,719.72 and a beta of 3.38. Carvana has a 1-year low of $40.21 and a 1-year 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.

Carvana (NYSE:CVNA) last announced its quarterly earnings data 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 business had revenue of $3.66 billion during the quarter, compared to analysts’ expectations of $3.47 billion. Carvana’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same period last year, the company posted $0.23 EPS. On average, sell-side analysts anticipate that Carvana will post 0.76 EPS for the current fiscal year.

Insider Activity at Carvana

In related news, CFO Mark W. Jenkins sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $200.75, for a total transaction of $2,007,500.00. Following the completion of the transaction, the chief financial officer now owns 189,097 shares of the company’s stock, valued at $37,961,222.75. This trade represents a 5.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the business’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $190.47, for a total value of $19,047,000.00. Following the completion of the sale, the insider now directly owns 38,258,131 shares in the company, valued at $7,287,026,211.57. This trade represents a 0.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 951,908 shares of company stock valued at $199,569,285 in the last three months. Company insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of hedge funds have recently bought and sold shares of CVNA. Eagle Asset Management Inc. purchased a new position in shares of Carvana in the third quarter worth $50,531,000. Central Pacific Bank Trust Division purchased a new stake in Carvana during the fourth quarter valued at $609,000. Driehaus Capital Management LLC boosted its position in Carvana by 124.9% in the second quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock worth $74,888,000 after purchasing an additional 323,153 shares during the last quarter. Swiss National Bank grew its stake in shares of Carvana by 6.9% during the 3rd quarter. Swiss National Bank now owns 207,900 shares of the company’s stock valued at $36,197,000 after purchasing an additional 13,400 shares during the period. Finally, Integrated Advisors Network LLC increased its position in shares of Carvana by 89.2% during the 3rd quarter. Integrated Advisors Network LLC now owns 53,004 shares of the company’s stock valued at $9,229,000 after purchasing an additional 24,996 shares during the last quarter. Institutional investors 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.