Carvana (NYSE:CVNA) Hits New 12-Month High – What’s Next?

Shares of Carvana Co. (NYSE:CVNA) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $195.17 and last traded at $194.04, with a volume of 813128 shares trading hands. The stock had previously closed at $192.02.

Wall Street Analysts Forecast Growth

CVNA has been the topic of a number of analyst reports. Needham & Company LLC increased their price objective on shares of Carvana from $160.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Morgan Stanley lifted their price target on Carvana from $75.00 to $110.00 and gave the company an “underweight” rating in a report on Thursday, August 1st. Evercore ISI reissued an “in-line” rating and issued a $178.00 price objective on shares of Carvana in a report on Thursday, September 26th. Wedbush raised their target price on Carvana from $150.00 to $175.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. Finally, Wells Fargo & Company upgraded Carvana from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $77.00 to $175.00 in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Carvana has a consensus rating of “Hold” and a consensus target price of $171.76.

Carvana Stock Up 0.7 %

The company has a market capitalization of $39.18 billion, a price-to-earnings ratio of 84.20 and a beta of 3.44. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. The business has a 50-day moving average price of $159.20 and a 200-day moving average price of $127.21.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.14 earnings per share (EPS) for the quarter. The company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.23 billion. As a group, equities analysts anticipate that Carvana Co. will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Mark W. Jenkins sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $146.14, for a total value of $730,700.00. Following the completion of the transaction, the chief financial officer now owns 180,609 shares of the company’s stock, valued at approximately $26,394,199.26. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Mark W. Jenkins sold 5,000 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $146.14, for a total value of $730,700.00. Following the completion of the sale, the chief financial officer now directly owns 180,609 shares of the company’s stock, valued at approximately $26,394,199.26. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ira J. Platt sold 12,178 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $130.33, for a total value of $1,587,158.74. Following the sale, the director now owns 43,229 shares of the company’s stock, valued at $5,634,035.57. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,784,366 shares of company stock worth $436,682,409 over the last 90 days. 17.12% of the stock is owned by company insiders.

Institutional Investors Weigh In On Carvana

A number of institutional investors have recently modified their holdings of the stock. Sugarloaf Wealth Management LLC acquired a new stake in shares of Carvana during the 3rd quarter valued at about $32,000. Ridgewood Investments LLC bought a new position in Carvana during the second quarter valued at approximately $32,000. Summit Securities Group LLC grew its position in Carvana by 110.0% in the second quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock worth $39,000 after acquiring an additional 3,300 shares in the last quarter. Fifth Third Bancorp grew its position in Carvana by 450.8% in the second quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock worth $43,000 after acquiring an additional 275 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in shares of Carvana during the 2nd quarter worth $51,000. 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.