Carvana (NYSE:CVNA) Earns “Buy” Rating from Needham & Company LLC

Carvana (NYSE:CVNA)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $330.00 price target on the stock. Needham & Company LLC’s target price indicates a potential upside of 74.75% from the stock’s current price.

Several other research analysts have also commented on CVNA. Evercore ISI lifted their price target on Carvana from $240.00 to $245.00 and gave the stock an “in-line” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. lifted their target price on shares of Carvana from $230.00 to $300.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. JMP Securities reiterated a “market outperform” rating and issued a $320.00 target price on shares of Carvana in a report on Monday, December 16th. Stephens restated an “overweight” rating and set a $300.00 price target on shares of Carvana in a report on Thursday, January 2nd. Finally, Wells Fargo & Company decreased their price objective on Carvana from $300.00 to $275.00 and set an “overweight” rating on the stock in a report on Monday. Ten equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $237.12.

Carvana Stock Up 6.6 %

CVNA stock opened at $188.84 on Tuesday. 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 firm has a 50-day moving average of $236.34 and a two-hundred day moving average of $181.99. Carvana has a 12 month low of $40.21 and a 12 month high of $268.34. The company has a market cap of $39.21 billion, a price-to-earnings ratio of 18,902.90 and a beta of 3.38.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, beating 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 revenue for the quarter was up 31.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.23 EPS. As a group, analysts forecast that Carvana will post 0.76 earnings per share for the current fiscal year.

Insider Transactions at Carvana

In other news, COO Benjamin E. Huston sold 3,043 shares of the company’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $240.00, for a total transaction of $730,320.00. Following the sale, the chief operating officer now owns 218,686 shares of the company’s stock, valued at approximately $52,484,640. This represents a 1.37 % 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 Daniel J. Gill sold 41,163 shares of Carvana stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $200.11, for a total value of $8,237,127.93. Following the completion of the transaction, the insider now owns 283,287 shares of the company’s stock, valued at approximately $56,688,561.57. This trade represents a 12.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,151,908 shares of company stock valued at $237,894,285. 17.12% of the stock is currently owned by corporate insiders.

Institutional Trading of Carvana

Several hedge funds have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC lifted its position in shares of Carvana by 5.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 4,976 shares of the company’s stock worth $641,000 after purchasing an additional 270 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Carvana by 45.4% during the 2nd quarter. Victory Capital Management Inc. now owns 27,117 shares of the company’s stock worth $3,490,000 after buying an additional 8,467 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Carvana by 3.9% during the 2nd quarter. Arizona State Retirement System now owns 27,669 shares of the company’s stock worth $3,562,000 after acquiring an additional 1,032 shares in the last quarter. Quest Partners LLC increased its holdings in shares of Carvana by 738.7% in the 2nd quarter. Quest Partners LLC now owns 780 shares of the company’s stock valued at $100,000 after acquiring an additional 687 shares during the last quarter. Finally, ClariVest Asset Management LLC acquired a new stake in shares of Carvana during the 2nd quarter worth about $1,189,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

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.