Carvana (NYSE:CVNA) Given “Outperform” Rating at Cowen

Cowen reiterated their outperform rating on shares of Carvana (NYSE:CVNA) in a report released on Thursday morning, Briefing.com Automated Import reports. Cowen currently has a $85.00 target price on the stock, up from their previous target price of $81.00.

Several other analysts have also recently commented on the stock. JMP Securities raised their price objective on shares of Carvana from $64.00 to $80.00 and gave the company an outperform rating in a research note on Thursday. Citigroup raised their price objective on shares of Carvana from $80.00 to $90.00 and gave the company a positive rating in a research note on Thursday, May 9th. Robert W. Baird raised their price objective on shares of Carvana from $65.00 to $85.00 and gave the company an outperform rating in a research note on Thursday, May 9th. Wells Fargo & Co restated a buy rating and set a $85.00 target price on shares of Carvana in a report on Monday, July 1st. Finally, Zacks Investment Research downgraded shares of Carvana from a hold rating to a sell rating in a report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $71.67.

Shares of NYSE CVNA traded up $5.63 during midday trading on Thursday, hitting $78.10. The company had a trading volume of 3,737,300 shares, compared to its average volume of 1,733,196. The company has a debt-to-equity ratio of 2.73, a current ratio of 1.39 and a quick ratio of 0.56. Carvana has a twelve month low of $28.44 and a twelve month high of $79.25. The firm has a 50-day simple moving average of $63.75. The firm has a market cap of $11.73 billion, a price-to-earnings ratio of -45.14 and a beta of 2.39.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.40) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by ($0.01). Carvana had a negative net margin of 3.54% and a negative return on equity of 30.85%. The company had revenue of $986.22 million during the quarter, compared to analyst estimates of $914.50 million. During the same quarter last year, the business earned ($0.37) EPS. The firm’s revenue for the quarter was up 107.5% on a year-over-year basis. Research analysts forecast that Carvana will post -1.84 earnings per share for the current fiscal year.

In other news, insider Daniel J. Gill sold 12,500 shares of Carvana stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $67.65, for a total transaction of $845,625.00. Following the completion of the sale, the insider now directly owns 10,683 shares in the company, valued at $722,704.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mark W. Jenkins sold 33,500 shares of Carvana stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $62.14, for a total transaction of $2,081,690.00. Following the sale, the chief financial officer now owns 12,197 shares of the company’s stock, valued at $757,921.58. The disclosure for this sale can be found here. Insiders have sold a total of 1,612,980 shares of company stock valued at $103,178,352 over the last 90 days. 13.02% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Keybank National Association OH grew its holdings in shares of Carvana by 1.5% during the first quarter. Keybank National Association OH now owns 9,759 shares of the company’s stock worth $567,000 after buying an additional 141 shares in the last quarter. Parkside Advisors LLC grew its holdings in shares of Carvana by 5.6% during the first quarter. Parkside Advisors LLC now owns 8,275 shares of the company’s stock worth $480,000 after buying an additional 440 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Carvana by 12.9% during the second quarter. Commonwealth Equity Services LLC now owns 4,242 shares of the company’s stock worth $265,000 after buying an additional 486 shares in the last quarter. Valeo Financial Advisors LLC grew its holdings in shares of Carvana by 100.0% during the first quarter. Valeo Financial Advisors LLC now owns 1,000 shares of the company’s stock worth $58,000 after buying an additional 500 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System grew its holdings in shares of Carvana by 3.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 14,592 shares of the company’s stock worth $847,000 after buying an additional 510 shares in the last quarter. Institutional investors and hedge funds own 35.90% 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 proprietary 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.

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Analyst Recommendations for Carvana (NYSE:CVNA)

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