Evercore ISI Raises Carvana (NYSE:CVNA) Price Target to $75.00

Carvana (NYSE:CVNA) had its price target raised by Evercore ISI from $68.00 to $75.00 in a report released on Tuesday, Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

Several other brokerages also recently weighed in on CVNA. William Blair upgraded shares of Carvana from a market perform rating to an outperform rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. upgraded shares of Carvana from an underweight rating to a neutral rating and lifted their price objective for the company from $25.00 to $40.00 in a research report on Monday, December 4th. Morgan Stanley boosted their price target on shares of Carvana from $32.00 to $45.00 and gave the stock an underweight rating in a research report on Monday, February 26th. Jefferies Financial Group upgraded shares of Carvana from an underperform rating to a hold rating and boosted their price target for the stock from $30.00 to $85.00 in a research report on Tuesday, March 12th. Finally, Wedbush boosted their price target on shares of Carvana from $40.00 to $50.00 and gave the stock a neutral rating in a research report on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $50.40.

Carvana Stock Performance

NYSE CVNA opened at $87.91 on Tuesday. Carvana has a one year low of $6.70 and a one year high of $94.04. The company has a 50-day simple moving average of $65.41 and a 200-day simple moving average of $48.92. The firm has a market capitalization of $17.75 billion, a PE ratio of 162.80 and a beta of 3.32.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same period in the previous year, the business earned ($0.97) earnings per share. The business’s revenue for the quarter was down 14.6% on a year-over-year basis. Equities analysts forecast that Carvana will post -3.4 earnings per share for the current year.

Insider Activity

In related news, VP Stephen R. Palmer sold 4,515 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $49.57, for a total value of $223,808.55. Following the completion of the transaction, the vice president now owns 69,108 shares of the company’s stock, valued at approximately $3,425,683.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Paul W. Breaux sold 15,000 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $79.00, for a total transaction of $1,185,000.00. Following the transaction, the insider now directly owns 135,126 shares in the company, valued at approximately $10,674,954. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Stephen R. Palmer sold 4,515 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $49.57, for a total value of $223,808.55. Following the completion of the transaction, the vice president now owns 69,108 shares in the company, valued at approximately $3,425,683.56. The disclosure for this sale can be found here. Insiders have sold 59,515 shares of company stock worth $4,620,659 over the last 90 days. 17.12% of the stock is owned by company insiders.

Institutional Investors Weigh In On Carvana

Large investors have recently made changes to their positions in the company. Blue Trust Inc. bought a new position in shares of Carvana during the 4th quarter valued at $29,000. Captrust Financial Advisors raised its holdings in shares of Carvana by 270.9% during the 2nd quarter. Captrust Financial Advisors now owns 1,324 shares of the company’s stock valued at $30,000 after purchasing an additional 967 shares in the last quarter. C M Bidwell & Associates Ltd. bought a new position in shares of Carvana during the 2nd quarter valued at $33,000. Hanseatic Management Services Inc. bought a new position in shares of Carvana during the 3rd quarter valued at $34,000. Finally, Parallel Advisors LLC raised its holdings in shares of Carvana by 39.0% during the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after purchasing an additional 194 shares in the last quarter. Institutional investors 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.