Carvana (NYSE:CVNA) Shares Gap Down to $71.15

Carvana Co. (NYSE:CVNA) shares gapped down before the market opened on Friday . The stock had previously closed at $71.15, but opened at $69.58. Carvana shares last traded at $70.96, with a volume of 363,008 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Robert W. Baird raised their price objective on shares of Carvana from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday. Wedbush raised their price objective on shares of Carvana from $40.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, February 20th. JMP Securities reissued a “market outperform” rating and issued a $80.00 price target on shares of Carvana in a research report on Wednesday. Jefferies Financial Group raised shares of Carvana from an “underperform” rating to a “hold” rating and lifted their price target for the company from $30.00 to $85.00 in a research report on Tuesday, March 12th. Finally, William Blair raised shares of Carvana from a “market perform” rating to an “outperform” rating in a research report on Friday, February 23rd. One analyst has rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $53.87.

Carvana Stock Performance

The company’s 50 day moving average price is $74.84 and its 200 day moving average price is $52.12. The company has a market cap of $14.50 billion, a price-to-earnings ratio of 131.67 and a beta of 3.32.

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

Insider Buying and Selling

In related news, insider Paul W. Breaux sold 15,000 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $69.00, for a total transaction of $1,035,000.00. Following the transaction, the insider now owns 150,126 shares in the company, valued at approximately $10,358,694. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Carvana news, insider Paul W. Breaux sold 15,000 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $69.00, for a total transaction of $1,035,000.00. Following the completion of the sale, the insider now directly owns 150,126 shares of the company’s stock, valued at approximately $10,358,694. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Neha Parikh acquired 1,300 shares of the company’s stock in a transaction on Friday, March 1st. The shares were purchased at an average cost of $77.00 per share, with a total value of $100,100.00. Following the completion of the acquisition, the director now directly owns 58,495 shares in the company, valued at approximately $4,504,115. The disclosure for this purchase can be found here. Insiders have sold a total of 187,883 shares of company stock worth $15,505,178 in the last 90 days. Corporate insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Diversified Trust Co boosted its position in Carvana by 53.3% during the 1st quarter. Diversified Trust Co now owns 8,678 shares of the company’s stock worth $763,000 after acquiring an additional 3,019 shares during the last quarter. Quadrature Capital Ltd boosted its holdings in shares of Carvana by 128.1% in the 4th quarter. Quadrature Capital Ltd now owns 118,196 shares of the company’s stock valued at $6,269,000 after buying an additional 66,386 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Carvana by 63.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,481 shares of the company’s stock valued at $131,000 after buying an additional 965 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Carvana by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after buying an additional 655,603 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of Carvana in the 4th quarter valued at approximately $4,703,000. 56.71% of the stock is owned by institutional investors.

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.