Robert W. Baird Increases Carvana (NYSE:CVNA) Price Target to $65.00

Carvana (NYSE:CVNA) had its price objective boosted by stock analysts at Robert W. Baird from $60.00 to $65.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Robert W. Baird’s target price would indicate a potential downside of 8.58% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Royal Bank of Canada raised shares of Carvana from an “underperform” rating to a “sector perform” rating and upped their price objective for the stock from $45.00 to $90.00 in a research note on Friday, March 8th. Wedbush upped their price objective on shares of Carvana from $40.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 20th. Evercore ISI decreased their price objective on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research note on Tuesday. Morgan Stanley upped their target price 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. Finally, JPMorgan Chase & Co. upped their target price on shares of Carvana from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $53.87.

Carvana Stock Up 2.8 %

NYSE CVNA opened at $71.10 on Friday. The stock has a market cap of $14.36 billion, a P/E ratio of 131.67 and a beta of 3.32. The company’s 50-day simple moving average is $74.84 and its 200 day simple moving average is $52.12. Carvana has a twelve month low of $6.70 and a twelve month high of $94.04.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.56 billion. The company’s revenue was down 14.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.97) earnings per share. Research analysts anticipate that Carvana will post -3.4 earnings per share for the current year.

Insider Buying and Selling at Carvana

In other Carvana news, insider Paul W. Breaux sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $69.00, for a total value of $1,035,000.00. Following the completion of the sale, the insider now owns 150,126 shares of the company’s stock, valued at $10,358,694. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Paul W. Breaux sold 15,000 shares of the stock in a transaction on 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 completion of the sale, the insider now owns 150,126 shares of the company’s stock, valued at $10,358,694. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Neha Parikh acquired 1,300 shares of the stock in a transaction dated Tuesday, March 5th. The shares were bought at an average cost of $76.68 per share, with a total value of $99,684.00. Following the transaction, the director now directly owns 59,795 shares of the company’s stock, valued at $4,585,080.60. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 187,883 shares of company stock valued at $15,505,178. Corporate insiders own 17.12% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Morgan Stanley increased its stake in Carvana by 65.1% in the 4th quarter. Morgan Stanley now owns 14,083,153 shares of the company’s stock valued at $66,754,000 after buying an additional 5,554,691 shares during the last quarter. Spruce House Investment Management LLC increased its stake in Carvana by 52.7% in the 4th quarter. Spruce House Investment Management LLC now owns 10,000,000 shares of the company’s stock valued at $47,400,000 after buying an additional 3,450,000 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in Carvana in the 4th quarter valued at $14,102,000. FMR LLC increased its stake in Carvana by 143.7% in the 1st quarter. FMR LLC now owns 4,667,263 shares of the company’s stock valued at $45,693,000 after buying an additional 2,752,097 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Carvana by 46.8% in the 1st quarter. Vanguard Group Inc. now owns 7,297,426 shares of the company’s stock valued at $870,511,000 after buying an additional 2,325,545 shares during the last quarter. Institutional investors 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.