Carvana (NYSE:CVNA) Shares Down 4.5%

Carvana Co. (NYSE:CVNA) dropped 4.5% during mid-day trading on Monday . The stock traded as low as $67.61 and last traded at $68.16. Approximately 1,641,751 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 6,099,525 shares. The stock had previously closed at $71.36.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CVNA. Raymond James upgraded shares of Carvana from an “underperform” rating to a “market perform” rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. boosted their target price on Carvana from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. Jefferies Financial Group upgraded shares of Carvana from an “underperform” rating to a “hold” rating and upped their price target for the company from $30.00 to $85.00 in a research report on Tuesday, March 12th. Wedbush increased their target price on Carvana from $40.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, February 20th. Finally, Morgan Stanley boosted their price objective on Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a research report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Carvana currently has a consensus rating of “Hold” and an average price target of $53.87.

Carvana Trading Up 5.8 %

The company has a market cap of $15.26 billion, a P/E ratio of 140.00 and a beta of 3.32. The company has a 50-day simple moving average of $76.01 and a 200 day simple moving average of $53.06.

Carvana (NYSE:CVNA) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $2.56 billion. The firm’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.97) earnings per share. On average, equities analysts forecast that Carvana Co. will post -3.4 EPS for the current fiscal year.

Insider Activity

In related news, insider Thomas Taira sold 4,197 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $82.84, for a total transaction of $347,679.48. Following the transaction, the insider now directly owns 164,827 shares in the company, valued at approximately $13,654,268.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Mark W. Jenkins sold 55,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $86.76, for a total transaction of $4,771,800.00. Following the completion of the sale, the chief financial officer now directly owns 178,156 shares of the company’s stock, valued at approximately $15,456,814.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas Taira sold 4,197 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $82.84, for a total transaction of $347,679.48. Following the transaction, the insider now directly owns 164,827 shares of the company’s stock, valued at approximately $13,654,268.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 187,883 shares of company stock worth $15,505,178. Corporate insiders own 17.18% of the company’s stock.

Hedge Funds Weigh In On Carvana

Several institutional investors have recently bought and sold shares of the company. Blue Trust Inc. purchased a new position in Carvana in the fourth quarter valued at $29,000. Hanseatic Management Services Inc. acquired a new stake in Carvana in the third quarter valued at approximately $34,000. Parallel Advisors LLC increased its position in shares of Carvana by 39.0% in 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 during the last quarter. Harvest Fund Management Co. Ltd lifted its position in shares of Carvana by 1,225.6% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock worth $50,000 after purchasing an additional 1,103 shares during the last quarter. Finally, Tidemark LLC acquired a new position in shares of Carvana during the fourth quarter worth $50,000. 56.71% of the stock is owned by institutional investors and hedge funds.

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.