Carvana (NYSE:CVNA) Given New $130.00 Price Target at Royal Bank of Canada

Carvana (NYSE:CVNA) had its price objective hoisted by equities researchers at Royal Bank of Canada from $90.00 to $130.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 7.85% from the stock’s previous close.

A number of other brokerages have also weighed in on CVNA. Robert W. Baird increased their price target on Carvana from $65.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday. Raymond James upgraded Carvana from an “underperform” rating to a “market perform” rating in a report on Friday, February 23rd. JPMorgan Chase & Co. upgraded Carvana from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $70.00 to $130.00 in a report on Thursday. JMP Securities restated a “market outperform” rating and set a $80.00 price objective on shares of Carvana in a report on Wednesday, April 17th. Finally, Morgan Stanley increased their price target on Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $70.00.

Carvana Stock Performance

CVNA stock traded up $33.45 on Thursday, reaching $120.54. The company had a trading volume of 13,821,890 shares, compared to its average volume of 6,142,682. Carvana has a 1 year low of $6.92 and a 1 year high of $122.30. The company’s fifty day moving average is $79.47 and its 200 day moving average is $54.84. The company has a market cap of $24.34 billion, a P/E ratio of 222.58 and a beta of 3.28.

Carvana (NYSE:CVNA) last posted its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter in the prior year, the firm posted ($0.97) earnings per share. The business’s quarterly revenue was down 14.6% compared to the same quarter last year. On average, sell-side analysts predict that Carvana will post -3.32 earnings per share for the current year.

Insider Transactions at Carvana

In other news, insider Paul W. Breaux sold 15,000 shares of the 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 of the company’s stock, valued at $10,358,694. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Carvana news, Director Neha Parikh bought 1,300 shares of the business’s stock in a transaction on Friday, March 1st. The shares were purchased at an average price 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 of the company’s stock, valued at approximately $4,504,115. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul W. Breaux sold 15,000 shares of the firm’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 transaction, the insider now directly owns 150,126 shares in the company, valued at approximately $10,358,694. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 287,883 shares of company stock valued at $23,778,678. Insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of large investors have recently bought and sold shares of CVNA. Blue Trust Inc. bought a new position in Carvana in the fourth quarter worth about $29,000. Hanseatic Management Services Inc. bought a new position in Carvana in the third quarter worth about $34,000. Parallel Advisors LLC lifted its holdings in Carvana by 39.0% in the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after acquiring an additional 194 shares during the last quarter. Harvest Fund Management Co. Ltd lifted its holdings in Carvana by 1,225.6% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock worth $50,000 after acquiring an additional 1,103 shares during the last quarter. Finally, Tidemark LLC bought a new position in Carvana in the fourth quarter worth about $50,000. 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.