Carvana (NYSE:CVNA) Shares Up 6.2% – Time to Buy?

Carvana Co. (NYSE:CVNA)’s stock price traded up 6.2% during trading on Thursday . The stock traded as high as $227.57 and last traded at $227.39. 1,758,546 shares changed hands during trading, a decline of 70% from the average session volume of 5,858,798 shares. The stock had previously closed at $214.04.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CVNA shares. JMP Securities reiterated a “market outperform” rating and set a $320.00 price target on shares of Carvana in a research report on Monday, December 16th. Piper Sandler raised their target price on Carvana from $151.00 to $225.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Stephens restated an “overweight” rating and set a $300.00 price target on shares of Carvana in a research report on Thursday, January 2nd. Wedbush increased their price objective on shares of Carvana from $150.00 to $175.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Finally, Evercore ISI upped their target price on shares of Carvana from $240.00 to $245.00 and gave the stock an “in-line” rating in a research report on Tuesday, December 3rd. Nine research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $241.94.

Carvana Stock Down 0.6 %

The business’s 50 day simple moving average is $231.78 and its 200 day simple moving average is $186.25. The company has a market capitalization of $47.88 billion, a PE ratio of 23,082.38 and a beta of 3.38. The company has a quick ratio of 2.12, a current ratio of 3.25 and a debt-to-equity ratio of 18.99.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.41. The firm had revenue of $3.66 billion during the quarter, compared to analyst estimates of $3.47 billion. During the same period in the prior year, the business posted $0.23 EPS. The company’s revenue for the quarter was up 31.8% on a year-over-year basis. As a group, analysts forecast that Carvana Co. will post 0.88 EPS for the current year.

Insider Activity

In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $190.79, for a total value of $19,079,000.00. Following the transaction, the insider now directly owns 37,658,131 shares of the company’s stock, valued at $7,184,794,813.49. This represents a 0.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark W. Jenkins sold 208,495 shares of Carvana stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $224.43, for a total value of $46,792,532.85. Following the sale, the chief financial officer now owns 90,732 shares of the company’s stock, valued at approximately $20,362,982.76. This represents a 69.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 651,908 shares of company stock worth $142,079,285. 17.18% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Commonwealth Equity Services LLC boosted its holdings in shares of Carvana by 5.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 4,976 shares of the company’s stock worth $641,000 after buying an additional 270 shares during the period. American Century Companies Inc. lifted its position in Carvana by 2.6% during the 2nd quarter. American Century Companies Inc. now owns 9,365 shares of the company’s stock worth $1,205,000 after acquiring an additional 241 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in Carvana by 155.7% during the second quarter. Envestnet Asset Management Inc. now owns 23,278 shares of the company’s stock valued at $2,996,000 after acquiring an additional 14,174 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Carvana by 3.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 33,805 shares of the company’s stock valued at $4,351,000 after purchasing an additional 1,136 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Carvana by 20.2% in the second quarter. Dimensional Fund Advisors LP now owns 353,664 shares of the company’s stock worth $45,556,000 after purchasing an additional 59,482 shares during the period. Institutional investors and hedge funds 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.