JMP Securities Lowers Carvana (NYSE:CVNA) Price Target to $275.00

Carvana (NYSE:CVNA) had its price objective dropped by equities research analysts at JMP Securities from $340.00 to $275.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ price target suggests a potential upside of 50.47% from the company’s current price.

A number of other brokerages have also issued reports on CVNA. Needham & Company LLC reaffirmed a “buy” rating and set a $340.00 target price on shares of Carvana in a research report on Friday, March 7th. Wells Fargo & Company cut their price objective on Carvana from $300.00 to $275.00 and set an “overweight” rating on the stock in a report on Monday, January 6th. JPMorgan Chase & Co. reduced their price objective on shares of Carvana from $365.00 to $325.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Bank of America dropped their target price on shares of Carvana from $270.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Finally, DA Davidson upped their price target on shares of Carvana from $220.00 to $260.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $253.59.

Carvana Price Performance

Carvana stock traded up $6.44 during midday trading on Wednesday, hitting $182.76. The company’s stock had a trading volume of 1,361,128 shares, compared to its average volume of 4,031,491. The stock’s 50-day moving average price is $219.24 and its 200-day moving average price is $219.46. The company has a market capitalization of $38.96 billion, a PE ratio of 116.00 and a beta of 3.61. The company has a quick ratio of 2.12, a current ratio of 3.64 and a debt-to-equity ratio of 3.82. Carvana has a 12 month low of $67.61 and a 12 month high of $292.84.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.27. Carvana had a net margin of 1.54% and a return on equity of 36.59%. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.32 billion. Analysts anticipate that Carvana will post 2.85 earnings per share for the current fiscal year.

Insider Activity at Carvana

In other Carvana news, CFO Mark W. Jenkins sold 10,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $250.12, for a total value of $2,501,200.00. Following the completion of the sale, the chief financial officer now owns 219,962 shares of the company’s stock, valued at $55,016,895.44. The trade was a 4.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Benjamin E. Huston sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $178.49, for a total value of $8,924,500.00. Following the completion of the transaction, the chief operating officer now directly owns 196,278 shares in the company, valued at $35,033,660.22. The trade was a 20.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 280,810 shares of company stock valued at $61,698,820. 16.36% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Carvana

A number of institutional investors have recently modified their holdings of CVNA. Vanguard Group Inc. boosted its holdings in shares of Carvana by 5.6% during the 4th quarter. Vanguard Group Inc. now owns 11,425,367 shares of the company’s stock worth $2,323,463,000 after buying an additional 610,234 shares during the period. Lingotto Investment Management LLP lifted its position in Carvana by 1.5% during the 4th quarter. Lingotto Investment Management LLP now owns 3,987,150 shares of the company’s stock worth $810,827,000 after acquiring an additional 57,215 shares during the last quarter. Durable Capital Partners LP boosted its holdings in Carvana by 6.3% during the fourth quarter. Durable Capital Partners LP now owns 2,168,232 shares of the company’s stock valued at $440,932,000 after acquiring an additional 129,246 shares during the period. Geode Capital Management LLC grew its position in shares of Carvana by 4.2% in the fourth quarter. Geode Capital Management LLC now owns 1,878,796 shares of the company’s stock valued at $381,592,000 after purchasing an additional 75,250 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Carvana by 6.1% in the third quarter. State Street Corp now owns 1,877,511 shares of the company’s stock worth $326,893,000 after purchasing an additional 107,610 shares during the period. 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.