Needham & Company LLC Raises Carvana (NYSE:CVNA) Price Target to $300.00

Carvana (NYSE:CVNA) had its price objective lifted by equities research analysts at Needham & Company LLC from $200.00 to $300.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 31.00% from the company’s current price.

A number of other analysts also recently issued reports on CVNA. Piper Sandler lifted their price objective on shares of Carvana from $105.00 to $151.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. BTIG Research boosted their price target on shares of Carvana from $155.00 to $188.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Morgan Stanley lifted their target price on Carvana from $75.00 to $110.00 and gave the company an “underweight” rating in a research report on Thursday, August 1st. Stephens began coverage on Carvana in a research note on Thursday, September 12th. They issued an “overweight” rating and a $190.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price objective on Carvana from $185.00 to $230.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Carvana currently has an average rating of “Hold” and a consensus price target of $208.88.

Carvana Price Performance

Shares of NYSE CVNA opened at $229.01 on Thursday. The company has a fifty day moving average price of $174.33 and a 200 day moving average price of $137.76. Carvana has a 1-year low of $27.75 and a 1-year high of $259.39. The firm has a market cap of $47.39 billion, a PE ratio of 22,901.00 and a beta of 3.44. The company has a current ratio of 3.11, a quick ratio of 2.02 and a debt-to-equity ratio of 47.20.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating 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. The firm’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.23 EPS. Research analysts predict that Carvana will post 0.26 earnings per share for the current fiscal year.

Insider Transactions at Carvana

In related news, COO Benjamin E. Huston sold 3,043 shares of the company’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $240.00, for a total value of $730,320.00. Following the transaction, the chief operating officer now owns 218,686 shares in the company, valued at approximately $52,484,640. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Benjamin E. Huston sold 3,043 shares of the business’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $240.00, for a total value of $730,320.00. Following the completion of the sale, the chief operating officer now directly owns 218,686 shares in the company, valued at $52,484,640. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul W. Breaux sold 14,548 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $198.00, for a total value of $2,880,504.00. Following the transaction, the insider now owns 119,494 shares in the company, valued at $23,659,812. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,738,934 shares of company stock worth $463,538,905. 17.12% of the stock is owned by insiders.

Institutional Trading of Carvana

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Sugarloaf Wealth Management LLC bought a new position in shares of Carvana during the third quarter worth approximately $32,000. Capital Performance Advisors LLP bought a new position in Carvana during the 3rd quarter worth $40,000. Ridgewood Investments LLC bought a new position in Carvana during the 2nd quarter worth $32,000. Summit Securities Group LLC raised its holdings in Carvana by 110.0% in the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after acquiring an additional 3,300 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Carvana by 450.8% during the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock valued at $43,000 after acquiring an additional 275 shares during the period. Institutional investors and hedge funds 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.