Carvana (NYSE:CVNA) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Carvana (NYSE:CVNA - Free Report) in a research note issued to investors on Thursday,Benzinga reports. They currently have a $340.00 price objective on the stock.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. reduced their price target on Carvana from $365.00 to $325.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Piper Sandler lifted their target price on Carvana from $225.00 to $230.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 22nd. Royal Bank of Canada increased their price target on Carvana from $280.00 to $320.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. Robert W. Baird cut their price target on Carvana from $250.00 to $200.00 and set a "neutral" rating for the company in a report on Friday, April 4th. Finally, William Blair reiterated an "outperform" rating on shares of Carvana in a report on Thursday, February 20th. Six research 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 company has a consensus rating of "Moderate Buy" and a consensus target price of $268.59.

Carvana Stock Down 6.0 %

Shares of NYSE:CVNA traded down $17.26 during trading on Thursday, hitting $268.27. 8,144,599 shares of the company were exchanged, compared to its average volume of 3,918,428. Carvana has a fifty-two week low of $97.55 and a fifty-two week high of $293.62. The stock has a market cap of $57.19 billion, a price-to-earnings ratio of 170.87 and a beta of 3.61. The company has a current ratio of 3.64, a quick ratio of 2.12 and a debt-to-equity ratio of 3.82. The firm has a fifty day moving average price of $209.94 and a two-hundred day moving average price of $227.21.

Carvana (NYSE:CVNA - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.76. The business had revenue of $4.23 billion during the quarter, compared to analysts' expectations of $3.94 billion. Carvana had a net margin of 1.54% and a return on equity of 36.59%. The firm's revenue was up 38.3% on a year-over-year basis. During the same period last year, the business earned $0.23 earnings per share. As a group, research analysts anticipate that Carvana will post 2.85 earnings per share for the current fiscal year.

Insider Transactions at Carvana

In related news, insider Thomas Taira sold 5,000 shares of Carvana stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $260.00, for a total transaction of $1,300,000.00. Following the completion of the transaction, the insider now owns 171,509 shares of the company's stock, valued at $44,592,340. This trade represents a 2.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul W. Breaux sold 1,362 shares of the business's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $270.08, for a total transaction of $367,848.96. Following the completion of the transaction, the insider now owns 153,240 shares in the company, valued at approximately $41,387,059.20. The trade was a 0.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 348,560 shares of company stock worth $73,806,520. Company insiders own 17.12% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CVNA. Yousif Capital Management LLC increased its holdings in Carvana by 4.1% in the first quarter. Yousif Capital Management LLC now owns 1,266 shares of the company's stock worth $265,000 after purchasing an additional 50 shares in the last quarter. Fidelis Capital Partners LLC increased its stake in shares of Carvana by 3.4% in the 4th quarter. Fidelis Capital Partners LLC now owns 1,541 shares of the company's stock valued at $313,000 after acquiring an additional 51 shares in the last quarter. Bleakley Financial Group LLC increased its stake in shares of Carvana by 2.8% in the 4th quarter. Bleakley Financial Group LLC now owns 2,373 shares of the company's stock valued at $483,000 after acquiring an additional 65 shares in the last quarter. Commerce Bank lifted its position in shares of Carvana by 1.6% during the 1st quarter. Commerce Bank now owns 4,446 shares of the company's stock valued at $930,000 after acquiring an additional 69 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in Carvana by 3.3% during the first quarter. PNC Financial Services Group Inc. now owns 2,227 shares of the company's stock worth $466,000 after acquiring an additional 72 shares in the last quarter. 56.71% of the stock is owned by institutional investors.

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.