Carvana (NYSE:CVNA) Given New $460.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has raised Carvana's price target from $400.00 to $460.00, indicating a potential upside of 18.52% from the current stock price.
• Carvana reported a net profit margin of 2.68% and revenue growth of 41.9% year-over-year, beating analyst estimates for both earnings and revenue.
• Insiders at Carvana have sold over 2.2 million shares in the last quarter, totaling approximately $756 million in value.

Carvana (NYSE:CVNA - Get Free Report) had its price target hoisted by stock analysts at Royal Bank Of Canada from $400.00 to $460.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's target price suggests a potential upside of 18.52% from the stock's current price.

CVNA has been the topic of several other reports. William Blair restated an "outperform" rating on shares of Carvana in a research report on Wednesday, July 23rd. Bank of America upped their price objective on shares of Carvana from $375.00 to $425.00 and gave the stock a "buy" rating in a research report on Thursday. Robert W. Baird increased their price target on shares of Carvana from $200.00 to $275.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Needham & Company LLC increased their price target on shares of Carvana from $340.00 to $500.00 and gave the company a "buy" rating in a research report on Thursday. Finally, Citigroup reiterated an "outperform" rating on shares of Carvana in a research report on Thursday. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $343.68.

Carvana Stock Performance

CVNA traded up $54.51 during trading on Thursday, hitting $388.10. 8,017,427 shares of the company traded hands, compared to its average volume of 4,247,017. The firm has a market cap of $83.11 billion, a P/E ratio of 136.50, a price-to-earnings-growth ratio of 1.27 and a beta of 3.59. Carvana has a one year low of $118.50 and a one year high of $413.34. The company has a quick ratio of 2.70, a current ratio of 3.81 and a debt-to-equity ratio of 2.97. The stock's fifty day moving average is $330.55 and its 200 day moving average is $264.88.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.09 by $0.19. The business had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.54 billion. Carvana had a net margin of 2.68% and a return on equity of 44.86%. The company's revenue was up 41.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.05) earnings per share. As a group, equities analysts predict that Carvana will post 2.85 EPS for the current fiscal year.

Insider Transactions at Carvana

In other Carvana news, CFO Mark W. Jenkins sold 51,380 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $326.03, for a total value of $16,751,421.40. Following the completion of the transaction, the chief financial officer owned 162,079 shares of the company's stock, valued at approximately $52,842,616.37. The trade was a 24.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel J. Gill sold 70,166 shares of the business's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $281.43, for a total value of $19,746,817.38. Following the completion of the transaction, the insider directly owned 201,087 shares of the company's stock, valued at approximately $56,591,914.41. This trade represents a 25.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,273,765 shares of company stock valued at $756,222,904 in the last quarter. 17.12% of the stock is owned by insiders.

Hedge Funds Weigh In On Carvana

Hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its stake in shares of Carvana by 13.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company's stock valued at $3,125,749,000 after acquiring an additional 1,823,218 shares during the period. Vanguard Group Inc. grew its stake in shares of Carvana by 9.7% during the 1st quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company's stock valued at $2,620,785,000 after acquiring an additional 1,109,476 shares during the period. Castle Hook Partners LP bought a new position in shares of Carvana during the 4th quarter valued at approximately $116,020,000. BNP Paribas Financial Markets grew its stake in shares of Carvana by 89.8% during the 4th quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company's stock valued at $207,086,000 after acquiring an additional 481,912 shares during the period. Finally, Alyeska Investment Group L.P. bought a new position in shares of Carvana during the 1st quarter valued at approximately $71,856,000. Hedge funds and other institutional investors 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.

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