Carvana (NYSE:CVNA) Sets New 52-Week High - Here's Why

Carvana Co. (NYSE:CVNA - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $328.91 and last traded at $318.74, with a volume of 568875 shares trading hands. The stock had previously closed at $327.16.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CVNA shares. Wells Fargo & Company raised their price objective on shares of Carvana from $290.00 to $310.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Evercore ISI decreased their price target on Carvana from $250.00 to $240.00 and set an "in-line" rating for the company in a research note on Tuesday, March 11th. DA Davidson boosted their price objective on Carvana from $220.00 to $260.00 and gave the company a "neutral" rating in a report on Thursday, February 20th. Morgan Stanley increased their target price on Carvana from $280.00 to $290.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Finally, Robert W. Baird boosted their price target on Carvana from $200.00 to $275.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Six 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.com, Carvana currently has a consensus rating of "Moderate Buy" and an average price target of $275.65.

Carvana Stock Down 0.6%

The company has a quick ratio of 2.12, a current ratio of 3.64 and a debt-to-equity ratio of 3.82. The firm's 50 day simple moving average is $253.22 and its 200 day simple moving average is $237.20. The company has a market cap of $73.58 billion, a price-to-earnings ratio of 218.84 and a beta of 3.61.

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

Insider Buying and Selling at Carvana

In other Carvana news, COO Benjamin E. Huston sold 50,000 shares of the company's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $150.90, for a total value of $7,545,000.00. Following the completion of the sale, the chief operating officer now directly owns 123,803 shares of the company's stock, valued at approximately $18,681,872.70. This represents a 28.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ernest C. Garcia III sold 3,196 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $344.65, for a total transaction of $1,101,501.40. Following the transaction, the chief executive officer now owns 780,000 shares of the company's stock, valued at approximately $268,827,000. This trade represents a 0.41% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,016,196 shares of company stock valued at $284,029,665. Company insiders own 17.12% of the company's stock.

Institutional Trading of Carvana

Hedge funds and other institutional investors have recently made changes to their positions in the business. Strs Ohio acquired a new position in Carvana in the first quarter worth approximately $852,000. Geneos Wealth Management Inc. boosted its stake in shares of Carvana by 251.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 253 shares of the company's stock worth $53,000 after acquiring an additional 181 shares in the last quarter. IFM Investors Pty Ltd grew its holdings in shares of Carvana by 0.6% in the 1st quarter. IFM Investors Pty Ltd now owns 21,061 shares of the company's stock worth $4,403,000 after acquiring an additional 135 shares during the last quarter. Bayforest Capital Ltd boosted its position in shares of Carvana by 41.5% in the 1st quarter. Bayforest Capital Ltd now owns 1,773 shares of the company's stock valued at $371,000 after purchasing an additional 520 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Carvana by 27.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 529,596 shares of the company's stock worth $110,728,000 after purchasing an additional 114,526 shares in the last quarter. 56.71% of the stock is currently 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.