Carvana (NYSE:CVNA) Price Target Raised to $370.00 at Evercore ISI

Key Points

• Evercore ISI raised Carvana's price target from $365.00 to $370.00, indicating a potential upside of 7.23% from its previous close, and maintained an "in-line" rating on the stock.
• A number of brokerages have set varying price targets for Carvana, with Needham & Company projecting a high of $500.00 and an overall average target price of approximately $383.47.
• Recent insider transactions have seen major shareholder Ernest C. Garcia II sell a significant number of shares, reducing his ownership, while institutional investors continue to increase their stakes in the company.

Carvana (NYSE:CVNA - Get Free Report) had its price objective increased by research analysts at Evercore ISI from $365.00 to $370.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "in-line" rating on the stock. Evercore ISI's price target would suggest a potential upside of 7.23% from the company's previous close.

A number of other brokerages have also weighed in on CVNA. DA Davidson upped their price target on shares of Carvana from $260.00 to $380.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Needham & Company LLC increased their target price on shares of Carvana from $340.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Robert W. Baird increased their target price on shares of Carvana from $200.00 to $275.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Gordon Haskett assumed coverage on shares of Carvana in a research note on Monday, July 14th. They set a "hold" rating and a $329.00 target price for the company. Finally, Stephens increased their target price on shares of Carvana from $300.00 to $375.00 and gave the company an "overweight" rating in a research note on Monday, July 7th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, Carvana presently has an average rating of "Moderate Buy" and an average target price of $383.47.

Carvana Stock Down 0.7%

Shares of CVNA opened at $345.06 on Tuesday. The firm has a market cap of $74.26 billion, a PE ratio of 86.48, a price-to-earnings-growth ratio of 1.15 and a beta of 3.57. The company's fifty day moving average is $337.63 and its two-hundred day moving average is $273.00. Carvana has a fifty-two week low of $124.39 and a fifty-two week high of $413.33. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51.

Carvana (NYSE:CVNA - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.19. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.54 billion. During the same quarter in the previous year, the business posted ($0.05) EPS. The business's quarterly revenue was up 41.9% on a year-over-year basis. Analysts forecast that Carvana will post 2.85 earnings per share for the current year.

Insider Activity at Carvana

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the company's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $346.99, for a total value of $34,699,000.00. Following the completion of the sale, the insider owned 37,092,317 shares in the company, valued at $12,870,663,075.83. This represents a 0.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 93,376 shares of the business's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $394.16, for a total transaction of $36,805,084.16. Following the completion of the transaction, the insider directly owned 6,624 shares in the company, valued at $2,610,915.84. This trade represents a 93.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,893,047 shares of company stock valued at $998,571,020. Company insiders own 16.36% of the company's stock.

Institutional Investors Weigh In On Carvana

Several institutional investors have recently added to or reduced their stakes in the business. J.Safra Asset Management Corp grew its holdings in shares of Carvana by 140.8% during the 1st quarter. J.Safra Asset Management Corp now owns 3,390 shares of the company's stock valued at $709,000 after purchasing an additional 1,982 shares during the last quarter. Worldquant Millennium Advisors LLC bought a new position in shares of Carvana during the 4th quarter valued at $51,091,000. Farther Finance Advisors LLC grew its holdings in shares of Carvana by 333.1% during the 1st quarter. Farther Finance Advisors LLC now owns 3,482 shares of the company's stock valued at $740,000 after purchasing an additional 2,678 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Carvana during the 4th quarter valued at $36,527,000. Finally, Brucke Financial Inc. bought a new position in shares of Carvana in the fourth quarter worth approximately $415,000. 56.71% of the stock is owned by hedge funds and other 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.

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