Bank of America Boosts Carvana (NYSE:CVNA) Price Target to $375.00

Carvana (NYSE:CVNA - Free Report) had its price target upped by Bank of America from $325.00 to $375.00 in a research note released on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts have also issued reports about the company. Wedbush raised Carvana to a "hold" rating in a report on Thursday, May 8th. DA Davidson lifted their target price 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 price target on shares of Carvana from $280.00 to $290.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Evercore ISI cut their price objective on shares of Carvana from $250.00 to $240.00 and set an "in-line" rating for the company in a research report on Tuesday, March 11th. Finally, Wells Fargo & Company upped their target price on shares of Carvana from $290.00 to $310.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Carvana has a consensus rating of "Moderate Buy" and an average target price of $280.35.

Carvana Stock Performance

NYSE CVNA traded down $22.24 during trading on Tuesday, hitting $296.71. 6,604,157 shares of the company's stock traded hands, compared to its average volume of 3,931,334. The company has a debt-to-equity ratio of 3.82, a quick ratio of 2.12 and a current ratio of 3.64. The stock has a market capitalization of $63.54 billion, a price-to-earnings ratio of 188.99 and a beta of 3.65. Carvana has a 12-month low of $100.05 and a 12-month high of $351.43. The business has a 50 day moving average of $272.91 and a 200-day moving average of $241.05.

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

Insider Buying and Selling at Carvana

In other news, insider Thomas Taira sold 27,593 shares of the company's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $225.03, for a total value of $6,209,252.79. Following the completion of the sale, the insider now owns 179,673 shares of the company's stock, valued at approximately $40,431,815.19. This represents a 13.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Ernest C. Garcia II sold 50,000 shares of Carvana stock in a transaction on Friday, May 30th. The stock was sold at an average price of $325.16, for a total transaction of $16,258,000.00. Following the completion of the transaction, the insider now owns 37,342,317 shares in the company, valued at approximately $12,142,227,795.72. The trade was a 0.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,336,046 shares of company stock worth $401,789,783 over the last 90 days. Corporate insiders own 17.12% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Quent Capital LLC bought a new position in Carvana during the 4th quarter worth approximately $28,000. Brooklyn Investment Group boosted its stake in shares of Carvana by 961.5% during the first quarter. Brooklyn Investment Group now owns 138 shares of the company's stock valued at $29,000 after purchasing an additional 125 shares during the period. Global Retirement Partners LLC grew its holdings in shares of Carvana by 109.9% in the fourth quarter. Global Retirement Partners LLC now owns 149 shares of the company's stock worth $30,000 after purchasing an additional 78 shares during the last quarter. Rialto Wealth Management LLC bought a new stake in Carvana during the 4th quarter valued at $31,000. Finally, N.E.W. Advisory Services LLC purchased a new stake in Carvana during the 1st quarter valued at $33,000. Hedge funds and other institutional investors own 56.71% of the company's stock.

Carvana Company Profile

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.