Carvana (NYSE:CVNA) Price Target Raised to $425.00 at Bank of America

Key Points

• Bank of America raised Carvana's price target from $375.00 to $425.00, indicating a potential upside of 27.45% from its previous close.
• Carvana's recent quarterly earnings report showed a 41.9% increase in revenue year-over-year, with an EPS of $1.28 exceeding expectations.
• Seventeen research analysts have a consensus rating of "buy" for Carvana, contributing to an average price target of $329.21.

Carvana (NYSE:CVNA - Free Report) had its price objective raised by Bank of America from $375.00 to $425.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

CVNA has been the subject of a number of other research reports. William Blair reiterated an "outperform" rating on shares of Carvana in a research note on Wednesday, July 23rd. Wedbush upgraded shares of Carvana to a "hold" rating in a research report on Thursday, May 8th. Wall Street Zen raised shares of Carvana from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Gordon Haskett started coverage on shares of Carvana in a research report on Monday, July 14th. They issued a "hold" rating and a $329.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $340.00 price objective on shares of Carvana in a report on Thursday, May 8th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $379.65.

Carvana Price Performance

NYSE:CVNA traded down $21.78 during trading hours on Thursday, reaching $368.39. The company had a trading volume of 5,040,022 shares, compared to its average volume of 2,911,783. The company has a quick ratio of 2.70, a current ratio of 4.00 and a debt-to-equity ratio of 2.51. The stock has a 50-day moving average of $333.58 and a two-hundred day moving average of $267.81. Carvana has a one year low of $118.50 and a one year high of $413.33. The firm has a market capitalization of $78.89 billion, a PE ratio of 92.33, a PEG ratio of 1.39 and a beta of 3.57.

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, topping 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 prior year, the firm earned ($0.05) EPS. The firm's quarterly revenue was up 41.9% compared to the same quarter last year. Analysts forecast that Carvana will post 2.85 earnings per share for the current year.

Insiders Place Their Bets

In other Carvana news, insider Daniel J. Gill sold 70,166 shares of the stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $281.43, for a total value of $19,746,817.38. Following the completion of the sale, the insider owned 201,087 shares in the company, valued at $56,591,914.41. This trade represents a 25.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark W. Jenkins sold 51,380 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $326.03, for a total value of $16,751,421.40. Following the completion of the sale, the chief financial officer directly 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,343,765 shares of company stock worth $780,120,744. Corporate insiders own 17.12% of the company's stock.

Institutional Trading of Carvana

Hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its holdings 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 worth $3,125,749,000 after buying an additional 1,823,218 shares in the last quarter. Vanguard Group Inc. lifted its position 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 stake in shares of Carvana during the fourth quarter valued at approximately $116,020,000. BNP Paribas Financial Markets raised its stake in shares of Carvana by 89.8% in the fourth quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company's stock worth $207,086,000 after purchasing an additional 481,912 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new stake in Carvana in the 1st quarter worth about $71,856,000. Institutional investors and hedge funds 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.