Carvana (NYSE:CVNA) Price Target Raised to $490.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has raised Carvana's price target from $425.00 to $490.00, indicating a potential upside of 44.97% from the current stock price.
• Multiple analysts have upgraded their ratings on Carvana, with Royal Bank Of Canada and Piper Sandler also raising their price targets to $460.00 and $440.00, respectively.
• Carvana reported impressive quarterly earnings with a revenue of $4.84 billion, exceeding estimates, and achieving a significant year-over-year revenue growth of 41.9%.

Carvana (NYSE:CVNA - Get Free Report) had its price objective raised by investment analysts at JPMorgan Chase & Co. from $425.00 to $490.00 in a note issued to investors on Tuesday, Marketbeat reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 44.97% from the stock's current price.

CVNA has been the topic of a number of other research reports. Royal Bank Of Canada increased their target price on Carvana from $400.00 to $460.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Citigroup reissued a "buy" rating on shares of Carvana in a research report on Thursday, October 9th. Piper Sandler lifted their target price on Carvana from $340.00 to $440.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. JMP Securities raised their price target on Carvana from $440.00 to $460.00 and gave the company a "market outperform" rating in a research note on Thursday, July 31st. Finally, Zacks Research raised shares of Carvana from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $419.94.

Carvana Stock Performance

Carvana stock opened at $338.00 on Tuesday. 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 has a twelve month low of $148.25 and a twelve month high of $413.33. The company's 50-day moving average price is $363.95 and its 200-day moving average price is $322.12. The company has a market cap of $72.74 billion, a PE ratio of 84.71, a price-to-earnings-growth ratio of 1.08 and a beta of 3.55.

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

Insider Buying and Selling

In related news, major shareholder Ernest C. Garcia II sold 93,376 shares of the stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $394.16, for a total transaction of $36,805,084.16. Following the completion of the sale, the insider owned 6,624 shares of the company's stock, valued at $2,610,915.84. This represents a 93.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Daniel J. Gill sold 80,000 shares of Carvana stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $398.91, for a total transaction of $31,912,800.00. Following the completion of the transaction, the insider directly owned 197,832 shares in the company, valued at $78,917,163.12. This represents a 28.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,618,292 shares of company stock worth $588,235,207 in the last 90 days. 16.36% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Carvana

Several hedge funds and other institutional investors have recently modified their holdings of CVNA. Price T Rowe Associates Inc. MD lifted its stake in shares of Carvana by 13.9% during the first 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 during the period. Vanguard Group Inc. raised its stake in Carvana by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 12,764,230 shares of the company's stock worth $4,301,035,000 after acquiring an additional 229,387 shares during the last quarter. State Street Corp lifted its position in Carvana by 15.0% during the 2nd quarter. State Street Corp now owns 2,765,046 shares of the company's stock worth $931,710,000 after acquiring an additional 361,624 shares during the period. Geode Capital Management LLC grew its stake in Carvana by 11.0% during the 2nd quarter. Geode Capital Management LLC now owns 2,232,179 shares of the company's stock valued at $750,301,000 after purchasing an additional 221,161 shares during the last quarter. Finally, Sands Capital Management LLC increased its holdings in shares of Carvana by 1,374.3% in the second quarter. Sands Capital Management LLC now owns 901,227 shares of the company's stock valued at $303,677,000 after purchasing an additional 840,096 shares during the period. 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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