Carvana (NYSE:CVNA) Sets New 52-Week High After Analyst Upgrade

Shares of Carvana Co. (NYSE:CVNA - Get Free Report) hit a new 52-week high during mid-day trading on Monday after Citigroup raised their price target on the stock from $325.00 to $415.00. Citigroup currently has a buy rating on the stock. Carvana traded as high as $353.49 and last traded at $352.23, with a volume of 306080 shares. The stock had previously closed at $348.33.

CVNA has been the topic of a number of other research reports. Needham & Company LLC restated a "buy" rating and set a $340.00 price target on shares of Carvana in a report on Thursday, May 8th. Bank of America boosted their price target on Carvana from $325.00 to $375.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Morgan Stanley boosted their price target on Carvana from $280.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. JPMorgan Chase & Co. reduced their price target on Carvana from $365.00 to $325.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Finally, Evercore ISI boosted their price target on Carvana from $295.00 to $305.00 and gave the company an "in-line" rating in a report on Tuesday, June 24th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $303.59.

Insider Buying and Selling

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $346.99, for a total value of $34,699,000.00. Following the transaction, the insider directly owned 37,092,317 shares of the company's stock, valued at approximately $12,870,663,075.83. This trade represents a 0.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark W. Jenkins sold 51,380 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $326.03, for a total value of $16,751,421.40. Following the completion of the transaction, the chief financial officer directly owned 162,079 shares in the company, valued at approximately $52,842,616.37. This represents a 24.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,506,961 shares of company stock valued at $488,853,396. 17.12% of the stock is owned by company insiders.

Institutional Investors Weigh In On Carvana

Institutional investors have recently bought and sold shares of the business. Brooklyn Investment Group increased its stake in Carvana by 961.5% in the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company's stock worth $29,000 after buying an additional 125 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new stake in Carvana in the 1st quarter worth $33,000. Transce3nd LLC purchased a new position in shares of Carvana during the fourth quarter valued at about $48,000. Geneos Wealth Management Inc. grew its position in shares of Carvana by 251.4% during the first quarter. Geneos Wealth Management Inc. now owns 253 shares of the company's stock valued at $53,000 after purchasing an additional 181 shares in the last quarter. Finally, Versant Capital Management Inc grew its position in shares of Carvana by 39.4% during the first quarter. Versant Capital Management Inc now owns 290 shares of the company's stock valued at $61,000 after purchasing an additional 82 shares in the last quarter. Hedge funds and other institutional investors own 56.71% of the company's stock.

Carvana Trading Down 1.5%

The stock has a market cap of $74.09 billion, a PE ratio of 121.40, a price-to-earnings-growth ratio of 1.35 and a beta of 3.59. The stock has a 50-day moving average price of $312.35 and a two-hundred day moving average price of $250.78. The company has a debt-to-equity ratio of 2.97, a current ratio of 3.81 and a quick ratio of 2.70.

Carvana (NYSE:CVNA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.51 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.76. The firm had revenue of $4.23 billion during the quarter, compared to analyst estimates of $3.94 billion. Carvana had a return on equity of 44.86% and a net margin of 2.68%. The business's quarterly revenue was up 38.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.23 earnings per share. Sell-side analysts forecast that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

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.