JPMorgan Chase & Co. Boosts Carvana (NYSE:CVNA) Price Target to $415.00

Key Points

• JPMorgan Chase & Co. raised its target price for Carvana's stock from $350.00 to $415.00, indicating a potential upside of 6.32% from the company's previous close.
• Carvana reported a strong quarterly performance with earnings per share of $1.28, exceeding estimates, and revenue of $4.84 billion, up 41.9% year-over-year.
• Currently, 56.71% of Carvana's stock is owned by institutional investors and hedge funds, reflecting significant market interest.

Carvana (NYSE:CVNA - Get Free Report) had its target price boosted by research analysts at JPMorgan Chase & Co. from $350.00 to $415.00 in a report released on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 12.65% from the company's current price.

CVNA has been the subject of several other reports. Gordon Haskett started coverage on Carvana in a report on Monday, July 14th. They set a "hold" rating and a $329.00 price target for the company. Evercore ISI boosted their price objective on shares of Carvana from $295.00 to $305.00 and gave the company an "in-line" rating in a research report on Tuesday, June 24th. JMP Securities boosted their target price on shares of Carvana from $440.00 to $460.00 and gave the stock a "market outperform" rating in a research note on Thursday. Bank of America boosted their price objective on shares of Carvana from $375.00 to $425.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Royal Bank Of Canada upped their price target on shares of Carvana from $400.00 to $460.00 and gave the company an "outperform" rating in a research report on Thursday. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Carvana presently has a consensus rating of "Moderate Buy" and an average price target of $379.65.

Carvana Stock Down 5.6%

CVNA stock traded down $21.78 during trading hours on Thursday, reaching $368.39. 5,040,022 shares of the stock were exchanged, compared to its average volume of 2,911,783. The company has a market cap of $78.89 billion, a price-to-earnings ratio of 92.33, a PEG ratio of 1.47 and a beta of 3.57. The firm's 50-day moving average is $333.58 and its 200-day moving average is $267.43. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.70. Carvana has a 12 month low of $118.50 and a 12 month high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.54 billion. Carvana had a return on equity of 40.57% and a net margin of 3.46%. Carvana's revenue for the quarter was up 41.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.05) EPS. On average, equities research analysts expect that Carvana will post 2.85 earnings per share for the current year.

Insider Activity

In other news, CFO Mark W. Jenkins sold 51,380 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $326.03, for a total transaction of $16,751,421.40. Following the completion of the transaction, the chief financial officer directly owned 162,079 shares of the company's stock, valued at $52,842,616.37. This represents a 24.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $346.99, for a total transaction of $34,699,000.00. Following the transaction, the insider directly owned 37,092,317 shares of the company's stock, valued at $12,870,663,075.83. This represents a 0.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,343,765 shares of company stock valued at $780,120,744 in the last three months. Company insiders own 17.12% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its holdings in Carvana by 13.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company's stock valued at $3,125,749,000 after purchasing an additional 1,823,218 shares during the period. Vanguard Group Inc. boosted its holdings in Carvana by 9.7% in the 1st quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company's stock valued at $2,620,785,000 after purchasing an additional 1,109,476 shares during the period. Durable Capital Partners LP boosted its holdings in Carvana by 6.3% in the 4th quarter. Durable Capital Partners LP now owns 2,168,232 shares of the company's stock valued at $440,932,000 after purchasing an additional 129,246 shares during the period. Geode Capital Management LLC boosted its holdings in Carvana by 4.2% in the 4th quarter. Geode Capital Management LLC now owns 1,878,796 shares of the company's stock valued at $381,592,000 after purchasing an additional 75,250 shares during the period. Finally, Whale Rock Capital Management LLC lifted its holdings in shares of Carvana by 29.8% during the 4th quarter. Whale Rock Capital Management LLC now owns 1,214,679 shares of the company's stock worth $247,017,000 after acquiring an additional 278,760 shares during the last quarter. 56.71% of the stock is owned by institutional investors.

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.