Carvana (NYSE:CVNA) Price Target Raised to $70.00 at JPMorgan Chase & Co.

Carvana (NYSE:CVNA - Free Report) had its price objective boosted by JPMorgan Chase & Co. from $65.00 to $70.00 in a research note issued to investors on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other equities research analysts have also recently commented on CVNA. Raymond James raised Carvana from an underperform rating to a market perform rating in a research note on Friday, February 23rd. Morgan Stanley lifted their target price on Carvana from $32.00 to $45.00 and gave the company an underweight rating in a research note on Monday, February 26th. Evercore ISI lowered their target price on Carvana from $78.00 to $77.00 and set an in-line rating for the company in a research note on Tuesday. Jefferies Financial Group raised Carvana from an underperform rating to a hold rating and lifted their target price for the company from $30.00 to $85.00 in a research note on Tuesday, March 12th. Finally, Wedbush lifted their target price on Carvana from $40.00 to $50.00 and gave the company a neutral rating in a research note on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $52.53.

Carvana Price Performance

Shares of Carvana stock traded up $1.94 during midday trading on Thursday, hitting $71.10. 4,730,902 shares of the company were exchanged, compared to its average volume of 6,196,792. The firm has a market cap of $14.36 billion, a P/E ratio of 131.67 and a beta of 3.32. Carvana has a 52 week low of $6.70 and a 52 week high of $94.04. The firm has a 50 day simple moving average of $74.84 and a 200-day simple moving average of $52.12.

Carvana (NYSE:CVNA - Get Free Report) last issued its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The business had revenue of $2.42 billion during the quarter, compared to analysts' expectations of $2.56 billion. During the same period last year, the firm posted ($0.97) EPS. The business's revenue was down 14.6% on a year-over-year basis. Equities research analysts expect that Carvana will post -3.4 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Ernest C. Garcia II sold 50,000 shares of the stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $80.13, for a total transaction of $4,006,500.00. Following the sale, the insider now owns 3,312,500 shares of the company's stock, valued at $265,430,625. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Carvana news, major shareholder Ernest C. Garcia II sold 50,000 shares of the firm's stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $80.13, for a total value of $4,006,500.00. Following the sale, the insider now owns 3,312,500 shares of the company's stock, valued at approximately $265,430,625. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul W. Breaux sold 15,000 shares of Carvana stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $69.00, for a total value of $1,035,000.00. Following the completion of the transaction, the insider now owns 150,126 shares in the company, valued at approximately $10,358,694. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 187,883 shares of company stock worth $15,505,178. Corporate insiders own 17.12% of the company's stock.

Institutional Investors Weigh In On Carvana

Several hedge funds have recently modified their holdings of CVNA. Morgan Stanley lifted its holdings in Carvana by 65.1% during the 4th quarter. Morgan Stanley now owns 14,083,153 shares of the company's stock worth $66,754,000 after buying an additional 5,554,691 shares during the period. Spruce House Investment Management LLC lifted its holdings in Carvana by 52.7% during the 4th quarter. Spruce House Investment Management LLC now owns 10,000,000 shares of the company's stock worth $47,400,000 after buying an additional 3,450,000 shares during the period. Renaissance Technologies LLC acquired a new position in Carvana during the 4th quarter worth about $14,102,000. FMR LLC lifted its holdings in Carvana by 143.7% during the 1st quarter. FMR LLC now owns 4,667,263 shares of the company's stock worth $45,693,000 after buying an additional 2,752,097 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Carvana by 46.8% during the 1st quarter. Vanguard Group Inc. now owns 7,297,426 shares of the company's stock worth $870,511,000 after buying an additional 2,325,545 shares during the period. Institutional investors and hedge funds own 56.71% of the company's stock.

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.