Carvana (NYSE:CVNA) Trading 7.5% Higher Following Analyst Upgrade

Last updated on Friday, February 26, 2021 | 2021 MarketBeat

Carvana Co. (NYSE:CVNA)'s stock price rose 7.5% during trading on Friday after DA Davidson raised their price target on the stock from $214.00 to $275.00. DA Davidson currently has a neutral rating on the stock. Carvana traded as high as $295.77 and last traded at $283.50. Approximately 3,311,447 shares were traded during trading, an increase of 123% from the average daily volume of 1,487,222 shares. The stock had previously closed at $263.66.

Several other research analysts have also recently commented on the stock. Truist began coverage on shares of Carvana in a report on Tuesday, December 15th. They set a "buy" rating and a $314.00 target price on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on Carvana from $165.00 to $225.00 and gave the stock a "hold" rating in a research note on Thursday, November 5th. Oppenheimer assumed coverage on Carvana in a research report on Friday, October 30th. They set a "buy" rating and a $250.00 target price for the company. Robert W. Baird raised their price target on Carvana from $285.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 16th. Finally, Citigroup upped their price objective on shares of Carvana from $250.00 to $305.00 in a research report on Thursday, January 28th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nineteen have given a buy rating to the stock. The stock presently has an average rating of "Buy" and a consensus price target of $243.22.

In other news, major shareholder Ernest C. Garcia II sold 100 shares of the stock in a transaction dated Thursday, February 4th. The shares were sold at an average price of $290.83, for a total value of $29,083.00. Following the completion of the sale, the insider now owns 100 shares in the company, valued at $29,083. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mark W. Jenkins sold 10,000 shares of the firm's stock in a transaction dated Tuesday, February 16th. The shares were sold at an average price of $307.86, for a total transaction of $3,078,600.00. Following the transaction, the chief financial officer now directly owns 33,516 shares in the company, valued at $10,318,235.76. The disclosure for this sale can be found here. Insiders have sold a total of 2,910,494 shares of company stock valued at $728,246,359 over the last three months. Corporate insiders own 12.25% of the company's stock.

Several institutional investors have recently bought and sold shares of the business. Schonfeld Strategic Advisors LLC bought a new position in shares of Carvana in the third quarter valued at approximately $1,445,000. State of Wisconsin Investment Board boosted its position in Carvana by 338.3% in the fourth quarter. State of Wisconsin Investment Board now owns 32,092 shares of the company's stock worth $7,687,000 after purchasing an additional 24,770 shares during the last quarter. ExodusPoint Capital Management LP purchased a new position in Carvana in the third quarter valued at about $9,845,000. California State Teachers Retirement System lifted its stake in Carvana by 2.5% in the third quarter. California State Teachers Retirement System now owns 96,482 shares of the company's stock valued at $21,521,000 after purchasing an additional 2,376 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew its holdings in Carvana by 13.2% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 75,053 shares of the company's stock valued at $17,978,000 after purchasing an additional 8,760 shares during the period. 48.41% of the stock is currently owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 1.12, a current ratio of 3.18 and a quick ratio of 1.42. The stock has a market capitalization of $48.70 billion, a P/E ratio of -105.41 and a beta of 2.52. The company has a 50 day simple moving average of $282.51 and a 200-day simple moving average of $234.52.

Carvana Company Profile (NYSE:CVNA)

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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