Oppenheimer Upgrades Carvana (NYSE:CVNA) to "Outperform"

Key Points

• Oppenheimer has upgraded Carvana from a "market perform" to an "outperform" rating, with a price target of $450.00, indicating a potential upside of 37.84% from its previous close.
• Several other analysts have also revised their price targets for Carvana, with the average target price now at $318.16, reflecting growing confidence in the company's performance.
• Carvana recently reported better-than-expected earnings, posting a $1.51 EPS, significantly surpassing analysts' estimates, and achieving a 38.3% year-over-year revenue growth of $4.23 billion for the quarter.

Carvana (NYSE:CVNA - Get Free Report) was upgraded by equities researchers at Oppenheimer from a "market perform" rating to an "outperform" rating in a report released on Friday,Benzinga reports. The firm presently has a $450.00 price objective on the stock. Oppenheimer's target price would suggest a potential upside of 37.84% from the stock's previous close.

Other equities research analysts have also issued reports about the stock. Evercore ISI lifted their price target on shares of Carvana from $295.00 to $305.00 and gave the company an "in-line" rating in a research note on Tuesday, June 24th. William Blair reissued an "outperform" rating on shares of Carvana in a research report on Wednesday. Bank of America lifted their price objective on shares of Carvana from $325.00 to $375.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Piper Sandler set a $340.00 price objective on shares of Carvana and gave the company an "overweight" rating in a research report on Thursday, May 22nd. Finally, Citigroup lifted their price objective on shares of Carvana from $325.00 to $415.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $318.16.

Carvana Trading Down 4.8%

Shares of NYSE:CVNA opened at $326.46 on Friday. Carvana has a 12 month low of $118.50 and a 12 month high of $364.00. The company has a quick ratio of 2.70, a current ratio of 3.81 and a debt-to-equity ratio of 2.97. The company's fifty day simple moving average is $327.76 and its 200 day simple moving average is $261.07. The firm has a market cap of $69.91 billion, a price-to-earnings ratio of 114.55, a PEG ratio of 1.33 and a beta of 3.59.

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

Insider Transactions at Carvana

In other Carvana news, CEO Ernest C. Garcia III sold 10,000 shares of the business's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $337.51, for a total value of $3,375,100.00. Following the completion of the sale, the chief executive officer owned 621,440 shares of the company's stock, valued at $209,742,214.40. The trade was a 1.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Ernest C. Garcia II sold 50,000 shares of the business's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $342.96, for a total transaction of $17,148,000.00. Following the completion of the sale, the insider directly owned 35,642,792 shares of the company's stock, valued at $12,224,051,944.32. This represents a 0.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,121,515 shares of company stock valued at $702,869,548 in the last three months. Insiders own 17.12% of the company's stock.

Institutional Trading of Carvana

Institutional investors have recently bought and sold shares of the business. Hilltop National Bank bought a new stake in shares of Carvana during the 2nd quarter worth approximately $25,000. SJS Investment Consulting Inc. lifted its holdings in shares of Carvana by 960.0% during the 2nd quarter. SJS Investment Consulting Inc. now owns 106 shares of the company's stock worth $36,000 after acquiring an additional 96 shares during the period. Brooklyn Investment Group lifted its holdings in shares of Carvana by 961.5% during the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company's stock worth $29,000 after acquiring an additional 125 shares during the period. N.E.W. Advisory Services LLC bought a new stake in shares of Carvana during the 1st quarter worth approximately $33,000. Finally, Transce3nd LLC bought a new stake in shares of Carvana during the 4th quarter worth approximately $48,000. Institutional investors own 56.71% of the company's stock.

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.

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