Piper Sandler Issues Positive Forecast for Carvana (NYSE:CVNA) Stock Price

Key Points

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Carvana (NYSE:CVNA - Get Free Report) had its target price raised by equities research analysts at Piper Sandler from $340.00 to $440.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's target price indicates a potential upside of 19.44% from the company's previous close.

Several other research analysts have also issued reports on CVNA. Stephens boosted their target price on Carvana from $300.00 to $375.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. Needham & Company LLC set a $500.00 target price on Carvana and gave the company a "buy" rating in a research report on Thursday. William Blair restated an "outperform" rating on shares of Carvana in a research report on Wednesday, July 23rd. Citigroup reaffirmed an "outperform" rating on shares of Carvana in a research note on Thursday. Finally, Royal Bank Of Canada lifted their price target on shares of Carvana from $320.00 to $340.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $379.65.

Carvana Price Performance

Shares of Carvana stock traded down $21.78 during trading on Thursday, reaching $368.39. 5,040,022 shares of the stock traded hands, compared to its average volume of 2,911,783. The company has a market capitalization of $78.89 billion, a price-to-earnings ratio of 92.33, a P/E/G ratio of 1.47 and a beta of 3.57. The business has a fifty day simple moving average of $333.58 and a two-hundred day simple moving average of $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 52-week low of $118.50 and a 52-week high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.09 by $0.19. The company had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.54 billion. Carvana had a return on equity of 40.57% and a net margin of 3.46%. The firm's revenue was up 41.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) earnings per share. Sell-side analysts expect that Carvana will post 2.85 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Ernest C. Garcia II sold 50,000 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $332.21, for a total transaction of $16,610,500.00. Following the sale, the insider directly owned 35,342,792 shares of the company's stock, valued at $11,741,228,930.32. The trade was a 0.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ernest C. Garcia III sold 2,700 shares of the business's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $403.83, for a total transaction of $1,090,341.00. Following the sale, the chief executive officer directly owned 591,440 shares in the company, valued at $238,841,215.20. This trade represents a 0.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,343,765 shares of company stock worth $780,120,744 over the last three months. Corporate insiders own 17.12% of the company's stock.

Institutional Investors Weigh In On Carvana

Several hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its holdings in Carvana by 13.9% in the first 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 last quarter. Vanguard Group Inc. boosted its holdings in Carvana by 9.7% in the first 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 last quarter. Durable Capital Partners LP boosted its stake in shares of Carvana by 6.3% during the 4th quarter. Durable Capital Partners LP now owns 2,168,232 shares of the company's stock worth $440,932,000 after acquiring an additional 129,246 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Carvana by 4.2% during the 4th quarter. Geode Capital Management LLC now owns 1,878,796 shares of the company's stock worth $381,592,000 after acquiring an additional 75,250 shares in the last quarter. Finally, Whale Rock Capital Management LLC boosted its stake 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 in the last quarter. 56.71% of the stock is owned by hedge funds and other 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.