Wells Fargo & Company Issues Positive Forecast for Carvana (NYSE:CVNA) Stock Price

Carvana (NYSE:CVNA - Get Free Report) had its target price raised by analysts at Wells Fargo & Company from $310.00 to $390.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 12.38% from the company's previous close.

Several other equities research analysts have also recently issued reports on CVNA. Wall Street Zen raised Carvana from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Gordon Haskett began coverage on Carvana in a research note on Monday. They set a "hold" rating and a $329.00 target price for the company. Evercore ISI lifted their price objective on Carvana from $295.00 to $305.00 and gave the company an "in-line" rating in a research note on Tuesday, June 24th. JMP Securities set a $440.00 price objective on Carvana and gave the company a "market outperform" rating in a research note on Wednesday, July 2nd. Finally, Stephens lifted their price objective on Carvana from $300.00 to $375.00 and gave the company an "overweight" rating in a research note on Monday, July 7th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Carvana presently has an average rating of "Moderate Buy" and an average target price of $309.44.

Carvana Trading Up 0.3%

CVNA stock traded up $0.94 during midday trading on Friday, hitting $347.04. 1,758,589 shares of the company's stock were exchanged, compared to its average volume of 3,783,549. The business has a 50-day simple moving average of $322.61 and a two-hundred day simple moving average of $256.05. The company has a current ratio of 3.81, a quick ratio of 2.70 and a debt-to-equity ratio of 2.97. The stock has a market capitalization of $74.31 billion, a PE ratio of 121.77, a P/E/G ratio of 1.37 and a beta of 3.59. Carvana has a 1-year low of $118.50 and a 1-year high of $364.00.

Carvana (NYSE:CVNA - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.76. The company had revenue of $4.23 billion during the quarter, compared to analysts' expectations of $3.94 billion. Carvana had a return on equity of 44.86% and a net margin of 2.68%. The firm's quarterly revenue was up 38.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.23 earnings per share. On average, sell-side analysts predict that Carvana will post 2.85 EPS for the current fiscal year.

Insider Activity at Carvana

In related news, CFO Mark W. Jenkins sold 51,380 shares of Carvana stock in a transaction on Friday, May 30th. The stock was sold at an average price of $326.03, for a total value of $16,751,421.40. Following the completion of the transaction, the chief financial officer directly owned 162,079 shares in the company, valued at approximately $52,842,616.37. This trade represents a 24.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction on Friday, June 6th. The shares were sold at an average price of $346.99, for a total value of $34,699,000.00. Following the completion of the transaction, the insider owned 37,092,317 shares of the company's stock, valued at approximately $12,870,663,075.83. This trade represents a 0.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,991,515 shares of company stock worth $658,366,848. Company insiders own 17.12% of the company's stock.

Institutional Trading of Carvana

A number of institutional investors have recently bought and sold shares of CVNA. Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 last quarter. Vanguard Group Inc. lifted its holdings in shares of 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 last quarter. Durable Capital Partners LP lifted its holdings in shares of 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 last quarter. Geode Capital Management LLC lifted its holdings in shares of 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 last quarter. Finally, Whale Rock Capital Management LLC lifted its holdings in shares of Carvana by 29.8% in the 4th quarter. Whale Rock Capital Management LLC now owns 1,214,679 shares of the company's stock valued at $247,017,000 after purchasing an additional 278,760 shares during 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.

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