Robert W. Baird Forecasts Strong Price Appreciation for Carvana (NYSE:CVNA) Stock

Carvana (NYSE:CVNA) had its price objective raised by Robert W. Baird from $160.00 to $240.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts also recently commented on CVNA. JPMorgan Chase & Co. lifted their target price on shares of Carvana from $185.00 to $230.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. Morgan Stanley boosted their target price on shares of Carvana from $75.00 to $110.00 and gave the company an “underweight” rating in a research report on Thursday, August 1st. Stephens initiated coverage on shares of Carvana in a research note on Thursday, September 12th. They issued an “overweight” rating and a $190.00 price target on the stock. Wells Fargo & Company lifted their price objective on shares of Carvana from $175.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Finally, TD Cowen increased their target price on shares of Carvana from $110.00 to $148.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Carvana currently has an average rating of “Hold” and an average target price of $208.88.

Carvana Price Performance

Shares of CVNA opened at $229.08 on Thursday. The firm has a market capitalization of $47.41 billion, a PE ratio of 22,930.93 and a beta of 3.37. The company has a debt-to-equity ratio of 18.99, a current ratio of 3.25 and a quick ratio of 2.02. The company’s 50-day moving average is $174.33 and its 200-day moving average is $137.76. Carvana has a fifty-two week low of $27.75 and a fifty-two week high of $259.39.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.23 by $0.41. The company had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.47 billion. The business’s quarterly revenue was up 31.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.23 EPS. Equities analysts forecast that Carvana will post 0.26 EPS for the current year.

Insider Buying and Selling

In other news, Director Ira J. Platt sold 664 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $150.00, for a total value of $99,600.00. Following the sale, the director now directly owns 30,227 shares in the company, valued at approximately $4,534,050. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Ira J. Platt sold 664 shares of Carvana stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $150.00, for a total transaction of $99,600.00. Following the sale, the director now directly owns 30,227 shares of the company’s stock, valued at approximately $4,534,050. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Benjamin E. Huston sold 3,043 shares of Carvana stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $240.00, for a total transaction of $730,320.00. Following the sale, the chief operating officer now directly owns 218,686 shares in the company, valued at $52,484,640. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,738,934 shares of company stock worth $463,538,905 in the last ninety days. 17.12% of the stock is owned by insiders.

Institutional Investors Weigh In On Carvana

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ridgewood Investments LLC bought a new stake in Carvana during the 2nd quarter worth approximately $32,000. Sugarloaf Wealth Management LLC bought a new stake in Carvana during the 3rd quarter worth approximately $32,000. Summit Securities Group LLC grew its holdings in Carvana by 110.0% during the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock worth $39,000 after acquiring an additional 3,300 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in Carvana during the 3rd quarter worth approximately $40,000. Finally, Fifth Third Bancorp grew its holdings in Carvana by 450.8% during the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock worth $43,000 after acquiring an additional 275 shares during the last quarter. 56.71% of the stock is owned by institutional investors.

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.