Bank of America Boosts Carvana (NYSE:CVNA) Price Target to $276.00


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Carvana (NYSE:CVNA) had its target price raised by Bank of America from $230.00 to $276.00 in a research report issued on Tuesday, The Fly reports. Bank of America‘s price objective indicates a potential downside of 4.64% from the company’s current price.

A number of other research analysts have also issued reports on CVNA. Piper Sandler upped their price target on shares of Carvana from $209.00 to $265.00 and gave the company an “overweight” rating in a research note on Tuesday, September 29th. BidaskClub lowered shares of Carvana from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, January 5th. Edward Jones started coverage on shares of Carvana in a research note on Monday, October 5th. They set an “outperform” rating and a $272.00 price target on the stock. KeyCorp started coverage on shares of Carvana in a research note on Thursday, December 17th. They set an “overweight” rating and a $300.00 price target on the stock. Finally, Truist started coverage on shares of Carvana in a report on Tuesday, December 15th. They issued a “buy” rating and a $314.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and eighteen have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $221.54.

NYSE CVNA opened at $289.43 on Tuesday. The company has a quick ratio of 1.42, a current ratio of 3.18 and a debt-to-equity ratio of 1.12. The firm has a market cap of $49.72 billion, a PE ratio of -106.02 and a beta of 2.52. The company has a 50 day moving average price of $257.83 and a 200 day moving average price of $204.09. Carvana has a 52 week low of $22.16 and a 52 week high of $295.13.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Thursday, October 29th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.29) by $0.19. Carvana had a negative net margin of 3.06% and a negative return on equity of 43.19%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the business posted ($0.56) EPS. Carvana’s revenue for the quarter was up 41.0% compared to the same quarter last year. On average, equities research analysts anticipate that Carvana will post -2.29 earnings per share for the current fiscal year.

In other Carvana news, COO Benjamin E. Huston sold 3,700 shares of the stock in a transaction on Friday, November 27th. The shares were sold at an average price of $250.00, for a total transaction of $925,000.00. Following the transaction, the chief operating officer now directly owns 37,742 shares of the company’s stock, valued at $9,435,500. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Ernest C. Garcia II sold 24,141 shares of the stock in a transaction on Tuesday, January 12th. The shares were sold at an average price of $289.47, for a total transaction of $6,988,095.27. Following the transaction, the insider now directly owns 8,468 shares in the company, valued at $2,451,231.96. The disclosure for this sale can be found here. Insiders have sold 2,797,980 shares of company stock worth $679,711,385 over the last three months. 12.25% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Eudaimonia Partners LLC purchased a new position in Carvana during the third quarter valued at $25,000. CNB Bank purchased a new position in Carvana during the third quarter valued at $45,000. Chiron Capital Management LLC purchased a new position in Carvana during the third quarter valued at $56,000. US Bancorp DE lifted its holdings in Carvana by 22.1% during the third quarter. US Bancorp DE now owns 375 shares of the company’s stock valued at $84,000 after purchasing an additional 68 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in Carvana during the third quarter valued at $96,000. 48.41% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Carvana (NYSE:CVNA)

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