Carvana (NYSE:CVNA) Upgraded to “Overweight” at JPMorgan Chase & Co.

Carvana (NYSE:CVNA) was upgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Thursday, Briefing.com reports. The firm presently has a $130.00 price objective on the stock, up from their previous price objective of $70.00. JPMorgan Chase & Co.‘s price target suggests a potential upside of 49.13% from the company’s current price.

Several other research analysts have also recently weighed in on CVNA. Royal Bank of Canada raised Carvana from an “underperform” rating to a “sector perform” rating and upped their price objective for the stock from $45.00 to $90.00 in a research report on Friday, March 8th. Evercore ISI decreased their price target on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a research note on Tuesday, April 16th. JMP Securities reissued a “market outperform” rating and issued a $80.00 price objective on shares of Carvana in a research report on Wednesday, April 17th. Morgan Stanley lifted their price target on shares of Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a research note on Monday, February 26th. Finally, Jefferies Financial Group upgraded shares of Carvana from an “underperform” rating to a “hold” rating and increased their price objective for the stock from $30.00 to $85.00 in a research note on Tuesday, March 12th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $60.50.

Carvana Stock Up 5.1 %

CVNA opened at $87.17 on Thursday. The stock has a market cap of $17.60 billion, a P/E ratio of 161.43 and a beta of 3.28. Carvana has a 12 month low of $6.70 and a 12 month high of $94.04. The company has a fifty day simple moving average of $78.71 and a 200 day simple moving average of $54.62.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the prior year, the business earned ($0.97) EPS. Carvana’s quarterly revenue was down 14.6% on a year-over-year basis. On average, equities research analysts expect that Carvana will post -3.32 earnings per share for the current fiscal year.

Insider Activity at Carvana

In related news, COO Benjamin E. Huston sold 9,296 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $82.92, for a total value of $770,824.32. Following the completion of the transaction, the chief operating officer now owns 178,885 shares in the company, valued at approximately $14,833,144.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, COO Benjamin E. Huston sold 9,296 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $82.92, for a total value of $770,824.32. Following the sale, the chief operating officer now directly owns 178,885 shares of the company’s stock, valued at approximately $14,833,144.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Ernest C. Garcia II sold 50,000 shares of the company’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $80.13, for a total transaction of $4,006,500.00. Following the sale, the insider now directly owns 3,312,500 shares in the company, valued at approximately $265,430,625. The disclosure for this sale can be found here. In the last three months, insiders have sold 287,883 shares of company stock valued at $23,778,678. 17.12% of the stock is owned by insiders.

Institutional Trading of Carvana

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC raised its position in Carvana by 11.9% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,687 shares of the company’s stock valued at $412,000 after buying an additional 500 shares during the last quarter. HB Wealth Management LLC bought a new stake in shares of Carvana in the 1st quarter worth $244,000. Principal Financial Group Inc. raised its holdings in shares of Carvana by 9.2% in the first quarter. Principal Financial Group Inc. now owns 12,702 shares of the company’s stock valued at $1,117,000 after purchasing an additional 1,068 shares during the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in Carvana in the 1st quarter worth about $357,000. Finally, Investmentaktiengesellschaft Fuer Langfristige Investoren TGV lifted its position in shares of Carvana by 17.6% during the 1st quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 588,149 shares of the company’s stock worth $51,704,000 after buying an additional 88,149 shares in the last quarter. 56.71% of the stock is owned by 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.