Carvana (NYSE:CVNA) Earns “Hold” Rating from Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Carvana (NYSE:CVNA) in a research note published on Wednesday morning, Benzinga reports.

Several other analysts also recently issued reports on the stock. Wedbush boosted their target price on shares of Carvana from $80.00 to $120.00 and gave the company a neutral rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. upped their price target on Carvana from $130.00 to $150.00 and gave the company an overweight rating in a research report on Monday, June 10th. Wells Fargo & Company raised their price objective on Carvana from $60.00 to $77.00 and gave the stock an equal weight rating in a research report on Thursday, May 2nd. William Blair reiterated an outperform rating on shares of Carvana in a report on Thursday, May 2nd. Finally, JMP Securities raised their price target on shares of Carvana from $135.00 to $150.00 and gave the stock a market outperform rating in a report on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $87.29.

Carvana Stock Down 3.2 %

Shares of Carvana stock opened at $128.60 on Wednesday. Carvana has a 12-month low of $23.43 and a 12-month high of $136.92. The firm has a market capitalization of $26.05 billion, a PE ratio of 56.40 and a beta of 3.29. The stock’s fifty day moving average is $107.74 and its 200-day moving average is $78.19.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.35. The firm had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $2.72 billion. Analysts expect that Carvana will post -0.75 EPS for the current year.

Insider Activity at Carvana

In other Carvana news, CEO Ernest C. Garcia III sold 9,390 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $82.83, for a total transaction of $777,773.70. Following the transaction, the chief executive officer now owns 861,458 shares in the company, valued at $71,354,566.14. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Ernest C. Garcia III sold 9,390 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $82.83, for a total value of $777,773.70. Following the sale, the chief executive officer now directly owns 861,458 shares of the company’s stock, valued at $71,354,566.14. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Ernest C. Garcia II sold 75,000 shares of Carvana stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $125.43, for a total value of $9,407,250.00. Following the completion of the transaction, the insider now owns 2,917,500 shares in the company, valued at $365,942,025. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,801,829 shares of company stock valued at $193,562,233. Corporate insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

Several hedge funds and other institutional investors have recently modified their holdings of CVNA. Price T Rowe Associates Inc. MD grew its position in Carvana by 39.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock worth $655,727,000 after purchasing an additional 2,112,463 shares during the last quarter. Morgan Stanley increased its stake in Carvana by 13.8% during the third quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock valued at $619,478,000 after acquiring an additional 1,784,009 shares during the period. Vanguard Group Inc. raised its holdings in Carvana by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after acquiring an additional 655,603 shares in the last quarter. UBS Group AG lifted its position in shares of Carvana by 132.6% in the 3rd quarter. UBS Group AG now owns 81,620 shares of the company’s stock worth $3,426,000 after acquiring an additional 331,892 shares during the period. Finally, First Trust Advisors LP grew its holdings in shares of Carvana by 17.1% during the 4th quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock worth $78,560,000 after purchasing an additional 216,893 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

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.