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Royal Bank of Canada Lowers Carvana (NYSE:CVNA) Price Target to $35.00

kopsource ·  Aug 6, 2022 22:41

Carvana (NYSE:CVNA – Get Rating) had its target price trimmed by Royal Bank of Canada from $85.00 to $35.00 in a research note published on Friday, MarketBeat reports. The firm currently has a sector perform rating on the stock.

A number of other equities analysts have also issued reports on CVNA. Wells Fargo & Company decreased their price target on Carvana from $65.00 to $35.00 and set an equal weight rating for the company in a research note on Wednesday, June 8th. Stephens reduced their target price on Carvana from $100.00 to $38.00 and set an equal weight rating for the company in a report on Monday, June 13th. Cowen reduced their target price on Carvana to $142.00 and set an outperform rating for the company in a report on Monday, May 16th. Wedbush reduced their target price on Carvana from $90.00 to $50.00 and set an outperform rating for the company in a report on Tuesday, July 5th. Finally, Oppenheimer reduced their target price on Carvana from $430.00 to $220.00 and set an outperform rating for the company in a report on Friday, April 8th. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Carvana presently has a consensus rating of Hold and a consensus target price of $101.55.

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Carvana Stock Up 40.1 %

NYSE:CVNA opened at $46.98 on Friday. Carvana has a 52 week low of $19.45 and a 52 week high of $376.83. The firm has a market capitalization of $8.13 billion, a PE ratio of -7.08 and a beta of 2.68. The stock has a 50 day moving average of $26.16 and a 200-day moving average of $78.90. The company has a current ratio of 1.36, a quick ratio of 0.47 and a debt-to-equity ratio of 63.19.

Carvana (NYSE:CVNA – Get Rating) last issued its quarterly earnings data on Thursday, August 4th. The company reported ($2.35) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.75) by ($0.60). Carvana had a negative return on equity of 144.51% and a negative net margin of 4.24%. The business had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.99 billion. During the same period last year, the company earned $0.26 earnings per share. The business's quarterly revenue was up 16.4% compared to the same quarter last year. Analysts predict that Carvana will post -7.17 EPS for the current year.

Insider Transactions at Carvana

In related news, Director J Danforth Quayle acquired 18,750 shares of the business's stock in a transaction that occurred on Tuesday, May 17th. The shares were acquired at an average cost of $39.14 per share, with a total value of $733,875.00. Following the transaction, the director now owns 12,500 shares of the company's stock, valued at approximately $489,250. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Carvana news, major shareholder Ernest C. Garcia II purchased 1,191,468 shares of the business's stock in a transaction on Monday, June 13th. The shares were purchased at an average cost of $20.67 per share, with a total value of $24,627,643.56. Following the transaction, the insider now directly owns 2,578,314 shares of the company's stock, valued at approximately $53,293,750.38. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director J Danforth Quayle purchased 18,750 shares of the business's stock in a transaction on Tuesday, May 17th. The shares were acquired at an average cost of $39.14 per share, for a total transaction of $733,875.00. Following the completion of the transaction, the director now directly owns 12,500 shares in the company, valued at $489,250. The disclosure for this purchase can be found here. Insiders have bought a total of 2,197,008 shares of company stock valued at $47,538,049 over the last three months. 10.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CVNA. Vanguard Group Inc. grew its stake in Carvana by 46.8% in the 1st quarter. Vanguard Group Inc. now owns 7,297,426 shares of the company's stock valued at $870,511,000 after buying an additional 2,325,545 shares during the last quarter. D1 Capital Partners L.P. grew its stake in Carvana by 77.7% in the 4th quarter. D1 Capital Partners L.P. now owns 4,211,082 shares of the company's stock valued at $976,087,000 after buying an additional 1,841,141 shares during the last quarter. Tiger Global Management LLC grew its stake in Carvana by 17.5% in the 1st quarter. Tiger Global Management LLC now owns 8,531,177 shares of the company's stock valued at $1,017,684,000 after buying an additional 1,268,272 shares during the last quarter. Spruce House Investment Management LLC grew its stake in Carvana by 33.3% in the 1st quarter. Spruce House Investment Management LLC now owns 5,000,000 shares of the company's stock valued at $596,450,000 after buying an additional 1,250,000 shares during the last quarter. Finally, Thrive Capital Management LLC acquired a new position in Carvana in the 1st quarter valued at about $96,949,000.

About Carvana

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Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. The company's 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.

Further Reading

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