Carvana (NYSE:CVNA – Get Rating) had its price target cut by Royal Bank of Canada from $85.00 to $35.00 in a report released on Friday, MarketBeat reports. They currently have a sector perform rating on the stock.
Several other brokerages have also issued reports on CVNA. Wedbush dropped their target price on shares of Carvana from $90.00 to $50.00 and set an outperform rating for the company in a research report on Tuesday, July 5th. Evercore ISI lowered their price objective on shares of Carvana to $45.00 in a report on Thursday, June 9th. Stifel Nicolaus lowered their price objective on shares of Carvana from $48.00 to $34.00 and set a hold rating for the company in a report on Tuesday, June 28th. Needham & Company LLC lowered their price objective on shares of Carvana from $80.00 to $31.00 and set a buy rating for the company in a report on Tuesday, July 5th. Finally, Bank of America lowered their price objective on shares of Carvana from $225.00 to $80.00 in a report on Thursday, May 19th. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Carvana currently has a consensus rating of Hold and an average price target of $101.55.
Get Carvana alerts:Carvana Price Performance
Shares of NYSE:CVNA opened at $46.98 on Friday. Carvana has a 12 month low of $19.45 and a 12 month high of $376.83. The stock has a market cap of $8.13 billion, a P/E ratio of -7.08 and a beta of 2.68. The company has a current ratio of 1.36, a quick ratio of 0.47 and a debt-to-equity ratio of 63.19. The company has a 50 day moving average of $26.16 and a 200 day moving average of $78.90.
Carvana (NYSE:CVNA – Get Rating) last announced its earnings results on Thursday, August 4th. The company reported ($2.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.75) by ($0.60). Carvana had a negative net margin of 4.24% and a negative return on equity of 144.51%. The company had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.99 billion. During the same quarter in the previous year, the firm earned $0.26 earnings per share. The company's revenue for the quarter was up 16.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Carvana will post -7.17 EPS for the current fiscal year.Insider Activity at Carvana
In related news, Director J Danforth Quayle purchased 18,750 shares of the stock in a transaction that occurred on Tuesday, May 17th. The stock was bought 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director J Danforth Quayle purchased 18,750 shares of the stock in a transaction that occurred on Tuesday, May 17th. The stock was bought 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Ernest C. Garcia II purchased 1,191,468 shares of the stock in a transaction that occurred on Monday, June 13th. The stock was bought at an average price of $20.67 per share, with a total value of $24,627,643.56. Following the completion of the transaction, the insider now owns 2,578,314 shares of the company's stock, valued at $53,293,750.38. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 2,197,008 shares of company stock valued at $47,538,049. 10.70% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Carvana
Several institutional investors have recently made changes to their positions in CVNA. Arizona State Retirement System lifted its holdings in shares of Carvana by 3.5% during the first quarter. Arizona State Retirement System now owns 21,442 shares of the company's stock worth $2,558,000 after purchasing an additional 735 shares during the period. Compass Financial Advisors LLC lifted its holdings in Carvana by 25.0% in the first quarter. Compass Financial Advisors LLC now owns 3,711 shares of the company's stock valued at $443,000 after acquiring an additional 743 shares during the period. Edmond DE Rothschild Holding S.A. raised its stake in shares of Carvana by 9.7% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 7,127 shares of the company's stock worth $1,652,000 after buying an additional 628 shares during the period. Sachem Head Capital Management LP acquired a new position in shares of Carvana during the 4th quarter worth approximately $85,762,000. Finally, Marshall Wace LLP raised its stake in shares of Carvana by 416.7% during the 4th quarter. Marshall Wace LLP now owns 717,824 shares of the company's stock worth $166,384,000 after buying an additional 578,900 shares during the period.
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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