JPMorgan Chase & Co. Downgrades Carvana (NYSE:CVNA) to Underweight

Financial News Live · Aug 12, 2022 19:01

JPMorgan Chase & Co. downgraded shares of Carvana (NYSE:CVNA – Get Rating) from a neutral rating to an underweight rating in a report published on Monday, The Fly reports. They currently have $35.00 price target on the stock, up from their previous price target of $25.00.

Other equities analysts have also recently issued research reports about the company. Cowen lowered their target price on Carvana from $142.00 to $95.00 in a report on Saturday, August 6th. Robert W. Baird decreased their price target on Carvana from $125.00 to $65.00 in a research note on Wednesday, May 11th. Northcoast Research initiated coverage on Carvana in a research note on Monday, April 11th. They issued a neutral rating for the company. Stifel Nicolaus decreased their price target on Carvana from $48.00 to $34.00 and set a hold rating for the company in a research note on Tuesday, June 28th. Finally, Wedbush decreased their price target on Carvana from $90.00 to $50.00 and set an outperform rating for the company in a research note on Tuesday, July 5th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $79.76.

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Carvana Trading Up 6.0 %

Carvana stock opened at $50.13 on Monday. Carvana has a 52 week low of $19.45 and a 52 week high of $365.04. The stock has a fifty day moving average of $27.47 and a 200-day moving average of $75.96. The company has a debt-to-equity ratio of 7.64, a current ratio of 2.32 and a quick ratio of 0.47.

Carvana (NYSE:CVNA – Get Rating) last issued its earnings results 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 115.22% and a negative net margin of 4.24%. The firm had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.99 billion. During the same period in the previous year, the company earned $0.26 EPS. Carvana's revenue for the quarter was up 16.4% on a year-over-year basis. Equities research analysts forecast that Carvana will post -7.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, 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 price of $39.14 per share, for a total transaction of $733,875.00. Following the completion of the acquisition, the director now owns 12,500 shares in the company, valued at $489,250. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director J Danforth Quayle bought 18,750 shares of the firm's stock in a transaction on Tuesday, May 17th. The stock was acquired at an average cost of $39.14 per share, with a total value of $733,875.00. Following the completion of the transaction, the director now directly owns 12,500 shares of the company's stock, valued at approximately $489,250. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul W. Breaux bought 15,000 shares of Carvana stock in a transaction on Friday, May 20th. The shares were purchased at an average price of $32.57 per share, for a total transaction of $488,550.00. Following the acquisition, the insider now directly owns 49,240 shares in the company, valued at approximately $1,603,746.80. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 2,197,008 shares of company stock worth $47,538,049. Corporate insiders own 10.70% of the company's stock.

Hedge Funds Weigh In On Carvana

Several hedge funds and other institutional investors have recently modified their holdings of the company. abrdn plc lifted its holdings in shares of Carvana by 1.2% during the 4th quarter. abrdn plc now owns 6,497 shares of the company's stock valued at $1,506,000 after buying an additional 76 shares during the period. Eaton Vance Management lifted its holdings in shares of Carvana by 1.7% during the 4th quarter. Eaton Vance Management now owns 4,798 shares of the company's stock valued at $1,083,000 after buying an additional 80 shares during the period. Steward Partners Investment Advisory LLC increased its stake in shares of Carvana by 31.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 355 shares of the company's stock worth $82,000 after purchasing an additional 85 shares in the last quarter. Equitable Holdings Inc. increased its stake in shares of Carvana by 11.6% in the 4th quarter. Equitable Holdings Inc. now owns 959 shares of the company's stock worth $222,000 after purchasing an additional 100 shares in the last quarter. Finally, Claar Advisors LLC increased its stake in shares of Carvana by 25.0% in the 4th quarter. Claar Advisors LLC now owns 600 shares of the company's stock worth $139,000 after purchasing an additional 120 shares in the last quarter.

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.

JPMorgan Chase & Co. Downgrades Carvana (NYSE:CVNA) to Underweight

Carvana Trading Up 6.0 %

Insiders Place Their Bets

Hedge Funds Weigh In On Carvana

About Carvana

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