Craig Hallum Cuts Carvana (CVNA) Price Target to $40.00

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Carvana (NYSE:CVNA) had its target price trimmed by Craig Hallum from $48.00 to $40.00 in a research report released on Tuesday, The Fly reports. The brokerage currently has a hold rating on the stock.

A number of other research analysts have also weighed in on the company. Wells Fargo & Co upped their price objective on Carvana from $60.00 to $72.00 and gave the stock an outperform rating in a report on Monday, October 1st. Wolfe Research initiated coverage on Carvana in a research report on Tuesday, October 2nd. They set an outperform rating on the stock. Citigroup boosted their target price on Carvana from $67.00 to $77.00 and gave the stock a buy rating in a research report on Tuesday, September 11th. They noted that the move was a valuation call. Robert W. Baird boosted their target price on Carvana from $53.00 to $60.00 and gave the stock an outperform rating in a research report on Thursday, August 9th. Finally, BMO Capital Markets boosted their target price on Carvana from $35.00 to $48.00 and gave the stock a market perform rating in a research report on Thursday, August 9th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock has an average rating of Buy and an average target price of $56.41.

Shares of CVNA stock opened at $35.71 on Tuesday. Carvana has a 1-year low of $16.02 and a 1-year high of $72.59. The firm has a market cap of $5.56 billion, a P/E ratio of -29.51 and a beta of 2.11. The company has a current ratio of 2.04, a quick ratio of 1.30 and a debt-to-equity ratio of 1.55.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, November 7th. The company reported ($0.40) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.37) by ($0.03). Carvana had a negative return on equity of 35.13% and a negative net margin of 5.01%. The business had revenue of $535.00 million for the quarter, compared to analyst estimates of $509.09 million. During the same period in the prior year, the company earned ($0.29) EPS. The company’s revenue was up 137.8% on a year-over-year basis. Equities analysts predict that Carvana will post -1.63 EPS for the current fiscal year.

In other Carvana news, major shareholder Ernest C. Garcia II sold 114,274 shares of the business’s stock in a transaction on Thursday, November 29th. The stock was sold at an average price of $47.47, for a total transaction of $5,424,586.78. Following the sale, the insider now directly owns 52,937,458 shares in the company, valued at $2,512,941,131.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Ddfs Partnership Lp sold 253,877 shares of the company’s stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $69.30, for a total value of $17,593,676.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,084,028 shares of company stock worth $179,700,231. 21.69% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the company. Whale Rock Capital Management LLC purchased a new stake in shares of Carvana in the second quarter valued at $35,039,000. 683 Capital Management LLC lifted its position in shares of Carvana by 11.4% in the second quarter. 683 Capital Management LLC now owns 1,561,634 shares of the company’s stock valued at $64,964,000 after acquiring an additional 160,294 shares in the last quarter. Fiera Capital Corp purchased a new stake in shares of Carvana in the second quarter valued at $1,082,000. Russell Investments Group Ltd. lifted its position in shares of Carvana by 622.9% in the second quarter. Russell Investments Group Ltd. now owns 10,084 shares of the company’s stock valued at $419,000 after acquiring an additional 8,689 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Carvana by 154.0% in the second quarter. Northern Trust Corp now owns 380,552 shares of the company’s stock valued at $15,831,000 after acquiring an additional 230,704 shares in the last quarter. Institutional investors and hedge funds own 26.61% of the company’s stock.

About Carvana

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying used cars in the United States. The company purchases, reconditions, sells, and delivers vehicles. Its platform allows customers to research and identify a vehicle; inspect it using company's proprietary 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up.

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