Carvana (CVNA) Now Covered by Morgan Stanley

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Research analysts at Morgan Stanley assumed coverage on shares of Carvana (NYSE:CVNA) in a report issued on Monday, Marketbeat.com reports. The firm set an “underweight” rating and a $23.00 price target on the stock. Morgan Stanley’s target price would indicate a potential downside of 32.59% from the stock’s previous close.

Several other research firms have also issued reports on CVNA. Barrington Research reiterated a “buy” rating on shares of Carvana in a report on Monday, November 5th. Zacks Investment Research upgraded shares of Carvana from a “sell” rating to a “hold” rating in a report on Tuesday, November 13th. JMP Securities boosted their price objective on shares of Carvana from $63.00 to $64.00 and gave the stock a “market outperform” rating in a report on Tuesday, November 13th. Robert W. Baird boosted their price objective on shares of Carvana from $60.00 to $68.00 and gave the stock an “outperform” rating in a report on Thursday, November 8th. Finally, Bank of America boosted their price objective on shares of Carvana from $60.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, November 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $57.62.

Carvana stock traded down $2.68 during trading hours on Monday, hitting $34.12. 49,764 shares of the stock traded hands, compared to its average volume of 1,691,463. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.30 and a current ratio of 2.04. The stock has a market cap of $5.04 billion, a price-to-earnings ratio of -28.45 and a beta of 2.71. Carvana has a one year low of $16.02 and a one year high of $72.59.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, November 7th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.37) by ($0.03). Carvana had a negative net margin of 5.01% and a negative return on equity of 35.13%. The business had revenue of $535.00 million for the quarter, compared to analysts’ expectations of $509.09 million. During the same quarter in the previous year, the business posted ($0.29) earnings per share. Carvana’s revenue for the quarter was up 137.8% on a year-over-year basis. On average, analysts predict that Carvana will post -1.64 earnings per share for the current year.

In other Carvana news, COO Benjamin E. Huston sold 13,000 shares of Carvana stock in a transaction that occurred on Friday, November 9th. The shares were sold at an average price of $50.07, for a total value of $650,910.00. Following the completion of the sale, the chief operating officer now owns 26,233 shares of the company’s stock, valued at approximately $1,313,486.31. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Ernest C. Garcia II sold 86,254 shares of Carvana stock in a transaction that occurred on Friday, November 2nd. The stock was sold at an average price of $45.60, for a total transaction of $3,933,182.40. Following the completion of the sale, the insider now directly owns 52,937,458 shares of the company’s stock, valued at approximately $2,413,948,084.80. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 956,000 shares of company stock valued at $31,957,500 and sold 682,969 shares valued at $31,461,405. 21.41% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of CVNA. Global X Management Co LLC bought a new stake in Carvana in the 2nd quarter worth approximately $124,000. Fifth Third Bancorp bought a new stake in Carvana in the 3rd quarter worth approximately $157,000. Legal & General Group Plc grew its position in Carvana by 61.1% in the 2nd quarter. Legal & General Group Plc now owns 4,251 shares of the company’s stock worth $177,000 after purchasing an additional 1,612 shares during the period. Credit Suisse AG bought a new stake in Carvana in the 3rd quarter worth approximately $201,000. Finally, United Services Automobile Association bought a new stake in Carvana in the 2nd quarter worth approximately $206,000. 26.48% of the stock is owned by institutional investors and hedge funds.

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.

See Also: Balance Sheet

Analyst Recommendations for Carvana (NYSE:CVNA)

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