Carvana (NYSE:CVNA) Raised to Overweight at Wells Fargo & Company

Carvana (NYSE:CVNA) was upgraded by stock analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research note issued on Thursday, Briefing.com reports. The brokerage currently has a $175.00 price objective on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 31.46% from the company’s previous close.

Several other equities research analysts have also weighed in on CVNA. Needham & Company LLC upgraded Carvana from a “hold” rating to a “buy” rating and set a $160.00 price target on the stock in a research report on Wednesday, July 10th. Royal Bank of Canada lifted their price target on Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a research report on Thursday, May 2nd. William Blair restated an “outperform” rating on shares of Carvana in a research report on Thursday, May 2nd. JMP Securities restated a “market outperform” rating and set a $150.00 price target on shares of Carvana in a research report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. lifted their price objective on Carvana from $150.00 to $155.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $112.14.

Carvana Price Performance

CVNA opened at $133.12 on Thursday. The stock’s 50 day simple moving average is $119.26 and its 200 day simple moving average is $91.13. Carvana has a 1 year low of $25.09 and a 1 year high of $147.25. The firm has a market cap of $26.97 billion, a price-to-earnings ratio of 58.39 and a beta of 3.37.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.35. The company had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $2.72 billion. As a group, sell-side analysts anticipate that Carvana will post -0.71 EPS for the current year.

Insider Transactions at Carvana

In other news, major shareholder Ernest C. Garcia II sold 75,000 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $128.81, for a total value of $9,660,750.00. Following the completion of the transaction, the insider now owns 1,715,814 shares in the company, valued at $221,014,001.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Gregory B. Sullivan sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $120.90, for a total transaction of $604,500.00. Following the completion of the sale, the director now owns 58,407 shares in the company, valued at $7,061,406.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 75,000 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $128.81, for a total value of $9,660,750.00. Following the sale, the insider now owns 1,715,814 shares of the company’s stock, valued at approximately $221,014,001.34. The disclosure for this sale can be found here. Insiders sold 2,497,096 shares of company stock worth $300,635,689 over the last quarter. 17.12% of the stock is currently owned by insiders.

Institutional Trading of Carvana

A number of hedge funds have recently bought and sold shares of the company. Ridgewood Investments LLC bought a new stake in Carvana during the second quarter valued at about $32,000. Summit Securities Group LLC grew its holdings in Carvana by 110.0% during the second quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after purchasing an additional 3,300 shares during the period. Fifth Third Bancorp grew its holdings in Carvana by 450.8% during the second quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock valued at $43,000 after purchasing an additional 275 shares during the period. GAMMA Investing LLC grew its holdings in Carvana by 127.9% during the second quarter. GAMMA Investing LLC now owns 458 shares of the company’s stock valued at $59,000 after purchasing an additional 257 shares during the period. Finally, Hilltop National Bank bought a new stake in Carvana during the second quarter valued at about $68,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Carvana Company Profile

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