Carvana (NYSE:CVNA) Stock Price Up 8.3% – Time to Buy?

Carvana Co. (NYSE:CVNA) shares rose 8.3% during mid-day trading on Tuesday . The company traded as high as $204.65 and last traded at $204.53. Approximately 1,789,699 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 8,038,491 shares. The stock had previously closed at $188.85.

Wall Street Analyst Weigh In

CVNA has been the topic of several recent research reports. Jefferies Financial Group boosted their price target on shares of Carvana from $150.00 to $185.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada upgraded shares of Carvana from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $270.00 to $280.00 in a report on Tuesday. Evercore ISI raised their price target on shares of Carvana from $240.00 to $245.00 and gave the stock an “in-line” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. upped their price objective on Carvana from $230.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, Citigroup upgraded Carvana from a “neutral” rating to a “buy” rating and lifted their target price for the company from $195.00 to $277.00 in a research report on Wednesday. Nine equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $241.94.

Carvana Trading Down 0.7 %

The company’s 50 day moving average price is $235.93 and its 200 day moving average price is $182.69. The firm has a market cap of $40.90 billion, a PE ratio of 19,719.72 and a beta of 3.38. The company has a debt-to-equity ratio of 18.99, a current ratio of 3.25 and a quick ratio of 2.12.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.23 by $0.41. The business had revenue of $3.66 billion during the quarter, compared to analysts’ expectations of $3.47 billion. During the same period in the prior year, the business earned $0.23 EPS. The business’s quarterly revenue was up 31.8% on a year-over-year basis. As a group, analysts forecast that Carvana Co. will post 0.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Mark W. Jenkins sold 208,495 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $224.43, for a total transaction of $46,792,532.85. Following the completion of the transaction, the chief financial officer now directly owns 90,732 shares of the company’s stock, valued at approximately $20,362,982.76. This represents a 69.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Benjamin E. Huston sold 3,043 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $240.00, for a total value of $730,320.00. Following the completion of the transaction, the chief operating officer now owns 218,686 shares in the company, valued at approximately $52,484,640. The trade was a 1.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,051,908 shares of company stock worth $218,824,285 in the last quarter. 17.12% of the stock is owned by company insiders.

Hedge Funds Weigh In On Carvana

Hedge funds have recently added to or reduced their stakes in the stock. Forum Financial Management LP grew its stake in Carvana by 3.8% during the 3rd quarter. Forum Financial Management LP now owns 2,071 shares of the company’s stock worth $361,000 after buying an additional 76 shares during the last quarter. Empirical Asset Management LLC boosted its holdings in shares of Carvana by 2.0% in the third quarter. Empirical Asset Management LLC now owns 5,109 shares of the company’s stock valued at $890,000 after acquiring an additional 100 shares during the period. CIBC Asset Management Inc grew its position in shares of Carvana by 3.5% during the third quarter. CIBC Asset Management Inc now owns 3,366 shares of the company’s stock worth $586,000 after acquiring an additional 115 shares during the last quarter. MML Investors Services LLC increased its holdings in shares of Carvana by 3.0% in the 3rd quarter. MML Investors Services LLC now owns 4,172 shares of the company’s stock valued at $726,000 after acquiring an additional 122 shares during the period. Finally, Bleakley Financial Group LLC raised its position in Carvana by 6.0% in the 3rd quarter. Bleakley Financial Group LLC now owns 2,308 shares of the company’s stock valued at $402,000 after purchasing an additional 130 shares during the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

About Carvana

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.