Carvana (NYSE:CVNA) Stock Rating Reaffirmed as Buy by BTIG Research

Carvana (NYSE:CVNA)‘s stock had its “buy” rating reissued by BTIG Research in a research note issued to investors on Friday, Marketbeat Ratings reports. They presently have a $87.00 target price on the stock. BTIG Research’s price objective suggests a potential upside of 36.53% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Citizens Jmp decreased their price objective on shares of Carvana from $103.00 to $83.00 and set a “market outperform” rating for the company in a research note on Thursday, July 30th. BNP Paribas Exane decreased their price objective on shares of Carvana from $86.00 to $69.00 and set a “hold” rating for the company in a research note on Thursday, July 30th. Hovde Group raised their price objective on shares of Carvana from $39.50 to $48.00 and gave the stock a “market perform” rating in a research note on Tuesday, August 4th. Stephens reissued an “overweight” rating and issued a $83.00 price objective (down from $91.50) on shares of Carvana in a research note on Tuesday. Finally, DA Davidson set a $67.00 price objective on shares of Carvana in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, Carvana presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.13.

Carvana Trading Up 0.8%

Shares of NYSE:CVNA traded up $0.52 during trading on Friday, reaching $63.72. The company’s stock had a trading volume of 6,796,713 shares, compared to its average volume of 13,250,105. The company has a current ratio of 3.93, a quick ratio of 2.33 and a debt-to-equity ratio of 0.94. Carvana has a 12 month low of $54.46 and a 12 month high of $97.38. The firm’s 50 day simple moving average is $68.96 and its two-hundred day simple moving average is $68.62. The stock has a market capitalization of $70.12 billion, a PE ratio of 35.24, a price-to-earnings-growth ratio of 1.81 and a beta of 3.55.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.03. The business had revenue of $7.38 billion during the quarter, compared to the consensus estimate of $6.90 billion. Carvana had a net margin of 6.26% and a return on equity of 37.06%. The firm’s quarterly revenue was up 52.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.51 earnings per share. On average, research analysts predict that Carvana will post 1.67 EPS for the current fiscal year.

Insider Activity

In other news, Director J Quayle sold 14,525 shares of Carvana stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $75.00, for a total transaction of $1,089,375.00. Following the completion of the sale, the director owned 214,960 shares of the company’s stock, valued at approximately $16,122,000. The trade was a 6.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Thomas Taira sold 16,789 shares of Carvana stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $70.58, for a total transaction of $1,184,967.62. Following the sale, the insider directly owned 366,987 shares of the company’s stock, valued at $25,901,942.46. This represents a 4.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 352,564 shares of company stock valued at $23,800,480. Insiders own 15.19% of the company’s stock.

Institutional Trading of Carvana

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp raised its stake in shares of Carvana by 417.1% during the second quarter. State Street Corp now owns 29,435,364 shares of the company’s stock valued at $1,937,436,000 after acquiring an additional 23,742,422 shares in the last quarter. Sands Capital Management LLC increased its holdings in Carvana by 44.4% during the fourth quarter. Sands Capital Management LLC now owns 2,442,534 shares of the company’s stock valued at $1,030,798,000 after buying an additional 751,019 shares during the period. Spruce House Investment Management LLC increased its holdings in Carvana by 2.6% during the first quarter. Spruce House Investment Management LLC now owns 2,335,000 shares of the company’s stock valued at $734,077,000 after buying an additional 60,000 shares during the period. Dragoneer Investment Group LLC increased its holdings in Carvana by 44.3% during the fourth quarter. Dragoneer Investment Group LLC now owns 979,460 shares of the company’s stock valued at $413,352,000 after buying an additional 300,539 shares during the period. Finally, Goodnow Investment Group LLC increased its holdings in Carvana by 9.0% during the fourth quarter. Goodnow Investment Group LLC now owns 710,091 shares of the company’s stock valued at $299,673,000 after buying an additional 58,828 shares during the period. Institutional investors own 56.71% of the company’s stock.

About Carvana

Carvana Co is an online used-car retailer that enables customers to research, purchase, finance, trade in and sell vehicles through its digital platform. The company’s services are designed to allow customers to complete much of the vehicle-buying process online, including selecting a vehicle, arranging financing, completing documentation and scheduling delivery or pickup.

Carvana offers a broad selection of used cars, trucks and sport utility vehicles. Its platform includes vehicle listings with photographs and inspection information, while its operations support vehicle reconditioning, logistics and customer delivery.