Carvana Co. (NYSE:CVNA – Get Free Report) rose 0.8% during trading on Wednesday . The company traded as high as $156.19 and last traded at $155.36. Approximately 449,210 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 5,358,459 shares. The stock had previously closed at $154.18.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on the stock. Evercore ISI reduced their price target on shares of Carvana from $150.00 to $142.00 and set an “in-line” rating for the company in a research report on Wednesday, August 7th. Robert W. Baird assumed coverage on Carvana in a research note on Thursday, August 1st. They set a “neutral” rating and a $160.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on Carvana from $150.00 to $155.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Morgan Stanley increased their price objective on Carvana from $75.00 to $110.00 and gave the company an “underweight” rating in a report on Thursday, August 1st. Finally, Needham & Company LLC lifted their target price on shares of Carvana from $160.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Carvana presently has a consensus rating of “Hold” and an average price target of $148.40.
View Our Latest Stock Analysis on Carvana
Carvana Stock Performance
Insiders Place Their Bets
In related news, major shareholder Ernest C. Garcia II sold 60,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $105.62, for a total transaction of $6,337,200.00. Following the sale, the insider now owns 2,017,500 shares of the company’s stock, valued at $213,088,350. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO Mark W. Jenkins sold 5,000 shares of Carvana stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.25, for a total transaction of $496,250.00. Following the completion of the transaction, the chief financial officer now owns 192,552 shares of the company’s stock, valued at approximately $19,110,786. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Ernest C. Garcia II sold 60,000 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $105.62, for a total transaction of $6,337,200.00. Following the completion of the sale, the insider now directly owns 2,017,500 shares in the company, valued at $213,088,350. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,456,236 shares of company stock worth $305,616,285. 17.12% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Carvana
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVNA. International Assets Investment Management LLC purchased a new stake in Carvana in the 4th quarter valued at approximately $5,610,000. Federated Hermes Inc. acquired a new stake in shares of Carvana during the fourth quarter valued at $864,000. Jennison Associates LLC acquired a new stake in shares of Carvana during the fourth quarter valued at $500,000. Illinois Municipal Retirement Fund purchased a new stake in Carvana during the 4th quarter worth about $880,000. Finally, State of New Jersey Common Pension Fund D raised its stake in Carvana by 51.0% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 79,143 shares of the company’s stock valued at $4,190,000 after purchasing an additional 26,729 shares during the last quarter. Institutional investors and hedge funds 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.
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