Carvana Co. (NASDAQ:CVNA) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Carvana Co. (NYSE:CVNA) from a buy rating to a sell rating in a research report released on Thursday, November 2nd.

According to Zacks, “Carvana Co. provide eCommerce platform for buying used cars. Carvana Co. is headquartered in Phoenix, Arizona. “

Several other equities research analysts also recently issued reports on CVNA. Robert W. Baird reissued an outperform rating and set a $22.00 price objective (down previously from $23.00) on shares of Carvana in a research report on Thursday, August 10th. Susquehanna Bancshares Inc reissued a neutral rating and set a $16.00 price objective (up previously from $12.00) on shares of Carvana in a research report on Friday, August 11th. Craig Hallum increased their price objective on shares of Carvana from $16.00 to $24.00 and gave the stock a buy rating in a research report on Wednesday, August 9th. Consumer Edge reaffirmed an outperform rating and issued a $23.00 target price on shares of Carvana in a research report on Monday, October 2nd. Finally, Wells Fargo & Company reaffirmed an outperform rating and issued a $23.00 target price on shares of Carvana in a research report on Sunday, August 20th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $19.31.

Shares of Carvana (NYSE CVNA) traded up $0.10 during mid-day trading on Thursday, hitting $15.13. 572,500 shares of the stock traded hands, compared to its average volume of 781,806. Carvana has a 52 week low of $8.14 and a 52 week high of $23.70.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Tuesday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.01. Carvana had a negative net margin of 17.65% and a negative return on equity of 59.15%. The company had revenue of $225.40 million during the quarter, compared to the consensus estimate of $243.61 million.

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A number of hedge funds have recently made changes to their positions in the business. Abrams Bison Investments LLC acquired a new stake in Carvana in the second quarter valued at $51,175,000. FMR LLC acquired a new stake in Carvana in the second quarter valued at $26,992,000. Sylebra HK Co Ltd lifted its stake in Carvana by 184.4% in the third quarter. Sylebra HK Co Ltd now owns 1,302,420 shares of the company’s stock valued at $19,120,000 after acquiring an additional 844,516 shares during the last quarter. Goodnow Investment Group LLC lifted its stake in Carvana by 45.0% in the third quarter. Goodnow Investment Group LLC now owns 829,142 shares of the company’s stock valued at $12,172,000 after acquiring an additional 257,297 shares during the last quarter. Finally, Royal Bank of Canada acquired a new stake in Carvana in the second quarter valued at $15,354,000.

Carvana Company Profile

Carvana Co is an e-commerce platform for buying used cars. On the Company’s platform, consumers can research and identify a vehicle, inspect it using its proprietary 360-degree vehicle imaging technology, obtain financing and warranty coverage, purchase the vehicle and schedule delivery or pick-up, all from their desktop or mobile devices.

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Analyst Recommendations for Carvana (NYSE:CVNA)

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