Carvana Co. (NYSE:CVNA – Get Free Report) was the target of a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 13,400,000 shares, a growth of 7.7% from the December 31st total of 12,440,000 shares. Based on an average daily trading volume, of 3,270,000 shares, the short-interest ratio is presently 4.1 days.
Analysts Set New Price Targets
A number of research firms recently issued reports on CVNA. Stephens reissued an “overweight” rating and issued a $300.00 price objective on shares of Carvana in a report on Thursday, January 2nd. Royal Bank of Canada raised shares of Carvana from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $270.00 to $280.00 in a research report on Tuesday, January 7th. Piper Sandler raised their target price on Carvana from $151.00 to $225.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Needham & Company LLC reiterated a “buy” rating and set a $330.00 price objective on shares of Carvana in a research note on Tuesday, January 7th. Finally, Wells Fargo & Company decreased their target price on shares of Carvana from $300.00 to $275.00 and set an “overweight” rating on the stock in a research note on Monday, January 6th. Nine investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Carvana has a consensus rating of “Moderate Buy” and an average target price of $244.88.
Check Out Our Latest Stock Analysis on Carvana
Carvana Stock Performance
Insider Buying and Selling at Carvana
In other news, insider Daniel J. Gill sold 44,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $259.47, for a total transaction of $11,416,680.00. Following the completion of the transaction, the insider now directly owns 191,225 shares in the company, valued at $49,617,150.75. This trade represents a 18.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark W. Jenkins sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $255.07, for a total transaction of $2,550,700.00. Following the sale, the chief financial officer now directly owns 189,761 shares of the company’s stock, valued at $48,402,338.27. This trade represents a 5.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 133,845 shares of company stock valued at $33,077,056 in the last quarter. Company insiders own 17.18% of the company’s stock.
Institutional Investors Weigh In On Carvana
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quent Capital LLC purchased a new position in shares of Carvana during the fourth quarter valued at $28,000. Global Retirement Partners LLC increased its position in Carvana by 109.9% during the 4th quarter. Global Retirement Partners LLC now owns 149 shares of the company’s stock valued at $30,000 after purchasing an additional 78 shares during the period. Sugarloaf Wealth Management LLC bought a new stake in shares of Carvana in the 3rd quarter valued at about $32,000. ORG Wealth Partners LLC purchased a new stake in shares of Carvana in the 4th quarter worth approximately $34,000. Finally, Capital Performance Advisors LLP bought a new position in shares of Carvana during the third quarter valued at approximately $40,000. 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.
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