JPMorgan Chase & Co. Cuts Carvana (NYSE:CVNA) Price Target to $325.00

Carvana (NYSE:CVNA) had its price objective lowered by JPMorgan Chase & Co. from $365.00 to $325.00 in a report released on Thursday,Benzinga reports. The firm currently has an overweight rating on the stock.

CVNA has been the subject of a number of other reports. Stephens reiterated an “overweight” rating and set a $300.00 price objective on shares of Carvana in a research note on Monday, March 3rd. Bank of America reduced their price objective on shares of Carvana from $270.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Citigroup lifted their target price on shares of Carvana from $277.00 to $320.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Needham & Company LLC restated a “buy” rating and issued a $340.00 price target on shares of Carvana in a research note on Friday, March 7th. Finally, Morgan Stanley upgraded Carvana from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $260.00 to $280.00 in a research report on Tuesday, March 25th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $261.53.

Carvana Price Performance

CVNA stock opened at $204.40 on Thursday. The company has a debt-to-equity ratio of 3.82, a quick ratio of 2.12 and a current ratio of 3.64. The firm has a market capitalization of $43.57 billion, a price-to-earnings ratio of 130.19 and a beta of 3.56. The firm has a 50 day moving average price of $227.25 and a 200-day moving average price of $217.50. Carvana has a 52-week low of $67.61 and a 52-week high of $292.84.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.27. The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.32 billion. Carvana had a net margin of 1.54% and a return on equity of 36.59%. Equities research analysts forecast that Carvana will post 2.85 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Mark W. Jenkins sold 10,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $250.12, for a total transaction of $2,501,200.00. Following the transaction, the chief financial officer now owns 219,962 shares of the company’s stock, valued at approximately $55,016,895.44. This represents a 4.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul W. Breaux sold 1,362 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $270.08, for a total transaction of $367,848.96. Following the sale, the insider now directly owns 153,240 shares in the company, valued at $41,387,059.20. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 197,377 shares of company stock worth $44,251,096. 17.12% of the stock is owned by corporate insiders.

Institutional Trading of Carvana

A number of institutional investors have recently bought and sold shares of the business. Whale Rock Capital Management LLC purchased a new position in Carvana during the 3rd quarter worth approximately $162,953,000. Norges Bank acquired a new stake in shares of Carvana in the 4th quarter worth approximately $179,364,000. Vanguard Group Inc. grew its position in shares of Carvana by 5.6% in the fourth quarter. Vanguard Group Inc. now owns 11,425,367 shares of the company’s stock valued at $2,323,463,000 after purchasing an additional 610,234 shares during the last quarter. Castle Hook Partners LP purchased a new stake in Carvana during the 4th quarter worth about $116,020,000. Finally, Lord Abbett & CO. LLC grew its stake in Carvana by 1,454.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 538,473 shares of the company’s stock worth $93,754,000 after acquiring an additional 503,824 shares during the period. 56.71% of the stock is owned by hedge funds and other institutional investors.

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.