Carvana (NYSE:CVNA) Given New $290.00 Price Target at Wells Fargo & Company

Carvana (NYSE:CVNA) had its price target decreased by investment analysts at Wells Fargo & Company from $310.00 to $290.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 20.24% from the company’s previous close.

A number of other equities research analysts have also recently commented on CVNA. DA Davidson raised their target price on Carvana from $220.00 to $260.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Evercore ISI dropped their price objective on Carvana from $250.00 to $240.00 and set an “in-line” rating on the stock in a report on Tuesday, March 11th. Royal Bank of Canada upped their target price on Carvana from $280.00 to $320.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Bank of America dropped their price target on shares of Carvana from $270.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Carvana from $365.00 to $325.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $254.76.

Carvana Stock Performance

Shares of CVNA traded up $4.04 during mid-day trading on Monday, reaching $241.19. The company had a trading volume of 284,836 shares, compared to its average volume of 4,743,620. The stock has a market capitalization of $51.41 billion, a P/E ratio of 153.62 and a beta of 3.61. Carvana has a 52-week low of $80.07 and a 52-week high of $292.84. The stock has a 50 day moving average of $204.82 and a two-hundred day moving average of $222.98. The company has a quick ratio of 2.12, a current ratio of 3.64 and a debt-to-equity ratio of 3.82.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.29 by $0.27. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.32 billion. Carvana had a return on equity of 36.59% and a net margin of 1.54%. On average, analysts expect that Carvana will post 2.85 earnings per share for the current year.

Insiders Place Their Bets

In other Carvana news, insider Thomas Taira sold 27,593 shares of the firm’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $225.03, for a total transaction of $6,209,252.79. Following the completion of the sale, the insider now owns 179,673 shares of the company’s stock, valued at $40,431,815.19. This trade represents a 13.31 % decrease in their ownership of the stock. The transaction 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 company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $250.12, for a total value of $2,501,200.00. Following the completion of the transaction, the chief financial officer now directly owns 219,962 shares in the company, valued at approximately $55,016,895.44. This trade represents a 4.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 330,810 shares of company stock valued at $69,243,820 in the last three months. 17.12% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Smith Group Asset Management LLC lifted its holdings in shares of Carvana by 3.6% in the 1st quarter. Smith Group Asset Management LLC now owns 2,910 shares of the company’s stock worth $608,000 after acquiring an additional 100 shares during the last quarter. Vontobel Holding Ltd. purchased a new position in shares of Carvana during the first quarter worth $1,623,000. J.Safra Asset Management Corp grew its stake in shares of Carvana by 140.8% in the first quarter. J.Safra Asset Management Corp now owns 3,390 shares of the company’s stock valued at $709,000 after buying an additional 1,982 shares in the last quarter. Amalgamated Bank raised its holdings in shares of Carvana by 3.2% in the 1st quarter. Amalgamated Bank now owns 6,337 shares of the company’s stock valued at $1,325,000 after buying an additional 195 shares during the period. Finally, Prakash Investment Advisors LLC lifted its stake in Carvana by 87.8% during the 1st quarter. Prakash Investment Advisors LLC now owns 5,560 shares of the company’s stock worth $1,162,000 after acquiring an additional 2,600 shares in the last quarter. Hedge funds and other 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.