Zacks Investment Research Upgrades Carvana Co (CVNA) to “Buy”
Carvana Co (NASDAQ:CVNA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm currently has a $16.00 price objective on the stock. Zacks Investment Research‘s target price indicates a potential upside of 14.37% from the stock’s current price.
According to Zacks, “Carvana Co. provide eCommerce platform for buying used cars. Carvana Co. is headquartered in Phoenix, Arizona. “
Several other analysts also recently issued reports on the company. BMO Capital Markets reissued an “outperform” rating and issued a $25.00 price target (up previously from $15.00) on shares of Carvana in a research note on Monday, June 26th. Wedbush started coverage on Carvana in a research note on Monday, July 17th. They issued a “neutral” rating and a $25.00 price target on the stock. Robert W. Baird lifted their price target on Carvana from $15.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, June 21st. B. Riley assumed coverage on Carvana in a research report on Friday, September 22nd. They issued a “sell” rating and a $12.00 target price on the stock. Finally, Wells Fargo & Company reaffirmed an “outperform” rating and issued a $23.00 target price (up previously from $19.00) on shares of Carvana in a research report on Monday, June 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $20.01.
Carvana (NASDAQ:CVNA) opened at 13.99 on Monday. The stock’s market cap is $217.10 million. Carvana has a 52 week low of $8.14 and a 52 week high of $23.70. The firm has a 50-day moving average price of $16.35 and a 200-day moving average price of $16.09.
Carvana (NASDAQ:CVNA) last released its quarterly earnings results on Tuesday, August 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.02. The firm had revenue of $209.37 million during the quarter, compared to analyst estimates of $198.84 million. Carvana’s revenue for the quarter was up 142.0% on a year-over-year basis. On average, equities research analysts predict that Carvana will post ($1.13) EPS for the current year.
Several large investors have recently added to or reduced their stakes in CVNA. Spark Investment Management LLC acquired a new stake in shares of Carvana in the second quarter valued at about $2,274,000. Schwab Charles Investment Management Inc. acquired a new stake in shares of Carvana in the second quarter valued at about $508,000. Rhumbline Advisers acquired a new stake in shares of Carvana in the second quarter valued at about $392,000. ClariVest Asset Management LLC acquired a new stake in shares of Carvana in the second quarter valued at about $190,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Carvana in the second quarter valued at about $10,604,000.
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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