Carvana’s (CVNA) “Neutral” Rating Reiterated at Wedbush
Wedbush reissued their neutral rating on shares of Carvana Co (NASDAQ:CVNA) in a research note released on Wednesday morning, The Fly reports. The brokerage currently has a $14.00 price objective on the stock, down from their prior price objective of $20.00. Wedbush also issued estimates for Carvana’s Q4 2017 earnings at ($0.35) EPS, FY2017 earnings at ($1.20) EPS, Q3 2018 earnings at ($0.14) EPS, Q4 2018 earnings at ($0.21) EPS, FY2018 earnings at ($0.68) EPS and FY2019 earnings at $0.27 EPS.
CVNA has been the topic of several other reports. Robert W. Baird reaffirmed an outperform rating and issued a $22.00 target price on shares of Carvana in a research report on Thursday, September 7th. Susquehanna Bancshares Inc reaffirmed a neutral rating and issued a $16.00 target price (up from $12.00) on shares of Carvana in a research report on Friday, August 11th. 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. BMO Capital Markets decreased their price target on Carvana from $25.00 to $19.00 and set an outperform rating for the company in a research note on Wednesday. Finally, Zacks Investment Research cut Carvana from a buy rating to a sell rating in a research note on Thursday, November 2nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. Carvana has an average rating of Buy and a consensus target price of $19.31.
Shares of Carvana (CVNA) traded up $0.33 during midday trading on Wednesday, reaching $14.19. The company’s stock had a trading volume of 289,675 shares, compared to its average volume of 520,965. Carvana has a 1 year low of $8.14 and a 1 year high of $23.70.
Carvana (NASDAQ:CVNA) last issued its earnings results on Tuesday, November 7th. The company reported ($0.29) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.01. The company had revenue of $225.40 million during the quarter, compared to analyst estimates of $243.61 million.
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Several large investors have recently added to or reduced their stakes in CVNA. Abrams Bison Investments LLC acquired a new position in shares of Carvana in the 2nd quarter valued at $51,175,000. FMR LLC acquired a new position in shares of Carvana in the 2nd quarter valued at $26,992,000. Royal Bank of Canada acquired a new position in shares of Carvana in the 2nd quarter valued at $15,354,000. Principal Financial Group Inc. acquired a new position in shares of Carvana in the 2nd quarter valued at $14,998,000. Finally, Goodnow Investment Group LLC acquired a new position in shares of Carvana in the 2nd quarter valued at $11,706,000.
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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