Carvana (NYSE:CVNA) PT Raised to $70.00 at JPMorgan Chase & Co.

Carvana (NYSE:CVNA) had its price target lifted by JPMorgan Chase & Co. from $65.00 to $70.00 in a research report report published on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research firms also recently issued reports on CVNA. Royal Bank of Canada raised shares of Carvana from an underperform rating to a sector perform rating and upped their price objective for the stock from $45.00 to $90.00 in a report on Friday, March 8th. Evercore ISI lowered their price target on Carvana from $78.00 to $77.00 and set an in-line rating on the stock in a research report on Tuesday. Jefferies Financial Group raised Carvana from an underperform rating to a hold rating and lifted their price objective for the stock from $30.00 to $85.00 in a report on Tuesday, March 12th. JMP Securities reaffirmed a market outperform rating and set a $80.00 target price on shares of Carvana in a report on Wednesday. Finally, Raymond James upgraded Carvana from an underperform rating to a market perform rating in a research report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $52.53.

Carvana Price Performance

Shares of Carvana stock opened at $71.10 on Thursday. The stock has a 50-day simple moving average of $74.84 and a 200-day simple moving average of $52.12. Carvana has a 52-week low of $6.70 and a 52-week high of $94.04. The firm has a market cap of $14.36 billion, a price-to-earnings ratio of 131.67 and a beta of 3.32.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.56 billion. The business’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.97) earnings per share. As a group, equities research analysts predict that Carvana will post -3.4 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Paul W. Breaux sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $69.00, for a total value of $1,035,000.00. Following the completion of the transaction, the insider now owns 150,126 shares in the company, valued at $10,358,694. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Carvana news, insider Paul W. Breaux sold 15,000 shares of Carvana stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $69.00, for a total value of $1,035,000.00. Following the sale, the insider now owns 150,126 shares of the company’s stock, valued at approximately $10,358,694. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Neha Parikh acquired 1,300 shares of Carvana stock in a transaction dated Tuesday, March 5th. The shares were purchased at an average cost of $76.68 per share, with a total value of $99,684.00. Following the completion of the transaction, the director now directly owns 59,795 shares of the company’s stock, valued at $4,585,080.60. The disclosure for this purchase can be found here. In the last three months, insiders have sold 187,883 shares of company stock worth $15,505,178. Company insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

Hedge funds and other institutional investors have recently made changes to their positions in the business. US Bancorp DE increased its stake in Carvana by 248.0% in the 1st quarter. US Bancorp DE now owns 1,646 shares of the company’s stock valued at $197,000 after buying an additional 1,173 shares during the last quarter. MetLife Investment Management LLC acquired a new position in shares of Carvana during the 1st quarter worth about $603,000. Panagora Asset Management Inc. grew its holdings in shares of Carvana by 86.7% in the 1st quarter. Panagora Asset Management Inc. now owns 3,022 shares of the company’s stock valued at $360,000 after acquiring an additional 1,403 shares in the last quarter. Great West Life Assurance Co. Can increased its position in shares of Carvana by 2.4% in the first quarter. Great West Life Assurance Co. Can now owns 69,919 shares of the company’s stock valued at $8,842,000 after acquiring an additional 1,636 shares during the last quarter. Finally, Aviva PLC raised its holdings in Carvana by 62.5% during the first quarter. Aviva PLC now owns 41,710 shares of the company’s stock worth $4,976,000 after acquiring an additional 16,037 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

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.