Carvana (NYSE:CVNA) Earns “Market Outperform” Rating from JMP Securities

JMP Securities restated their market outperform rating on shares of Carvana (NYSE:CVNA) in a research note released on Wednesday morning, Benzinga reports. JMP Securities currently has a $80.00 price objective on the stock.

CVNA has been the subject of a number of other reports. William Blair upgraded shares of Carvana from a market perform rating to an outperform rating in a report on Friday, February 23rd. Royal Bank of Canada upgraded shares of Carvana from an underperform rating to a sector perform rating and boosted their price target for the stock from $45.00 to $90.00 in a report on Friday, March 8th. Morgan Stanley boosted their price target on shares of Carvana from $32.00 to $45.00 and gave the stock an underweight rating in a report on Monday, February 26th. Raymond James upgraded shares of Carvana from an underperform rating to a market perform rating in a report on Friday, February 23rd. Finally, Jefferies Financial Group upgraded shares of Carvana from an underperform rating to a hold rating and boosted their price target for the stock from $30.00 to $85.00 in a report on Tuesday, March 12th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Carvana has a consensus rating of Hold and an average price target of $53.87.

Carvana Price Performance

Shares of NYSE CVNA opened at $71.39 on Wednesday. The stock has a market capitalization of $14.41 billion, a P/E ratio of 132.21 and a beta of 3.32. The company has a 50-day moving average price of $75.21 and a 200-day moving average price of $52.34. Carvana has a 1 year low of $6.70 and a 1 year high of $94.04.

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

Insiders Place Their Bets

In related news, Director Neha Parikh acquired 1,300 shares of the stock in a transaction on Friday, March 1st. The shares were acquired at an average price of $77.00 per share, with a total value of $100,100.00. Following the completion of the transaction, the director now owns 58,495 shares in the company, valued at approximately $4,504,115. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Carvana news, Director Neha Parikh purchased 1,300 shares of the stock in a transaction dated Friday, March 1st. The shares were bought at an average price of $77.00 per share, with a total value of $100,100.00. Following the completion of the transaction, the director now directly owns 58,495 shares in the company, valued at approximately $4,504,115. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul W. Breaux sold 15,000 shares of the business’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 transaction of $1,035,000.00. Following the completion of the sale, the insider now directly owns 150,126 shares in the company, valued at approximately $10,358,694. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 187,883 shares of company stock valued at $15,505,178. Company insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

Several hedge funds and other institutional investors have recently modified their holdings of the business. Diversified Trust Co raised its position in shares of Carvana by 53.3% in the first quarter. Diversified Trust Co now owns 8,678 shares of the company’s stock valued at $763,000 after purchasing an additional 3,019 shares during the period. Quadrature Capital Ltd grew its stake in Carvana by 128.1% during the fourth quarter. Quadrature Capital Ltd now owns 118,196 shares of the company’s stock valued at $6,269,000 after acquiring an additional 66,386 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Carvana by 63.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,481 shares of the company’s stock valued at $131,000 after acquiring an additional 965 shares in the last quarter. Vanguard Group Inc. grew its stake in Carvana by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after acquiring an additional 655,603 shares in the last quarter. Finally, Wellington Management Group LLP purchased a new position in Carvana during the fourth quarter valued at approximately $4,703,000. 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.