Wells Fargo & Company Boosts Carvana (NYSE:CVNA) Price Target to $77.00

Carvana (NYSE:CVNA) had its price objective boosted by equities research analysts at Wells Fargo & Company from $60.00 to $77.00 in a report released on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price points to a potential downside of 33.64% from the company’s previous close.

Several other equities analysts have also weighed in on CVNA. JPMorgan Chase & Co. upgraded Carvana from a “neutral” rating to an “overweight” rating and raised their target price for the company from $70.00 to $130.00 in a report on Thursday. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 target price on shares of Carvana in a research report on Wednesday, April 17th. William Blair raised shares of Carvana from a “market perform” rating to an “outperform” rating in a research report on Friday, February 23rd. Robert W. Baird raised their target price on shares of Carvana from $65.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, Morgan Stanley boosted their target price on shares of Carvana from $32.00 to $45.00 and gave the stock an “underweight” rating in a research report on Monday, February 26th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $67.50.

Carvana Stock Performance

Shares of Carvana stock traded up $28.95 during trading on Thursday, hitting $116.04. 9,228,462 shares of the stock traded hands, compared to its average volume of 6,094,070. The stock has a market cap of $23.43 billion, a P/E ratio of 214.89 and a beta of 3.28. The company has a fifty day moving average price of $79.47 and a two-hundred day moving average price of $54.84. Carvana has a twelve month low of $6.92 and a twelve month high of $121.85.

Carvana (NYSE:CVNA) last posted its earnings results 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 business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same period in the previous year, the business earned ($0.97) EPS. The firm’s revenue was down 14.6% on a year-over-year basis. On average, equities research analysts expect that Carvana will post -3.32 EPS for the current fiscal year.

Insider Activity

In related news, CEO Ernest C. Garcia III sold 9,390 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $82.83, for a total value of $777,773.70. Following the sale, the chief executive officer now owns 861,458 shares of the company’s stock, valued at $71,354,566.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Thomas Taira sold 4,197 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $82.84, for a total value of $347,679.48. Following the transaction, the insider now directly owns 164,827 shares of the company’s stock, valued at approximately $13,654,268.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ernest C. Garcia III sold 9,390 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $82.83, for a total transaction of $777,773.70. Following the transaction, the chief executive officer now owns 861,458 shares in the company, valued at approximately $71,354,566.14. The disclosure for this sale can be found here. In the last 90 days, insiders sold 287,883 shares of company stock worth $23,778,678. 17.12% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Carvana

Several institutional investors have recently modified their holdings of the business. Sequoia Financial Advisors LLC lifted its stake in Carvana by 11.9% in the first quarter. Sequoia Financial Advisors LLC now owns 4,687 shares of the company’s stock valued at $412,000 after buying an additional 500 shares during the period. HB Wealth Management LLC bought a new position in shares of Carvana during the first quarter worth $244,000. Principal Financial Group Inc. grew its holdings in shares of Carvana by 9.2% in the 1st quarter. Principal Financial Group Inc. now owns 12,702 shares of the company’s stock valued at $1,117,000 after buying an additional 1,068 shares during the period. China Universal Asset Management Co. Ltd. acquired a new stake in Carvana during the 1st quarter worth $357,000. Finally, Investmentaktiengesellschaft Fuer Langfristige Investoren TGV grew its stake in Carvana by 17.6% in the first quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 588,149 shares of the company’s stock valued at $51,704,000 after acquiring an additional 88,149 shares during the period. Institutional investors and hedge funds own 56.71% of the company’s stock.

About Carvana

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.