Carvana (NYSE:CVNA) Given New $200.00 Price Target at Needham & Company LLC

Carvana (NYSE:CVNA) had its price target hoisted by Needham & Company LLC from $160.00 to $200.00 in a report released on Thursday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on the stock. TD Cowen raised their price objective on shares of Carvana from $58.00 to $70.00 and gave the company a hold rating in a research note on Monday, April 29th. William Blair reaffirmed an outperform rating on shares of Carvana in a research note on Thursday, May 2nd. Wells Fargo & Company raised shares of Carvana from an equal weight rating to an overweight rating and raised their price objective for the company from $77.00 to $175.00 in a research note on Thursday. Robert W. Baird lifted their price target on shares of Carvana from $65.00 to $110.00 and gave the stock a neutral rating in a research report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Carvana from $150.00 to $155.00 and gave the stock an overweight rating in a research report on Friday, July 19th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Carvana presently has an average rating of Hold and a consensus price target of $140.27.

Carvana Stock Performance

Shares of NYSE CVNA traded down $6.31 during mid-day trading on Thursday, hitting $140.21. 2,730,477 shares of the stock were exchanged, compared to its average volume of 5,520,010. The company has a market cap of $28.40 billion, a P/E ratio of 60.52 and a beta of 3.37. The stock’s fifty day simple moving average is $119.99 and its two-hundred day simple moving average is $91.51. Carvana has a twelve month low of $25.09 and a twelve month high of $154.00.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.35. The business had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $2.72 billion. As a group, equities research analysts predict that Carvana will post -0.71 earnings per share for the current fiscal year.

Insider Transactions at Carvana

In related news, major shareholder Ernest C. Garcia II sold 75,000 shares of Carvana stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $125.43, for a total transaction of $9,407,250.00. Following the completion of the sale, the insider now owns 2,917,500 shares of the company’s stock, valued at approximately $365,942,025. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Carvana news, major shareholder Ernest C. Garcia II sold 75,000 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $125.43, for a total value of $9,407,250.00. Following the completion of the sale, the insider now owns 2,917,500 shares of the company’s stock, valued at approximately $365,942,025. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory B. Sullivan sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $120.90, for a total transaction of $604,500.00. Following the completion of the sale, the director now directly owns 58,407 shares of the company’s stock, valued at approximately $7,061,406.30. The disclosure for this sale can be found here. Insiders have sold 2,512,096 shares of company stock worth $303,420,439 in the last ninety days. Insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

Several hedge funds and other institutional investors have recently made changes to their positions in CVNA. Blue Trust Inc. acquired a new position in Carvana during the 4th quarter worth approximately $29,000. Ridgewood Investments LLC acquired a new position in Carvana during the 2nd quarter worth approximately $32,000. Parallel Advisors LLC increased its position in Carvana by 39.0% during the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after purchasing an additional 194 shares in the last quarter. Summit Securities Group LLC increased its position in Carvana by 110.0% during the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock worth $39,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Fifth Third Bancorp increased its position in Carvana by 450.8% during the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock worth $43,000 after purchasing an additional 275 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

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.