Carvana (NYSE:CVNA) Upgraded to Overweight by Wells Fargo & Company

Wells Fargo & Company upgraded shares of Carvana (NYSE:CVNA) from an equal weight rating to an overweight rating in a report issued on Thursday, MarketBeat.com reports. The brokerage currently has $175.00 price target on the stock, up from their prior price target of $77.00.

A number of other research analysts have also weighed in on CVNA. TD Cowen raised their price objective on Carvana from $58.00 to $70.00 and gave the company a hold rating in a research report on Monday, April 29th. JPMorgan Chase & Co. lifted their price target on Carvana from $150.00 to $155.00 and gave the stock an overweight rating in a research report on Friday, July 19th. Needham & Company LLC raised shares of Carvana from a hold rating to a buy rating and set a $160.00 price objective on the stock in a research report on Wednesday, July 10th. Wedbush reaffirmed a neutral rating and issued a $120.00 target price on shares of Carvana in a report on Monday, July 29th. Finally, William Blair reiterated an outperform rating on shares of Carvana in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $143.60.

Carvana Stock Performance

Shares of CVNA stock opened at $137.20 on Thursday. The company has a current ratio of 3.11, a quick ratio of 1.62 and a debt-to-equity ratio of 47.20. The company’s fifty day moving average price is $120.56 and its 200-day moving average price is $92.87. The stock has a market cap of $27.79 billion, a PE ratio of 60.18 and a beta of 3.37. Carvana has a 12 month low of $25.09 and a 12 month high of $154.00.

Insider Buying and Selling at Carvana

In related news, insider Daniel J. Gill sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $150.00, for a total value of $3,000,000.00. Following the transaction, the insider now owns 359,370 shares of the company’s stock, valued at $53,905,500. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, major shareholder Ernest C. Garcia II sold 60,000 shares of Carvana stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $114.04, for a total transaction of $6,842,400.00. Following the transaction, the insider now directly owns 2,797,500 shares of the company’s stock, valued at approximately $319,026,900. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Daniel J. Gill sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $150.00, for a total value of $3,000,000.00. Following the transaction, the insider now owns 359,370 shares of the company’s stock, valued at $53,905,500. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,435,166 shares of company stock valued at $294,375,485. 17.12% of the stock is owned by company insiders.

Institutional Trading of Carvana

Several institutional investors and hedge funds have recently modified their holdings of the company. Hemington Wealth Management bought a new position in Carvana in the 2nd quarter worth $219,000. Versor Investments LP boosted its stake in shares of Carvana by 131.4% in the second quarter. Versor Investments LP now owns 8,100 shares of the company’s stock worth $1,043,000 after acquiring an additional 4,600 shares during the period. CIBC Asset Management Inc raised its stake in Carvana by 22.3% during the 2nd quarter. CIBC Asset Management Inc now owns 3,251 shares of the company’s stock valued at $418,000 after purchasing an additional 593 shares during the period. Convergence Investment Partners LLC bought a new position in Carvana in the 2nd quarter worth approximately $2,049,000. Finally, Natixis Advisors LLC purchased a new stake in Carvana during the 2nd quarter valued at approximately $10,147,000. 56.71% of the stock is currently owned by institutional investors.

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.