Carvana (NYSE:CVNA) Upgraded by Wedbush to “Neutral”

Wedbush upgraded shares of Carvana (NYSE:CVNA) to a neutral rating in a report published on Monday morning. They currently have $150.00 target price on the stock, up from their prior target price of $120.00.

A number of other research analysts also recently weighed in on the company. Piper Sandler raised their price target on Carvana from $105.00 to $151.00 and gave the company a neutral rating in a research note on Thursday, August 1st. Evercore ISI lowered their target price on shares of Carvana from $150.00 to $142.00 and set an in-line rating on the stock in a report on Wednesday, August 7th. William Blair reiterated an outperform rating on shares of Carvana in a research note on Thursday, May 2nd. Needham & Company LLC boosted their price objective on shares of Carvana from $160.00 to $200.00 and gave the stock a buy rating in a research note on Thursday, August 1st. Finally, BTIG Research upped their price objective on Carvana from $155.00 to $188.00 and gave the company a buy rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $148.40.

Carvana Price Performance

Shares of NYSE CVNA opened at $153.02 on Monday. The company has a debt-to-equity ratio of 47.20, a current ratio of 3.11 and a quick ratio of 1.62. The business has a 50-day moving average of $130.76 and a 200-day moving average of $101.62. The stock has a market capitalization of $31.00 billion, a price-to-earnings ratio of 67.11 and a beta of 3.37. Carvana has a fifty-two week low of $25.09 and a fifty-two week high of $159.17.

Insider Buying and Selling

In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $154.95, for a total value of $15,495,000.00. Following the completion of the sale, the insider now owns 490,814 shares of the company’s stock, valued at approximately $76,051,629.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $154.95, for a total transaction of $15,495,000.00. Following the transaction, the insider now owns 490,814 shares in the company, valued at approximately $76,051,629.30. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Daniel J. Gill sold 20,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $150.00, for a total value of $3,000,000.00. Following the sale, the insider now directly owns 359,370 shares in the company, valued at $53,905,500. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,496,236 shares of company stock valued at $314,460,885. 17.12% of the stock is owned by company insiders.

Institutional Trading of Carvana

Hedge funds and other institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC acquired a new position in Carvana in the 4th quarter valued at approximately $5,610,000. Federated Hermes Inc. bought a new position in Carvana in the fourth quarter worth approximately $864,000. Jennison Associates LLC bought a new position in Carvana in the fourth quarter worth approximately $500,000. Illinois Municipal Retirement Fund acquired a new stake in Carvana in the fourth quarter valued at approximately $880,000. Finally, State of New Jersey Common Pension Fund D increased its holdings in shares of Carvana by 51.0% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 79,143 shares of the company’s stock valued at $4,190,000 after acquiring an additional 26,729 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors.

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.