Wells Fargo & Company Cuts Carvana (NYSE:CVNA) Price Target to $275.00

Carvana (NYSE:CVNA) had its price objective trimmed by Wells Fargo & Company from $300.00 to $275.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages have also issued reports on CVNA. Morgan Stanley raised Carvana from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $110.00 to $260.00 in a research note on Tuesday, November 5th. Piper Sandler increased their target price on shares of Carvana from $151.00 to $225.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Bank of America raised their price target on shares of Carvana from $185.00 to $210.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Needham & Company LLC increased their price objective on shares of Carvana from $300.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, Jefferies Financial Group boosted their target price on Carvana from $150.00 to $185.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Nine research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Carvana has a consensus rating of “Moderate Buy” and an average target price of $241.94.

Carvana Trading Down 0.7 %

NYSE:CVNA opened at $197.00 on Monday. Carvana has a 52 week low of $40.21 and a 52 week high of $268.34. The company has a debt-to-equity ratio of 18.99, a quick ratio of 2.12 and a current ratio of 3.25. The firm’s fifty day moving average is $235.93 and its 200-day moving average is $182.69. The firm has a market cap of $40.90 billion, a P/E ratio of 19,719.72 and a beta of 3.38.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.41. The business had revenue of $3.66 billion for the quarter, compared to analyst estimates of $3.47 billion. The business’s revenue was up 31.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.23 earnings per share. Equities analysts expect that Carvana will post 0.76 earnings per share for the current year.

Insider Transactions at Carvana

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $190.47, for a total value of $19,047,000.00. Following the transaction, the insider now directly owns 38,258,131 shares of the company’s stock, valued at approximately $7,287,026,211.57. The trade was a 0.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark W. Jenkins sold 208,495 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $224.43, for a total transaction of $46,792,532.85. Following the sale, the chief financial officer now owns 90,732 shares of the company’s stock, valued at $20,362,982.76. This trade represents a 69.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,051,908 shares of company stock worth $218,824,285 in the last 90 days. Insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

A number of large investors have recently bought and sold shares of CVNA. Commonwealth Equity Services LLC grew its stake in shares of Carvana by 5.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 4,976 shares of the company’s stock worth $641,000 after acquiring an additional 270 shares during the period. CIBC Asset Management Inc increased its stake in shares of Carvana by 22.3% in the second quarter. CIBC Asset Management Inc now owns 3,251 shares of the company’s stock worth $418,000 after purchasing an additional 593 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Carvana by 45.4% during the 2nd quarter. Victory Capital Management Inc. now owns 27,117 shares of the company’s stock valued at $3,490,000 after buying an additional 8,467 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Carvana by 3.9% during the 2nd quarter. Arizona State Retirement System now owns 27,669 shares of the company’s stock valued at $3,562,000 after buying an additional 1,032 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its stake in Carvana by 190.4% in the 2nd quarter. Los Angeles Capital Management LLC now owns 47,961 shares of the company’s stock valued at $6,174,000 after buying an additional 31,448 shares in the last quarter. 56.71% of the stock is owned by hedge funds and other 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.