Piper Sandler Issues Positive Forecast for Carvana (NYSE:CVNA) Stock Price

Carvana (NYSE:CVNA) had its target price hoisted by Piper Sandler from $151.00 to $225.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price objective would suggest a potential downside of 11.61% from the stock’s current price.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. raised their price objective on shares of Carvana from $230.00 to $300.00 and gave the company an “overweight” rating in a research report on Thursday. Stephens initiated coverage on shares of Carvana in a research report on Thursday, September 12th. They set an “overweight” rating and a $190.00 price objective on the stock. Royal Bank of Canada upgraded shares of Carvana to a “sector perform” rating and raised their price objective for the company from $166.00 to $170.00 in a research report on Monday, August 19th. JMP Securities reaffirmed a “market outperform” rating and set a $200.00 target price on shares of Carvana in a research note on Monday, September 9th. Finally, Morgan Stanley raised their target price on shares of Carvana from $75.00 to $110.00 and gave the company an “underweight” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $201.82.

Carvana Stock Performance

CVNA traded up $47.24 during trading on Thursday, hitting $254.55. The company’s stock had a trading volume of 10,751,015 shares, compared to its average volume of 4,815,986. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. Carvana has a one year low of $25.09 and a one year high of $259.39. The firm has a market cap of $51.56 billion, a PE ratio of 112.19 and a beta of 3.44. The business’s 50 day simple moving average is $171.06 and its 200-day simple moving average is $135.88.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.23 by $0.41. The firm had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.47 billion. The firm’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.23 earnings per share. As a group, sell-side analysts predict that Carvana will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Ernest C. Garcia II sold 75,000 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $137.34, for a total transaction of $10,300,500.00. Following the completion of the sale, the insider now owns 1,390,814 shares in the company, valued at approximately $191,014,394.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Ernest C. Garcia II sold 75,000 shares of Carvana stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $137.34, for a total value of $10,300,500.00. Following the transaction, the insider now directly owns 1,390,814 shares of the company’s stock, valued at $191,014,394.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Daniel J. Gill sold 41,163 shares of Carvana stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $200.11, for a total transaction of $8,237,127.93. Following the completion of the transaction, the insider now directly owns 283,287 shares in the company, valued at $56,688,561.57. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,780,891 shares of company stock worth $465,902,485 over the last 90 days. 17.12% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Driehaus Capital Management LLC boosted its position in Carvana by 124.9% during the second quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock worth $74,888,000 after acquiring an additional 323,153 shares during the last quarter. Integrated Advisors Network LLC boosted its position in Carvana by 89.2% during the third quarter. Integrated Advisors Network LLC now owns 53,004 shares of the company’s stock worth $9,229,000 after acquiring an additional 24,996 shares during the last quarter. Highland Capital Management LLC acquired a new stake in Carvana during the third quarter worth approximately $1,314,000. Legacy Capital Group California Inc. acquired a new stake in Carvana during the third quarter worth approximately $1,248,000. Finally, Chicago Capital LLC acquired a new position in shares of Carvana in the 3rd quarter valued at $940,000. 56.71% of the stock is owned by hedge funds and other 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.