Zacks Investment Research upgraded shares of Carvana (NYSE:CVNA) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning.
According to Zacks, “Carvana Co. provide eCommerce platform for buying used cars. Carvana Co. is headquartered in Phoenix, Arizona. “
A number of other research analysts also recently issued reports on CVNA. Citigroup boosted their price objective on Carvana from $60.00 to $67.00 and gave the company an average rating in a research note on Thursday, August 9th. B. Riley boosted their price objective on Carvana from $38.00 to $76.00 and gave the company a buy rating in a research note on Thursday, August 9th. Barrington Research reissued a buy rating and issued a $50.00 price objective on shares of Carvana in a research note on Thursday, August 9th. Wells Fargo & Co reaffirmed a buy rating and issued a $44.00 target price on shares of Carvana in a research report on Sunday, June 24th. Finally, Stephens initiated coverage on Carvana in a research report on Tuesday, September 4th. They issued an equal weight rating for the company. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $52.54.
Shares of CVNA opened at $46.90 on Tuesday. The stock has a market cap of $8.28 billion, a price-to-earnings ratio of -38.76 and a beta of -0.94. Carvana has a 12 month low of $12.17 and a 12 month high of $72.59. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.78 and a current ratio of 1.47.
Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, August 8th. The company reported ($0.37) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by ($0.03). The company had revenue of $475.29 million for the quarter, compared to analyst estimates of $425.16 million. Carvana had a negative return on equity of 33.44% and a negative net margin of 5.30%. The firm’s quarterly revenue was up 127.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.28) earnings per share. On average, equities research analysts forecast that Carvana will post -1.48 EPS for the current year.
In other Carvana news, major shareholder Ernest C. Garcia II sold 35,098 shares of the stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $52.00, for a total transaction of $1,825,096.00. Following the sale, the insider now owns 52,937,458 shares in the company, valued at $2,752,747,816. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Ddfs Partnership Lp sold 896,542 shares of the stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $64.93, for a total value of $58,212,472.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,197,922 shares of company stock worth $138,862,023. 21.41% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of CVNA. Frontier Capital Management Co. LLC purchased a new stake in shares of Carvana during the second quarter worth $43,726,000. BlackRock Inc. lifted its position in shares of Carvana by 94.3% during the second quarter. BlackRock Inc. now owns 1,858,986 shares of the company’s stock worth $77,335,000 after acquiring an additional 902,271 shares in the last quarter. Whale Rock Capital Management LLC bought a new position in shares of Carvana in the second quarter worth $35,039,000. Gilder Gagnon Howe & Co. LLC increased its holdings in shares of Carvana by 76.2% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 645,271 shares of the company’s stock worth $26,843,000 after purchasing an additional 279,022 shares during the period. Finally, Point72 Asset Management L.P. increased its holdings in shares of Carvana by 208.4% in the second quarter. Point72 Asset Management L.P. now owns 411,100 shares of the company’s stock worth $17,102,000 after purchasing an additional 277,792 shares during the period. Hedge funds and other institutional investors own 25.97% of the company’s stock.
Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying used cars in the United States. The company purchases, reconditions, sells, and delivers vehicles. Its platform allows customers to research and identify a vehicle; inspect it using company's proprietary 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up.
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