Carvana (NYSE:CVNA) Shares Gap Down - Here's What Happened

Carvana Co. (NYSE:CVNA - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $281.82, but opened at $264.89. Carvana shares last traded at $244.07, with a volume of 3,544,265 shares changing hands.

Analyst Ratings Changes

CVNA has been the subject of a number of analyst reports. DA Davidson lifted their target price on shares of Carvana from $220.00 to $260.00 and gave the stock a "neutral" rating in a report on Thursday. Wedbush reaffirmed a "neutral" rating and set a $250.00 price objective on shares of Carvana in a research note on Thursday, February 6th. Bank of America increased their target price on Carvana from $252.00 to $270.00 and gave the company a "buy" rating in a research note on Friday. Wells Fargo & Company decreased their target price on Carvana from $300.00 to $275.00 and set an "overweight" rating for the company in a research report on Monday, January 6th. Finally, Morgan Stanley upgraded shares of Carvana from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $110.00 to $260.00 in a research report on Tuesday, November 5th. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $265.06.

Carvana Stock Down 9.9 %

The stock has a market capitalization of $46.33 billion, a price-to-earnings ratio of 142.13 and a beta of 3.37. The company has a debt-to-equity ratio of 18.99, a current ratio of 3.25 and a quick ratio of 2.12. The firm has a 50-day moving average of $234.35 and a 200 day moving average of $207.79.

Carvana (NYSE:CVNA - Get Free Report) last posted its earnings results on Wednesday, February 19th. The company reported $0.56 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.27. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.32 billion. Carvana had a return on equity of 446.67% and a net margin of 1.54%. As a group, sell-side analysts forecast that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Carvana news, insider Paul W. Breaux sold 1,362 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $270.08, for a total transaction of $367,848.96. Following the transaction, the insider now owns 153,240 shares in the company, valued at $41,387,059.20. This trade represents a 0.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark W. Jenkins sold 10,000 shares of the business's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $255.07, for a total transaction of $2,550,700.00. Following the completion of the sale, the chief financial officer now directly owns 189,761 shares of the company's stock, valued at approximately $48,402,338.27. The trade was a 5.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 173,629 shares of company stock worth $44,833,799 over the last three months. Insiders own 17.12% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Fidelis Capital Partners LLC boosted its stake in shares of Carvana by 3.4% in the fourth quarter. Fidelis Capital Partners LLC now owns 1,541 shares of the company's stock valued at $313,000 after buying an additional 51 shares during the period. Bleakley Financial Group LLC increased its position in shares of Carvana by 2.8% in the fourth quarter. Bleakley Financial Group LLC now owns 2,373 shares of the company's stock worth $483,000 after purchasing an additional 65 shares during the period. EverSource Wealth Advisors LLC raised its stake in Carvana by 21.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 426 shares of the company's stock valued at $87,000 after purchasing an additional 74 shares in the last quarter. Forum Financial Management LP lifted its position in Carvana by 3.8% during the third quarter. Forum Financial Management LP now owns 2,071 shares of the company's stock worth $361,000 after purchasing an additional 76 shares during the period. Finally, Great Lakes Advisors LLC grew its stake in Carvana by 2.1% during the fourth quarter. Great Lakes Advisors LLC now owns 3,698 shares of the company's stock worth $752,000 after buying an additional 77 shares in the last quarter. 56.71% of the stock is 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.