Carvana (NYSE:CVNA) Trading Up 8.3% - What's Next?

Carvana Co. (NYSE:CVNA - Get Free Report)'s share price was up 8.3% on Tuesday . The stock traded as high as $204.65 and last traded at $204.53. Approximately 1,789,699 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 8,038,491 shares. The stock had previously closed at $188.85.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Carvana from $230.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st. Wedbush increased their price target on Carvana from $150.00 to $175.00 and gave the stock a "neutral" rating in a report on Monday, October 7th. Royal Bank of Canada raised Carvana from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from $270.00 to $280.00 in a research note on Tuesday. Jefferies Financial Group raised their target price on Carvana from $150.00 to $185.00 and gave the stock a "hold" rating in a research note on Tuesday, October 22nd. Finally, JMP Securities reiterated a "market outperform" rating and issued a $320.00 target price on shares of Carvana in a report on Monday, December 16th. Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $237.12.

Carvana Stock Up 5.2 %

The stock's fifty day moving average price is $236.14 and its 200 day moving average price is $182.59. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99. The stock has a market cap of $41.25 billion, a P/E ratio of 19,886.89 and a beta of 3.38.

Carvana (NYSE:CVNA - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.41. The firm had revenue of $3.66 billion for the quarter, compared to analysts' expectations of $3.47 billion. During the same period in the prior year, the business posted $0.23 earnings per share. The business's quarterly revenue was up 31.8% on a year-over-year basis. As a group, research analysts forecast that Carvana Co. will post 0.76 earnings per share for the current fiscal year.

Insider Transactions at Carvana

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the 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 completion of the transaction, the insider now directly owns 38,258,131 shares of the company's stock, valued at $7,287,026,211.57. This represents a 0.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Benjamin E. Huston sold 3,043 shares of the company's stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $240.00, for a total value of $730,320.00. Following the transaction, the chief operating officer now owns 218,686 shares in the company, valued at $52,484,640. This trade represents a 1.37 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,151,908 shares of company stock worth $237,894,285. Insiders own 17.12% of the company's stock.

Hedge Funds Weigh In On Carvana

Several large investors have recently modified their holdings of the stock. Eagle Asset Management Inc. bought a new position in shares of Carvana during the third quarter valued at $50,531,000. Central Pacific Bank Trust Division bought a new position in Carvana during the 4th quarter valued at about $609,000. Driehaus Capital Management LLC boosted its holdings in shares of Carvana by 124.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company's stock valued at $74,888,000 after acquiring an additional 323,153 shares during the last quarter. Swiss National Bank grew its stake in shares of Carvana by 6.9% in the third quarter. Swiss National Bank now owns 207,900 shares of the company's stock worth $36,197,000 after acquiring an additional 13,400 shares during the period. Finally, Integrated Advisors Network LLC raised its holdings in shares of Carvana by 89.2% during the third quarter. Integrated Advisors Network LLC now owns 53,004 shares of the company's stock valued at $9,229,000 after purchasing an additional 24,996 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company's stock.

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.