Carvana (NYSE:CVNA) Upgraded by Royal Bank of Canada to Outperform Rating

Carvana (NYSE:CVNA - Get Free Report) was upgraded by investment analysts at Royal Bank of Canada from a "sector perform" rating to an "outperform" rating in a research note issued on Tuesday, MarketBeat reports. The brokerage currently has a $280.00 price objective on the stock, up from their prior price objective of $270.00. Royal Bank of Canada's price target suggests a potential upside of 40.94% from the company's current price.

A number of other analysts have also commented on CVNA. Stephens restated an "overweight" rating and set a $300.00 price target on shares of Carvana in a research note on Thursday, January 2nd. Morgan Stanley upgraded shares of 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. Citigroup boosted their price target on shares of Carvana from $125.00 to $195.00 and gave the company a "neutral" rating in a research note on Thursday, October 3rd. JPMorgan Chase & Co. upped their target price on shares of Carvana from $230.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. Finally, Evercore ISI upped their target price on shares of Carvana from $240.00 to $245.00 and gave the stock an "in-line" rating in a research note on Tuesday, December 3rd. Ten investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Carvana has an average rating of "Hold" and a consensus price target of $237.12.

Carvana Trading Up 5.2 %

Shares of NYSE:CVNA traded up $9.82 during mid-day trading on Tuesday, hitting $198.67. The company had a trading volume of 9,114,214 shares, compared to its average volume of 9,900,774. The firm has a fifty day moving average price of $236.34 and a 200 day moving average price of $181.99. The company has a market capitalization of $41.25 billion, a PE ratio of 19,886.89 and a beta of 3.38. The company has a debt-to-equity ratio of 18.99, a current ratio of 3.25 and a quick ratio of 2.12. Carvana has a one year low of $40.21 and a one year high of $268.34.

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

Insiders Place Their Bets

In other 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 sale, the insider now directly owns 38,258,131 shares of the company's stock, valued at approximately $7,287,026,211.57. This represents a 0.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Daniel J. Gill sold 41,163 shares of the stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $200.11, for a total transaction of $8,237,127.93. Following the completion of the sale, the insider now directly owns 283,287 shares in the company, valued at approximately $56,688,561.57. The trade was a 12.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,151,908 shares of company stock worth $237,894,285 over the last quarter. 17.12% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carvana

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC raised its stake in Carvana by 90.8% in the third quarter. FMR LLC now owns 12,361,790 shares of the company's stock valued at $2,152,311,000 after purchasing an additional 5,882,656 shares in the last quarter. Lingotto Investment Management LLP raised its stake in Carvana by 1.4% in the second quarter. Lingotto Investment Management LLP now owns 3,776,747 shares of the company's stock valued at $486,143,000 after purchasing an additional 52,833 shares in the last quarter. State Street Corp raised its stake in Carvana by 6.1% in the third quarter. State Street Corp now owns 1,877,511 shares of the company's stock valued at $326,893,000 after purchasing an additional 107,610 shares in the last quarter. Geode Capital Management LLC raised its stake in Carvana by 7.8% in the third quarter. Geode Capital Management LLC now owns 1,803,546 shares of the company's stock valued at $315,133,000 after purchasing an additional 131,059 shares in the last quarter. Finally, Whale Rock Capital Management LLC purchased a new stake in Carvana in the third quarter valued at approximately $162,953,000. 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.