Carvana (NYSE:CVNA) Raised to Buy at Citigroup

Carvana (NYSE:CVNA - Get Free Report) was upgraded by equities research analysts at Citigroup from a "neutral" rating to a "buy" rating in a note issued to investors on Wednesday, MarketBeat reports. The firm presently has a $277.00 price objective on the stock, up from their prior price objective of $195.00. Citigroup's target price would indicate a potential upside of 40.61% from the company's previous close.

A number of other equities research analysts have also recently weighed in on CVNA. Evercore ISI boosted their price target on shares of Carvana from $240.00 to $245.00 and gave the company an "in-line" rating in a research report on Tuesday, December 3rd. Wells Fargo & Company reduced their target price on Carvana from $300.00 to $275.00 and set an "overweight" rating for the company in a report on Monday. Jefferies Financial Group raised their price target on Carvana from $150.00 to $185.00 and gave the stock a "hold" rating in a research note on Tuesday, October 22nd. Needham & Company LLC reiterated a "buy" rating and issued a $330.00 price objective on shares of Carvana in a research note on Tuesday. Finally, JPMorgan Chase & Co. raised their target price on shares of Carvana from $230.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $241.94.

Carvana Stock Down 0.7 %

Shares of NYSE:CVNA traded down $1.35 during trading on Wednesday, hitting $197.00. The company's stock had a trading volume of 4,478,051 shares, compared to its average volume of 8,821,093. The company has a market capitalization of $40.90 billion, a PE ratio of 19,719.72 and a beta of 3.38. The company has a debt-to-equity ratio of 18.99, a quick ratio of 2.12 and a current ratio of 3.25. Carvana has a fifty-two week low of $40.21 and a fifty-two week high of $268.34. The business has a 50 day moving average price of $235.93 and a two-hundred day moving average price of $182.69.

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

Insider Buying and Selling at Carvana

In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of the company's stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $190.47, for a total transaction of $19,047,000.00. Following the transaction, the insider now directly owns 38,258,131 shares in the company, 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 this link. Also, COO Benjamin E. Huston sold 3,043 shares of Carvana stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $240.00, for a total transaction of $730,320.00. Following the sale, the chief operating officer now owns 218,686 shares of the company's stock, valued at approximately $52,484,640. The trade was a 1.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,051,908 shares of company stock valued at $218,824,285. 17.12% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Carvana

Several hedge funds have recently bought and sold shares of CVNA. Sugarloaf Wealth Management LLC purchased a new stake in shares of Carvana in the third quarter valued at about $32,000. Capital Performance Advisors LLP acquired a new position in shares of Carvana during the 3rd quarter worth approximately $40,000. Versant Capital Management Inc purchased a new stake in Carvana in the 4th quarter valued at approximately $42,000. First Horizon Advisors Inc. grew its holdings in Carvana by 363.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 250 shares of the company's stock valued at $44,000 after buying an additional 196 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. purchased a new position in Carvana during the second quarter worth $51,000. 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.