Needham & Company LLC Reaffirms "Buy" Rating for Carvana (NYSE:CVNA)

Needham & Company LLC reaffirmed their buy rating on shares of Carvana (NYSE:CVNA - Free Report) in a research report released on Friday morning,Benzinga reports. Needham & Company LLC currently has a $340.00 price objective on the stock.

Several other brokerages have also recently commented on CVNA. JPMorgan Chase & Co. raised their target price on Carvana from $300.00 to $350.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Robert W. Baird raised their target price on Carvana from $200.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, February 20th. Citigroup lifted their price objective on Carvana from $277.00 to $320.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Stephens reissued an "overweight" rating and set a $300.00 price objective on shares of Carvana in a research report on Monday, March 3rd. Finally, Royal Bank of Canada lifted their price objective on Carvana from $280.00 to $320.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $265.94.

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Carvana Price Performance

Shares of CVNA traded up $1.34 during trading hours on Friday, hitting $188.19. 8,347,166 shares of the company were exchanged, compared to its average volume of 4,293,713. The company has a market capitalization of $40.11 billion, a PE ratio of 119.86 and a beta of 3.56. The company has a debt-to-equity ratio of 3.82, a current ratio of 3.64 and a quick ratio of 2.12. The firm has a fifty day simple moving average of $231.41 and a 200-day simple moving average of $213.28. Carvana has a one year low of $67.61 and a one year high of $292.84.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.27. The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.32 billion. Carvana had a return on equity of 36.59% and a net margin of 1.54%. As a group, sell-side analysts predict that Carvana will post 2.85 earnings per share for the current year.

Insider Transactions at Carvana

In other news, CFO Mark W. Jenkins sold 20,000 shares of Carvana stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $275.68, for a total value of $5,513,600.00. Following the transaction, the chief financial officer now directly owns 199,962 shares in the company, valued at approximately $55,125,524.16. The trade was a 9.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ryan S. Keeton sold 24,845 shares of the business's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $247.90, for a total value of $6,159,075.50. Following the transaction, the insider now owns 151,029 shares in the company, valued at $37,440,089.10. This represents a 14.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 119,629 shares of company stock worth $30,866,419. Company insiders own 17.18% of the company's stock.

Hedge Funds Weigh In On Carvana

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVNA. Wealth Enhancement Advisory Services LLC bought a new position in Carvana during the third quarter valued at about $377,000. QRG Capital Management Inc. increased its stake in Carvana by 16.2% during the third quarter. QRG Capital Management Inc. now owns 6,713 shares of the company's stock valued at $1,169,000 after acquiring an additional 935 shares during the period. Capital Performance Advisors LLP bought a new position in Carvana during the third quarter valued at about $40,000. Sigma Planning Corp bought a new position in Carvana during the third quarter valued at about $228,000. Finally, Axxcess Wealth Management LLC bought a new position in Carvana during the third quarter valued at about $784,000. 56.71% of the stock is currently 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.