Carvana (NYSE:CVNA) Shares Up 7.5%

Carvana Co. (NYSE:CVNA)’s stock price shot up 7.5% during mid-day trading on Tuesday . The company traded as high as $77.00 and last traded at $76.83. 2,870,716 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 6,088,770 shares. The stock had previously closed at $71.44.

Analyst Ratings Changes

A number of brokerages recently issued reports on CVNA. Royal Bank of Canada upgraded shares of Carvana from an “underperform” rating to a “sector perform” rating and upped their price objective for the stock from $45.00 to $90.00 in a report on Friday, March 8th. William Blair raised shares of Carvana from a “market perform” rating to an “outperform” rating in a research report on Friday, February 23rd. Raymond James raised shares of Carvana from an “underperform” rating to a “market perform” rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. boosted their target price on shares of Carvana from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. Finally, Jefferies Financial Group raised shares of Carvana from an “underperform” rating to a “hold” rating and boosted their target price for the stock from $30.00 to $85.00 in a research report on Tuesday, March 12th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Carvana presently has an average rating of “Hold” and a consensus target price of $55.87.

Carvana Price Performance

The stock has a market cap of $15.65 billion, a P/E ratio of 143.56 and a beta of 3.32. The business’s 50 day simple moving average is $76.83 and its 200 day simple moving average is $53.39.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.56 billion. The company’s quarterly revenue was down 14.6% on a year-over-year basis. During the same period last year, the firm posted ($0.97) earnings per share. Research analysts predict that Carvana Co. will post -3.36 earnings per share for the current year.

Insider Activity at Carvana

In related news, COO Benjamin E. Huston sold 9,296 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $82.92, for a total value of $770,824.32. Following the completion of the sale, the chief operating officer now owns 178,885 shares of the company’s stock, valued at $14,833,144.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Carvana news, CFO Mark W. Jenkins sold 55,000 shares of Carvana stock in a transaction on Monday, April 1st. The shares were sold at an average price of $86.76, for a total transaction of $4,771,800.00. Following the completion of the sale, the chief financial officer now owns 178,156 shares of the company’s stock, valued at approximately $15,456,814.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Benjamin E. Huston sold 9,296 shares of Carvana stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $82.92, for a total transaction of $770,824.32. Following the sale, the chief operating officer now directly owns 178,885 shares of the company’s stock, valued at approximately $14,833,144.20. The disclosure for this sale can be found here. Insiders sold a total of 187,883 shares of company stock valued at $15,505,178 over the last quarter. Corporate insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

Institutional investors have recently bought and sold shares of the business. Morgan Stanley boosted its position in shares of Carvana by 13.8% during the third quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock worth $619,478,000 after purchasing an additional 1,784,009 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Carvana by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock worth $530,648,000 after purchasing an additional 655,603 shares in the last quarter. FMR LLC boosted its position in shares of Carvana by 0.5% during the third quarter. FMR LLC now owns 4,696,510 shares of the company’s stock worth $197,160,000 after purchasing an additional 24,560 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Carvana by 17.1% during the fourth quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock worth $78,560,000 after purchasing an additional 216,893 shares in the last quarter. Finally, Goodnow Investment Group LLC boosted its position in shares of Carvana by 1.6% during the fourth quarter. Goodnow Investment Group LLC now owns 1,464,528 shares of the company’s stock worth $77,532,000 after purchasing an additional 23,140 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

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.