Wells Fargo & Company Increases Carvana (NYSE:CVNA) Price Target to $250.00

Carvana (NYSE:CVNA) had its price objective upped by investment analysts at Wells Fargo & Company from $175.00 to $250.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 26.33% from the company’s current price.

Several other brokerages also recently weighed in on CVNA. Bank of America lifted their target price on shares of Carvana from $185.00 to $210.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Needham & Company LLC lifted their target price on shares of Carvana from $160.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, August 1st. JMP Securities reaffirmed a “market outperform” rating and issued a $200.00 target price on shares of Carvana in a report on Monday, September 9th. Robert W. Baird initiated coverage on shares of Carvana in a report on Thursday, August 1st. They issued a “neutral” rating and a $160.00 target price on the stock. Finally, Morgan Stanley raised their price objective on shares of Carvana from $75.00 to $110.00 and gave the company an “underweight” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $182.29.

Carvana Stock Performance

NYSE CVNA traded up $0.55 during trading on Wednesday, reaching $197.90. The company’s stock had a trading volume of 730,148 shares, compared to its average volume of 4,816,008. The company has a debt-to-equity ratio of 47.20, a quick ratio of 2.02 and a current ratio of 3.11. The firm has a market cap of $40.09 billion, a price-to-earnings ratio of 86.75 and a beta of 3.44. Carvana has a twelve month low of $25.09 and a twelve month high of $200.50. The business’s fifty day moving average price is $164.96 and its 200-day moving average price is $131.07.

Carvana (NYSE:CVNA) last issued its earnings results on Wednesday, July 31st. The company reported $0.14 earnings per share for the quarter. The firm had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.23 billion. As a group, analysts anticipate that Carvana will post 0.29 EPS for the current fiscal year.

Insider Activity at Carvana

In other Carvana news, CFO Mark W. Jenkins sold 5,000 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $146.14, for a total value of $730,700.00. Following the completion of the transaction, the chief financial officer now directly owns 180,609 shares in the company, valued at approximately $26,394,199.26. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Daniel J. Gill sold 20,000 shares of Carvana stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $150.00, for a total value of $3,000,000.00. Following the completion of the sale, the insider now owns 359,370 shares of the company’s stock, valued at $53,905,500. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark W. Jenkins sold 5,000 shares of Carvana stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $146.14, for a total value of $730,700.00. Following the completion of the sale, the chief financial officer now directly owns 180,609 shares of the company’s stock, valued at approximately $26,394,199.26. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,759,366 shares of company stock valued at $445,990,909. Company insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sugarloaf Wealth Management LLC purchased a new stake in Carvana during the third quarter valued at about $32,000. Ridgewood Investments LLC purchased a new stake in Carvana during the second quarter valued at about $32,000. Summit Securities Group LLC grew its position in Carvana by 110.0% during the second quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after acquiring an additional 3,300 shares during the period. Fifth Third Bancorp grew its position in Carvana by 450.8% during the second quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock valued at $43,000 after acquiring an additional 275 shares during the period. Finally, Benjamin F. Edwards & Company Inc. purchased a new stake in Carvana during the second quarter valued at about $51,000. Hedge funds and other institutional investors 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.