Carvana (NYSE:CVNA) Price Target Lowered to $275.00 at JMP Securities

Carvana (NYSE:CVNA) had its target price lowered by investment analysts at JMP Securities from $340.00 to $275.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ price objective points to a potential upside of 50.47% from the stock’s previous close.

Several other equities research analysts have also weighed in on the company. Citigroup lowered their price objective on Carvana from $320.00 to $280.00 and set a “buy” rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. dropped their price objective on Carvana from $365.00 to $325.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Wells Fargo & Company lowered their target price on shares of Carvana from $300.00 to $275.00 and set an “overweight” rating on the stock in a report on Monday, January 6th. Bank of America reduced their price target on shares of Carvana from $270.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Finally, Piper Sandler raised shares of Carvana from a “neutral” rating to an “overweight” rating in a report on Monday, March 31st. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $253.59.

Carvana Stock Performance

NYSE CVNA traded up $6.44 during midday trading on Wednesday, hitting $182.76. The company had a trading volume of 1,361,128 shares, compared to its average volume of 4,031,491. The firm has a fifty day simple moving average of $219.24 and a two-hundred day simple moving average of $219.46. The stock has a market cap of $38.96 billion, a price-to-earnings ratio of 116.00 and a beta of 3.61. The company has a quick ratio of 2.12, a current ratio of 3.64 and a debt-to-equity ratio of 3.82. Carvana has a fifty-two week low of $67.61 and a fifty-two week high of $292.84.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, February 19th. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.27. The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.32 billion. Carvana had a return on equity of 36.59% and a net margin of 1.54%. Equities analysts forecast that Carvana will post 2.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Benjamin E. Huston sold 50,000 shares of the firm’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $207.32, for a total transaction of $10,366,000.00. Following the sale, the chief operating officer now owns 128,116 shares of the company’s stock, valued at $26,561,009.12. This trade represents a 28.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark W. Jenkins sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $250.12, for a total value of $2,501,200.00. Following the completion of the transaction, the chief financial officer now owns 219,962 shares of the company’s stock, valued at $55,016,895.44. This represents a 4.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 280,810 shares of company stock worth $61,698,820. Company insiders own 16.36% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quent Capital LLC bought a new stake in shares of Carvana in the fourth quarter valued at about $28,000. Global Retirement Partners LLC raised its position in Carvana by 109.9% in the 4th quarter. Global Retirement Partners LLC now owns 149 shares of the company’s stock valued at $30,000 after buying an additional 78 shares during the last quarter. Rialto Wealth Management LLC bought a new stake in Carvana in the 4th quarter valued at approximately $31,000. ORG Wealth Partners LLC acquired a new position in Carvana during the 4th quarter worth approximately $34,000. Finally, Versant Capital Management Inc bought a new position in shares of Carvana during the 4th quarter worth approximately $42,000. 56.71% of the stock is owned by institutional investors and hedge funds.

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.