Shares of Carvana Co. (NYSE:CVNA – Get Rating) traded up 9.8% on Wednesday . The stock traded as high as $47.99 and last traded at $45.50. 84,510 shares were traded during trading, a decline of 99% from the average session volume of 8,748,529 shares. The stock had previously closed at $41.43.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on the stock. Bank of America lowered their target price on shares of Carvana from $225.00 to $80.00 in a research note on Thursday, May 19th. Wells Fargo & Company reduced their price target on shares of Carvana from $65.00 to $35.00 and set an "equal weight" rating for the company in a report on Wednesday, June 8th. Robert W. Baird reduced their price target on shares of Carvana from $125.00 to $65.00 in a report on Wednesday, May 11th. Cowen reduced their price target on shares of Carvana from $142.00 to $95.00 in a report on Friday, August 5th. Finally, Cowen reduced their price target on shares of Carvana from $142.00 to $95.00 in a report on Saturday. One research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $79.76.
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Carvana Trading Up 12.4 %
The company has a fifty day simple moving average of $26.66 and a 200-day simple moving average of $76.91. The company has a current ratio of 1.36, a quick ratio of 0.47 and a debt-to-equity ratio of 63.19. The stock has a market cap of $8.05 billion, a price-to-earnings ratio of -6.90 and a beta of 2.69.
Carvana (NYSE:CVNA – Get Rating) last issued its earnings results on Thursday, August 4th. The company reported ($2.35) earnings per share for the quarter, missing analysts' consensus estimates of ($1.75) by ($0.60). Carvana had a negative net
margin of 4.24% and a negative return on equity of 144.51%. The business had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.99 billion. During the same quarter in the prior year, the company earned $0.26 EPS. Carvana's revenue for the quarter was up 16.4% on a year-over-year basis. On average, research analysts forecast that Carvana Co. will post -7.17 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, major shareholder Ernest C. Garcia II acquired 793,790 shares of the company's stock in a transaction that occurred on Friday, June 10th. The shares were purchased at an average price of $21.95 per share, for a total transaction of $17,423,690.50. Following the completion of the acquisition, the insider now owns 1,386,846 shares of the company's stock, valued at approximately $30,441,269.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Ernest C. Garcia II bought 793,790 shares of the firm's stock in a transaction on Friday, June 10th. The stock was purchased at an average price of $21.95 per share, with a total value of $17,423,690.50. Following the completion of the transaction, the insider now directly owns 1,386,846 shares of the company's stock, valued at $30,441,269.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director J Danforth Quayle bought 18,750 shares of the firm's stock in a transaction on Tuesday, May 17th. The shares were bought at an average cost of $39.14 per share, with a total value of $733,875.00. Following the transaction, the director now directly owns 12,500 shares of the company's stock, valued at $489,250. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 2,197,008 shares of company stock worth $47,538,049. Insiders own 17.67% of the company's stock.
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Carvana by 46.8% in the first quarter. Vanguard Group Inc. now owns 7,297,426 shares of the company's stock valued at $870,511,000 after acquiring an additional 2,325,545 shares during the last quarter. D1 Capital Partners L.P. increased its position in shares of Carvana by 77.7% during the 4th quarter. D1 Capital Partners L.P. now owns 4,211,082 shares of the company's stock worth $976,087,000 after purchasing an additional 1,841,141 shares during the last quarter. Baillie Gifford & Co. boosted its stake in shares of Carvana by 15.0% during the 2nd quarter. Baillie Gifford & Co. now owns 10,901,629 shares of the company's stock worth $246,159,000 after acquiring an additional 1,418,746 shares during the period. Tiger Global Management LLC boosted its stake in Carvana by 17.5% in the 1st quarter. Tiger Global Management LLC now owns 8,531,177 shares of the company's stock valued at $1,017,684,000 after purchasing an additional 1,268,272 shares during the period. Finally, Spruce House Investment Management LLC lifted its position in shares of Carvana by 33.3% during the 1st quarter. Spruce House Investment Management LLC now owns 5,000,000 shares of the company's stock valued at $596,450,000 after acquiring an additional 1,250,000 shares during the period.
About Carvana
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Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. The company's 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.
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