Carvana (NYSE:CVNA) Upgraded to “Overweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Carvana (NYSE:CVNA) from a neutral rating to an overweight rating in a research report released on Thursday morning, Marketbeat Ratings reports. They currently have $130.00 target price on the stock, up from their previous target price of $70.00.

Several other analysts also recently commented on CVNA. Raymond James upgraded shares of Carvana from an underperform rating to a market perform rating in a research report on Friday, February 23rd. William Blair upgraded Carvana from a market perform rating to an outperform rating in a research report on Friday, February 23rd. Evercore ISI dropped their price objective on Carvana from $78.00 to $77.00 and set an in-line rating for the company in a research note on Tuesday, April 16th. JMP Securities reissued a market outperform rating and set a $80.00 target price on shares of Carvana in a research note on Wednesday, April 17th. Finally, Wedbush restated a neutral rating and issued a $80.00 price target (up from $60.00) on shares of Carvana in a research note on Thursday, April 25th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and a consensus price target of $73.44.

Carvana Trading Up 4.4 %

Carvana stock traded up $5.17 during trading on Thursday, reaching $121.67. The company had a trading volume of 8,528,363 shares, compared to its average volume of 5,397,261. The firm’s 50-day simple moving average is $81.81 and its 200 day simple moving average is $55.88. Carvana has a 52 week low of $6.92 and a 52 week high of $124.20. The firm has a market capitalization of $24.57 billion, a price-to-earnings ratio of 53.36 and a beta of 3.28.

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 analysts’ consensus estimates of ($0.95) by ($0.05). The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.56 billion. The firm’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.97) earnings per share. On average, analysts predict that Carvana will post -3.32 earnings per share for the current year.

Insider Activity

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 transaction, the chief financial officer now directly owns 178,156 shares of the company’s stock, valued at $15,456,814.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Mark W. Jenkins sold 55,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $86.76, for a total value of $4,771,800.00. Following the sale, the chief financial officer now directly owns 178,156 shares of the company’s stock, valued at approximately $15,456,814.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Benjamin E. Huston sold 9,296 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $82.92, for a total value of $770,824.32. Following the sale, the chief operating officer now directly owns 178,885 shares of the company’s stock, valued at $14,833,144.20. The disclosure for this sale can be found here. Insiders sold 442,233 shares of company stock valued at $38,200,169 in the last ninety days. Insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Morgan Stanley increased 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 acquiring an additional 1,784,009 shares during the period. Vanguard Group Inc. grew its stake in Carvana by 7.0% in 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 increased its holdings in Carvana by 0.5% during the 3rd 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 during the period. First Trust Advisors LP raised its position in Carvana by 17.1% during the 4th quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock valued at $78,560,000 after purchasing an additional 216,893 shares in the last quarter. Finally, Goodnow Investment Group LLC lifted its holdings in shares of Carvana by 1.6% in the 4th quarter. Goodnow Investment Group LLC now owns 1,464,528 shares of the company’s stock worth $77,532,000 after buying an additional 23,140 shares during the period. Institutional investors own 56.71% of the company’s stock.

About Carvana

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.