BTIG Research Reaffirms Buy Rating for Carvana (NYSE:CVNA)

Carvana (NYSE:CVNA)‘s stock had its “buy” rating reiterated by research analysts at BTIG Research in a research note issued on Friday, MarketBeat reports. They presently have a $87.00 target price on the stock. BTIG Research’s target price indicates a potential upside of 48.97% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Oppenheimer set a $90.00 price objective on Carvana and gave the stock an “outperform” rating in a report on Wednesday, September 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $80.00 price objective on shares of Carvana in a report on Friday, July 31st. DA Davidson set a $67.00 price objective on Carvana in a report on Thursday, July 30th. Evercore set a $75.00 price objective on Carvana in a report on Thursday, July 30th. Finally, UBS Group reaffirmed a “buy” rating and set a $83.00 price objective on shares of Carvana in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.13.

Carvana Price Performance

Shares of CVNA traded down $1.11 during mid-day trading on Friday, hitting $58.40. 3,717,043 shares of the stock were exchanged, compared to its average volume of 13,179,586. The company has a market cap of $64.27 billion, a PE ratio of 32.32, a price-to-earnings-growth ratio of 1.84 and a beta of 3.55. Carvana has a 52-week low of $54.46 and a 52-week high of $97.38. The firm has a 50-day moving average of $68.82 and a two-hundred day moving average of $68.62. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.33 and a current ratio of 3.93.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.03. The business had revenue of $7.38 billion for the quarter, compared to analysts’ expectations of $6.90 billion. Carvana had a return on equity of 37.06% and a net margin of 6.26%. The company’s revenue for the quarter was up 52.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.51 EPS. On average, equities analysts predict that Carvana will post 1.67 earnings per share for the current year.

Insider Activity

In other news, Director Ira J. Platt sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $75.50, for a total transaction of $1,132,500.00. Following the transaction, the director owned 186,470 shares of the company’s stock, valued at approximately $14,078,485. The trade was a 7.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Benjamin Huston sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $71.55, for a total value of $3,577,500.00. Following the transaction, the chief operating officer directly owned 478,693 shares in the company, valued at approximately $34,250,484.15. This represents a 9.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 352,564 shares of company stock worth $23,800,480. Company insiders own 15.19% of the company’s stock.

Hedge Funds Weigh In On Carvana

Hedge funds have recently bought and sold shares of the business. State Street Corp grew its position in Carvana by 417.1% in the 2nd quarter. State Street Corp now owns 29,435,364 shares of the company’s stock valued at $1,937,436,000 after acquiring an additional 23,742,422 shares during the last quarter. Sands Capital Management LLC grew its position in shares of Carvana by 44.4% during the 4th quarter. Sands Capital Management LLC now owns 2,442,534 shares of the company’s stock worth $1,030,798,000 after buying an additional 751,019 shares in the last quarter. Spruce House Investment Management LLC grew its position in shares of Carvana by 2.6% during the 1st quarter. Spruce House Investment Management LLC now owns 2,335,000 shares of the company’s stock worth $734,077,000 after buying an additional 60,000 shares in the last quarter. Dragoneer Investment Group LLC grew its position in shares of Carvana by 44.3% during the 4th quarter. Dragoneer Investment Group LLC now owns 979,460 shares of the company’s stock worth $413,352,000 after buying an additional 300,539 shares in the last quarter. Finally, Goodnow Investment Group LLC grew its position in shares of Carvana by 9.0% during the 4th quarter. Goodnow Investment Group LLC now owns 710,091 shares of the company’s stock worth $299,673,000 after buying an additional 58,828 shares in the last quarter. Institutional investors own 56.71% of the company’s stock.

About Carvana

Carvana Co is an online used-car retailer that enables customers to research, purchase, finance, trade in and sell vehicles through its digital platform. The company’s services are designed to allow customers to complete much of the vehicle-buying process online, including selecting a vehicle, arranging financing, completing documentation and scheduling delivery or pickup.

Carvana offers a broad selection of used cars, trucks and sport utility vehicles. Its platform includes vehicle listings with photographs and inspection information, while its operations support vehicle reconditioning, logistics and customer delivery.