Needham & Company LLC initiated coverage on shares of Carvana (NYSE:CVNA) in a research note issued to investors on Thursday, BenzingaRatingsTable reports. The brokerage issued a buy rating and a $105.00 price target on the stock.

Several other research analysts have also recently weighed in on the stock. ValuEngine cut shares of Carvana from a buy rating to a hold rating in a research report on Thursday, August 1st. Cowen reissued an outperform rating and set a $85.00 price target (up previously from $81.00) on shares of Carvana in a research report on Thursday, August 8th. Wells Fargo & Co reissued a buy rating and set a $85.00 price target on shares of Carvana in a research report on Monday, July 1st. Bank of America reissued a buy rating and set a $86.00 price target (up previously from $82.00) on shares of Carvana in a research report on Thursday, August 8th. Finally, BMO Capital Markets boosted their price target on shares of Carvana from $65.00 to $68.00 and gave the company a market perform rating in a research report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $76.25.

Shares of CVNA stock traded down $0.15 on Thursday, hitting $80.26. 44,212 shares of the stock traded hands, compared to its average volume of 1,440,730. The firm’s 50-day moving average price is $75.05 and its two-hundred day moving average price is $64.47. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.40 and a current ratio of 3.83. The stock has a market capitalization of $11.72 billion, a PE ratio of -46.19 and a beta of 2.24. Carvana has a twelve month low of $28.44 and a twelve month high of $85.07.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.01). The firm had revenue of $986.22 million for the quarter, compared to analyst estimates of $914.50 million. Carvana had a negative net margin of 3.49% and a negative return on equity of 30.55%. The company’s revenue was up 107.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.37) EPS. On average, equities research analysts anticipate that Carvana will post -1.81 EPS for the current fiscal year.

In related news, insider Paul W. Breaux sold 10,000 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $62.72, for a total value of $627,200.00. Following the sale, the insider now directly owns 10,628 shares in the company, valued at approximately $666,588.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ira J. Platt sold 1,300 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $84.50, for a total transaction of $109,850.00. Following the completion of the sale, the director now owns 23,682 shares in the company, valued at $2,001,129. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 189,861 shares of company stock worth $14,527,351. 13.02% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of CVNA. Gamco Investors INC. ET AL purchased a new stake in Carvana in the 1st quarter valued at about $656,000. State Board of Administration of Florida Retirement System increased its stake in Carvana by 3.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 14,592 shares of the company’s stock worth $847,000 after purchasing an additional 510 shares during the period. CIBC Asset Management Inc purchased a new stake in Carvana during the first quarter worth about $272,000. Keybank National Association OH increased its stake in Carvana by 1.5% during the first quarter. Keybank National Association OH now owns 9,759 shares of the company’s stock worth $567,000 after purchasing an additional 141 shares during the period. Finally, Cambria Investment Management L.P. purchased a new stake in Carvana during the first quarter worth about $167,000. Hedge funds and other institutional investors own 37.05% 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 proprietary 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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Analyst Recommendations for Carvana (NYSE:CVNA)

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