Cowen Initiates Coverage on Carvana (CVNA)
Equities researchers at Cowen began coverage on shares of Carvana (NYSE:CVNA) in a research note issued to investors on Monday, MarketBeat reports. The brokerage set an “outperform” rating and a $81.00 price target on the stock. Cowen’s target price suggests a potential upside of 20.84% from the stock’s current price.
A number of other brokerages also recently commented on CVNA. Robert W. Baird upped their price objective on Carvana from $65.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, May 9th. Wells Fargo & Co upped their price objective on Carvana from $57.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, May 6th. Citigroup increased their price target on Carvana from $80.00 to $90.00 and gave the stock a “positive” rating in a research note on Thursday, May 9th. B. Riley reissued a “buy” rating and issued a $91.00 price target (up previously from $72.00) on shares of Carvana in a research note on Monday, April 29th. Finally, Wedbush increased their price target on Carvana from $52.00 to $65.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. Carvana currently has a consensus rating of “Hold” and a consensus price target of $67.42.
Shares of CVNA opened at $67.03 on Monday. The firm has a market cap of $9.92 billion, a P/E ratio of -38.75 and a beta of 2.43. The company has a quick ratio of 0.76, a current ratio of 1.39 and a debt-to-equity ratio of 2.73. Carvana has a 12 month low of $24.36 and a 12 month high of $76.85.
In related news, major shareholder Ernest C. Garcia II sold 113,082 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $67.19, for a total transaction of $7,597,979.58. Following the completion of the transaction, the insider now owns 52,937,458 shares of the company’s stock, valued at $3,556,867,803.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Benjamin E. Huston sold 86,537 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $68.48, for a total value of $5,926,053.76. Following the transaction, the chief operating officer now directly owns 98,809 shares of the company’s stock, valued at approximately $6,766,440.32. The disclosure for this sale can be found here. In the last three months, insiders sold 3,390,288 shares of company stock valued at $195,554,111. Company insiders own 13.02% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CVNA. FMR LLC boosted its stake in Carvana by 749.8% during the fourth quarter. FMR LLC now owns 3,591,784 shares of the company’s stock valued at $117,487,000 after buying an additional 3,169,132 shares in the last quarter. Requisite Energy Fund I LP bought a new position in Carvana during the fourth quarter valued at about $57,470,000. Hound Partners LLC bought a new position in Carvana during the fourth quarter valued at about $43,453,000. Whale Rock Capital Management LLC boosted its stake in Carvana by 106.7% during the first quarter. Whale Rock Capital Management LLC now owns 2,028,224 shares of the company’s stock valued at $117,759,000 after buying an additional 1,046,806 shares in the last quarter. Finally, Morgan Stanley boosted its stake in Carvana by 87.5% during the first quarter. Morgan Stanley now owns 2,017,113 shares of the company’s stock valued at $117,113,000 after buying an additional 941,428 shares in the last quarter. 34.21% of the stock is owned by institutional investors and hedge funds.
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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