JMP Securities Cuts Carvana Co (CVNA) Price Target to $23.00
Carvana Co (NASDAQ:CVNA) had its target price lowered by JMP Securities from $25.00 to $23.00 in a research report released on Wednesday morning. The firm currently has an outperform rating on the stock.
CVNA has been the topic of a number of other reports. Susquehanna Bancshares Inc reissued a neutral rating and set a $16.00 price target (up from $12.00) on shares of Carvana in a report on Friday, August 11th. Robert W. Baird reissued an outperform rating and set a $22.00 price target on shares of Carvana in a report on Thursday, September 7th. Consumer Edge reissued an outperform rating and set a $23.00 price target on shares of Carvana in a report on Monday, October 2nd. Wedbush began coverage on shares of Carvana in a report on Monday, July 17th. They set a neutral rating and a $25.00 price objective on the stock. Finally, BMO Capital Markets decreased their price objective on shares of Carvana from $25.00 to $19.00 and set an outperform rating on the stock in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. Carvana has a consensus rating of Buy and an average price target of $19.31.
Carvana (NASDAQ CVNA) traded up $0.33 during trading hours on Wednesday, hitting $14.19. 289,675 shares of the stock were exchanged, compared to its average volume of 520,965. Carvana has a 1 year low of $8.14 and a 1 year high of $23.70.
Carvana (NASDAQ:CVNA) last announced its quarterly earnings results on Tuesday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.01. The firm had revenue of $225.40 million for the quarter, compared to analysts’ expectations of $243.61 million.
A number of institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN increased its position in Carvana by 10.8% during the third quarter. Wells Fargo & Company MN now owns 61,623 shares of the company’s stock worth $905,000 after purchasing an additional 5,998 shares during the last quarter. Nationwide Fund Advisors acquired a new stake in Carvana during the second quarter worth about $177,000. ClariVest Asset Management LLC acquired a new stake in shares of Carvana during the second quarter valued at about $190,000. Nordea Investment Management AB acquired a new stake in shares of Carvana during the second quarter valued at about $190,000. Finally, JPMorgan Chase & Co. increased its position in shares of Carvana by 2,272.3% during the third quarter. JPMorgan Chase & Co. now owns 11,055 shares of the company’s stock valued at $165,000 after acquiring an additional 10,589 shares during the last quarter.
Carvana Company Profile
Carvana Co is an e-commerce platform for buying used cars. On the Company’s platform, consumers can research and identify a vehicle, inspect it using its proprietary 360-degree vehicle imaging technology, obtain financing and warranty coverage, purchase the vehicle and schedule delivery or pick-up, all from their desktop or mobile devices.
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