Key Points
- Carvana director Ira Platt sold 29,640 shares for about $2.25 million, reducing his direct stake by 13.72% to 186,470 shares.
- Latest quarterly results showed revenue rose 42.4% year over year to $8.04 billion, above estimates, while EPS of $0.39 fell short of the $0.44 consensus.
- Analysts give Carvana a “Moderate Buy” consensus rating and an average price target of $82.09; shares were reported down 6.9%.
Carvana Co. (NYSE:CVNA - Get Free Report) Director Ira Platt sold 29,640 shares of Carvana stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $75.75, for a total value of $2,245,230.00. Following the sale, the director directly owned 186,470 shares in the company, valued at $14,125,102.50. The trade was a 13.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Carvana Trading Down 6.9%
Shares of CVNA stock opened at $72.18 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.43 and a current ratio of 4.05. Carvana Co. has a 1 year low of $54.46 and a 1 year high of $97.38. The stock has a fifty day moving average of $65.82 and a two-hundred day moving average of $69.03. The firm has a market capitalization of $79.44 billion, a PE ratio of 36.24, a price-to-earnings-growth ratio of 1.99 and a beta of 3.66.
Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.05). The business had revenue of $8.04 billion during the quarter, compared to the consensus estimate of $7.71 billion. Carvana had a return on equity of 34.77% and a net margin of 6.21%. The company's revenue for the quarter was up 42.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.03 EPS. As a group, research analysts expect that Carvana Co. will post 1.59 EPS for the current year.
Analysts Set New Price Targets
Several research firms recently weighed in on CVNA. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $75.00 price objective (down from $80.00) on shares of Carvana in a report on Friday, October 23rd. DA Davidson reissued a "neutral" rating and set a $67.00 target price on shares of Carvana in a research note on Thursday, October 29th. Citizens Jmp boosted their price target on shares of Carvana from $83.00 to $85.00 and gave the stock a "market outperform" rating in a research report on Friday, October 30th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $85.00 price target on shares of Carvana in a research report on Thursday, October 29th. Finally, UBS Group reaffirmed a "buy" rating and issued a $84.00 price target (up from $83.00) on shares of Carvana in a research note on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, Carvana currently has an average rating of "Moderate Buy" and an average target price of $82.09.
Check Out Our Latest Report on Carvana
Hedge Funds Weigh In On Carvana
Several hedge funds have recently modified their holdings of the company. State Street Corp lifted its holdings in shares of Carvana by 417.1% in the second quarter. State Street Corp now owns 29,435,364 shares of the company's stock valued at $1,937,436,000 after buying an additional 23,742,422 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Carvana by 345.8% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,325,237 shares of the company's stock valued at $218,867,000 after buying an additional 2,579,295 shares in the last quarter. Amundi boosted its stake in Carvana by 379.7% during the second quarter. Amundi now owns 2,421,045 shares of the company's stock valued at $159,353,000 after buying an additional 1,916,349 shares in the last quarter. Spruce House Investment Management LLC boosted its stake in Carvana by 2.6% during the first quarter. Spruce House Investment Management LLC now owns 2,335,000 shares of the company's stock valued at $734,077,000 after buying an additional 60,000 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Carvana by 384.3% during the second quarter. The Manufacturers Life Insurance Company now owns 1,898,095 shares of the company's stock worth $124,933,000 after acquiring an additional 1,506,145 shares during the period. 56.71% of the stock is currently owned by institutional investors and hedge funds.
About Carvana
(
Get Free Report)
Carvana Co (NYSE: CVNA) is an online automotive retailer that sells used vehicles through its digital platform. Customers can browse vehicles, review detailed descriptions and vehicle history information, arrange financing, complete transactions online and choose home delivery or pickup at a Carvana location.
The company also provides vehicle trade-in services and offers related products, including vehicle protection plans and other automotive services. Carvana is known for its automated, glass-enclosed vehicle vending machines, which provide an alternative pickup experience in select markets.
Founded in 2012 and headquartered in Tempe, Arizona, Carvana began operations as an online used-car retailer in 2013 and went public in 2017.
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