Carvana Co. (NYSE:CVNA – Get Free Report)’s stock price fell 1.3% during mid-day trading on Wednesday after Evercore ISI lowered their price target on the stock from $150.00 to $142.00. Evercore ISI currently has an in-line rating on the stock. Carvana traded as low as $134.96 and last traded at $137.15. 1,098,428 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 5,504,232 shares. The stock had previously closed at $138.95.
A number of other equities research analysts have also recently issued reports on CVNA. Wedbush reiterated a “neutral” rating and issued a $120.00 price objective on shares of Carvana in a report on Monday, July 29th. DA Davidson upped their price target on shares of Carvana from $110.00 to $155.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Wells Fargo & Company upgraded shares of Carvana from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $77.00 to $175.00 in a report on Thursday, August 1st. William Blair restated an “outperform” rating on shares of Carvana in a report on Thursday, May 2nd. Finally, Royal Bank of Canada upped their price target on shares of Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $143.73.
Insider Buying and Selling
In related news, major shareholder Ernest C. Garcia II sold 75,000 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $137.34, for a total value of $10,300,500.00. Following the completion of the transaction, the insider now owns 1,390,814 shares of the company’s stock, valued at $191,014,394.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Ernest C. Garcia II sold 75,000 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $137.34, for a total value of $10,300,500.00. Following the completion of the transaction, the insider now owns 1,390,814 shares of the company’s stock, valued at $191,014,394.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael E. Maroone sold 24,516 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $117.33, for a total transaction of $2,876,462.28. Following the sale, the director now directly owns 175,891 shares of the company’s stock, valued at approximately $20,637,291.03. The disclosure for this sale can be found here. Insiders sold 2,430,480 shares of company stock valued at $295,554,587 over the last quarter. Corporate insiders own 17.12% of the company’s stock.
Institutional Trading of Carvana
Hedge funds have recently modified their holdings of the stock. Ridgewood Investments LLC bought a new stake in shares of Carvana during the second quarter valued at approximately $32,000. Summit Securities Group LLC boosted its stake in Carvana by 110.0% in the second quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after acquiring an additional 3,300 shares during the last quarter. Fifth Third Bancorp grew its holdings in Carvana by 450.8% during the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock worth $43,000 after acquiring an additional 275 shares during the period. GAMMA Investing LLC raised its position in shares of Carvana by 127.9% during the 2nd quarter. GAMMA Investing LLC now owns 458 shares of the company’s stock valued at $59,000 after acquiring an additional 257 shares during the last quarter. Finally, Hilltop National Bank bought a new stake in shares of Carvana during the 2nd quarter valued at $68,000. 56.71% of the stock is owned by institutional investors.
Carvana Stock Down 7.1 %
The firm’s 50-day simple moving average is $121.77 and its 200 day simple moving average is $94.19. The company has a market cap of $26.16 billion, a P/E ratio of 56.64 and a beta of 3.37. The company has a debt-to-equity ratio of 47.20, a quick ratio of 1.62 and a current ratio of 3.11.
About Carvana
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 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.