Carvana (CVNA) Given New $67.00 Price Target at Citigroup

Carvana (NYSE:CVNA) had its target price hoisted by equities research analysts at Citigroup from $60.00 to $67.00 in a research note issued to investors on Thursday, August 9th, The Fly reports. The brokerage currently has an “average” rating on the stock. Citigroup’s target price points to a potential upside of 3.49% from the stock’s current price.

Several other brokerages have also recently issued reports on CVNA. Wedbush reissued a “neutral” rating and issued a $40.00 price objective (up previously from $24.00) on shares of Carvana in a report on Monday, August 6th. Deutsche Bank raised Carvana from a “hold” rating to a “buy” rating in a report on Thursday, May 10th. Barrington Research reaffirmed a “buy” rating on shares of Carvana in a report on Tuesday, May 15th. Wells Fargo & Co reaffirmed a “buy” rating and issued a $44.00 price target on shares of Carvana in a report on Sunday, June 24th. Finally, B. Riley raised Carvana from a “sell” rating to a “buy” rating and upped their price target for the stock from $20.00 to $38.00 in a report on Thursday, May 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $46.42.

CVNA traded up $2.65 on Thursday, reaching $64.74. 806,000 shares of the stock were exchanged, compared to its average volume of 859,098. Carvana has a fifty-two week low of $12.17 and a fifty-two week high of $64.80. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.78 and a current ratio of 1.47. The stock has a market cap of $8.83 billion, a P/E ratio of -51.02 and a beta of -2.22.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, August 8th. The company reported ($0.37) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.34) by ($0.03). The firm had revenue of $475.29 million for the quarter, compared to analyst estimates of $425.16 million. Carvana had a negative return on equity of 33.44% and a negative net margin of 5.30%. The business’s revenue was up 127.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.28) EPS. analysts predict that Carvana will post -1.47 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the company. Legal & General Group Plc lifted its holdings in Carvana by 61.1% in the second quarter. Legal & General Group Plc now owns 4,251 shares of the company’s stock valued at $177,000 after acquiring an additional 1,612 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Carvana by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 131,742 shares of the company’s stock valued at $2,518,000 after acquiring an additional 2,788 shares during the last quarter. First Mercantile Trust Co. acquired a new position in Carvana in the second quarter valued at approximately $122,000. Global X Management Co LLC acquired a new position in Carvana in the second quarter valued at approximately $124,000. Finally, Metropolitan Life Insurance Co. NY lifted its holdings in Carvana by 93.9% in the second quarter. Metropolitan Life Insurance Co. NY now owns 9,371 shares of the company’s stock valued at $390,000 after acquiring an additional 4,537 shares during the last quarter. Institutional investors and hedge funds own 25.98% of the company’s stock.

About Carvana

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying used cars in the United States. The company purchases, reconditions, sells, and delivers vehicles. 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.

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