Carvana (NYSE:CVNA) Shares Gap Down to $19.07

Posted by on Jun 12th, 2023

Shares of Carvana Co. (NYSE:CVNA – Get Rating) gapped down before the market opened on Monday . The stock had previously closed at $19.07, but opened at $18.50. Carvana shares last traded at $20.34, with a volume of 19,312,301 shares.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CVNA shares. DA Davidson lifted their price objective on Carvana from $7.00 to $18.00 in a report on Friday. JMP Securities reiterated a “market outperform” rating and issued a $15.00 price target on shares of Carvana in a report on Friday, March 3rd. Wells Fargo & Company boosted their price target on Carvana from $10.00 to $15.00 in a report on Friday. Wedbush reiterated an “underperform” rating on shares of Carvana in a report on Friday, February 24th. Finally, Robert W. Baird boosted their price objective on Carvana from $7.00 to $10.00 in a research report on Friday, May 5th. Two equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $30.80.

Carvana Stock Performance

The company has a debt-to-equity ratio of 17.69, a current ratio of 1.62 and a quick ratio of 1.10. The firm has a market cap of $3.93 billion, a price-to-earnings ratio of -1.44 and a beta of 2.80. The company has a fifty day moving average price of $10.82 and a two-hundred day moving average price of $8.82.

Carvana (NYSE:CVNA – Get Rating) last announced its quarterly earnings data on Thursday, May 4th. The company reported ($1.51) earnings per share for the quarter, beating the consensus estimate of ($1.87) by $0.36. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.58 billion. Carvana had a negative return on equity of 1,491.81% and a negative net margin of 11.70%. The company’s revenue was down 25.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($2.89) earnings per share. As a group, equities research analysts expect that Carvana Co. will post -5.71 EPS for the current year.

Institutional Investors Weigh In On Carvana

A number of institutional investors and hedge funds have recently modified their holdings of CVNA. 1832 Asset Management L.P. acquired a new position in Carvana during the first quarter valued at $59,000. Captrust Financial Advisors raised its position in Carvana by 270.9% during the second quarter. Captrust Financial Advisors now owns 1,324 shares of the company’s stock valued at $30,000 after buying an additional 967 shares during the period. US Bancorp DE increased its position in Carvana by 248.0% in the 1st quarter. US Bancorp DE now owns 1,646 shares of the company’s stock worth $197,000 after purchasing an additional 1,173 shares during the last quarter. Beacon Pointe Advisors LLC acquired a new position in Carvana in the 1st quarter worth about $209,000. Finally, Geneos Wealth Management Inc. increased its position in Carvana by 17.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,929 shares of the company’s stock worth $230,000 after purchasing an additional 280 shares during the last quarter. 63.62% of the stock is owned by institutional investors and hedge funds.

Carvana Company Profile

(Get Rating)

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.

Recommended Stories

Receive News & Ratings for Carvana Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Carvana and related companies with MarketBeat.com's FREE daily email newsletter.