Carvana (CVNA) Stock Price Up 10.5%

Carvana Co. (NYSE:CVNA)’s share price rose 10.5% on Friday . The company traded as high as $18.72 and last traded at $17.91. Approximately 923,048 shares changed hands during trading, an increase of 23% from the average daily volume of 753,486 shares. The stock had previously closed at $16.21.

CVNA has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of Carvana from a “buy” rating to a “sell” rating in a research note on Thursday, November 2nd. Barrington Research assumed coverage on shares of Carvana in a research note on Friday, October 27th. They set a “market perform” rating for the company. Wedbush reiterated a “neutral” rating and set a $18.14 price target (down previously from $20.00) on shares of Carvana in a report on Friday, September 15th. Susquehanna Bancshares reiterated a “neutral” rating and set a $16.00 price target (up previously from $12.00) on shares of Carvana in a report on Friday, August 11th. Finally, Craig Hallum increased their price target on shares of Carvana from $16.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Three analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $19.31.

The company has a debt-to-equity ratio of 0.07, a current ratio of 1.50 and a quick ratio of 0.71.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Tuesday, November 7th. The company reported ($0.29) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.01. Carvana had a negative net margin of 11.81% and a negative return on equity of 153.67%. The business had revenue of $225.40 million for the quarter, compared to the consensus estimate of $243.61 million. analysts expect that Carvana Co. will post -1.19 EPS for the current year.

Several hedge funds have recently made changes to their positions in CVNA. Abrams Bison Investments LLC bought a new stake in shares of Carvana during the 2nd quarter valued at $51,175,000. FMR LLC bought a new stake in shares of Carvana during the 2nd quarter valued at $26,992,000. Sylebra HK Co Ltd raised its position in shares of Carvana by 184.4% during the 3rd quarter. Sylebra HK Co Ltd now owns 1,302,420 shares of the company’s stock valued at $19,120,000 after purchasing an additional 844,516 shares during the period. Royal Bank of Canada bought a new stake in Carvana in the 2nd quarter valued at $15,354,000. Finally, Principal Financial Group Inc. bought a new stake in Carvana in the 2nd quarter valued at $14,998,000. Hedge funds and other institutional investors own 15.20% of the company’s stock.

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About Carvana

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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