Carvana Co (CVNA) Cut to “Sell” at Zacks Investment Research
Carvana Co (NASDAQ:CVNA) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a note issued to investors on Thursday.
According to Zacks, “Carvana Co. provide eCommerce platform for buying used cars. Carvana Co. is headquartered in Phoenix, Arizona. “
CVNA has been the subject of several other research reports. Barrington Research started coverage on Carvana in a report on Friday, October 27th. They set a “market perform” rating for the company. Wedbush started coverage on Carvana in a report on Tuesday, July 18th. They set a “fair value” rating and a $23.02 price target for the company. Susquehanna Bancshares Inc restated 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. Craig Hallum raised their price target on Carvana from $16.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Finally, B. Riley started coverage on Carvana in a report on Friday, September 22nd. They set a “sell” rating and a $12.00 price target for the company. Two research analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $20.01.
Carvana (NASDAQ:CVNA) last released its quarterly earnings results on Tuesday, August 8th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.02. The firm had revenue of $209.37 million for the quarter, compared to analysts’ expectations of $198.84 million. The business’s revenue was up 142.0% on a year-over-year basis.
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Several institutional investors have recently made changes to their positions in CVNA. Spark Investment Management LLC purchased a new position in shares of Carvana in the 2nd quarter worth approximately $2,274,000. Schwab Charles Investment Management Inc. purchased a new position in shares of Carvana in the 2nd quarter worth approximately $508,000. Rhumbline Advisers purchased a new position in shares of Carvana in the 2nd quarter worth approximately $392,000. ClariVest Asset Management LLC purchased a new position in shares of Carvana in the 2nd quarter worth approximately $190,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Carvana in the 2nd quarter worth approximately $10,604,000.
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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