Carvana (CVNA) Rating Increased to Hold at Zacks Investment Research

Carvana (NYSE:CVNA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued 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 topic of a number of other reports. Barrington Research assumed coverage on Carvana in a research note on Friday, October 27th. They issued a “market perform” rating on the stock. BMO Capital Markets decreased their price objective on Carvana from $25.00 to $19.00 and set an “outperform” rating on the stock in a report on Wednesday, November 8th. Wedbush reaffirmed a “neutral” rating and set a $14.00 price objective (down from $20.00) on shares of Carvana in a report on Wednesday, November 8th. Robert W. Baird decreased their price objective on Carvana from $22.00 to $17.00 and set an “outperform” rating on the stock in a report on Wednesday, November 8th. Finally, JMP Securities decreased their price objective on Carvana from $25.00 to $23.00 and set an “outperform” rating on the stock in a report on Wednesday, November 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company’s stock. Carvana has an average rating of “Buy” and an average price target of $19.88.

Carvana (NYSE CVNA) traded up $0.44 during midday trading on Thursday, reaching $18.10. The company’s stock had a trading volume of 420,337 shares, compared to its average volume of 273,653. Carvana has a one year low of $8.14 and a one year high of $24.89. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.71 and a current ratio of 1.50.

In other news, major shareholder 2014 Fidel Family Trust Dated sold 1,101,624 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $22.65, for a total value of $24,951,783.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 21.69% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of CVNA. FMR LLC bought a new stake in shares of Carvana in the 2nd quarter valued at about $26,992,000. Sylebra HK Co Ltd increased its holdings in shares of Carvana by 184.4% during the third quarter. Sylebra HK Co Ltd now owns 1,302,420 shares of the company’s stock worth $19,120,000 after purchasing an additional 844,516 shares during the period. Goodnow Investment Group LLC increased its holdings in shares of Carvana by 45.0% during the third quarter. Goodnow Investment Group LLC now owns 829,142 shares of the company’s stock worth $12,172,000 after purchasing an additional 257,297 shares during the period. Royal Bank of Canada bought a new position in shares of Carvana during the second quarter worth approximately $15,354,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Carvana by 34.9% during the third quarter. Bank of New York Mellon Corp now owns 698,660 shares of the company’s stock worth $10,255,000 after purchasing an additional 180,631 shares during the period. Hedge funds and other institutional investors own 15.12% of the company’s stock.

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Carvana Company Profile

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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