Equities

Carvana (NYSE:CVNA) Downgraded to "Hold" at Truist Financial

Truist Financial downgraded shares of Carvana from a "buy" rating to a "hold" rating in a research note on Wednesday.

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Feb 3, 2023 • 4 min read

Carvana (NYSE:CVNA - Get Rating) was downgraded by equities research analysts at Truist Financial from a "buy" rating to a "hold" rating in a research report issued on Wednesday, MarketBeat.com reports.

Other analysts have also recently issued research reports about the company. Wedbush cut Carvana from a "neutral" rating to an "underperform" rating in a research report on Wednesday, December 7th. Morgan Stanley cut their target price on Carvana from $75.00 to $68.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 11th. Jefferies Financial Group decreased their price target on shares of Carvana from $10.00 to $5.00 in a research report on Friday, December 9th. Bank of America downgraded shares of Carvana from a "buy" rating to a "neutral" rating in a research report on Wednesday, November 30th. Finally, Argus lowered shares of Carvana from a "hold" rating to a "sell" rating in a research note on Monday, November 21st. Two analysts have rated the stock with a sell rating, twenty have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $46.10.

Carvana Stock Up 3.6 %

Shares of Carvana stock traded up $0.15 during trading on Wednesday, hitting $4.31. 170,999 shares of the stock traded hands, compared to its average volume of 11,663,023. The company has a current ratio of 2.38, a quick ratio of 1.01 and a debt-to-equity ratio of 17.69. The stock's fifty day simple moving average is $10.02 and its 200 day simple moving average is $22.90. The firm has a market cap of $813.93 million, a P/E ratio of -0.47 and a beta of 2.31. Carvana has a 52-week low of $3.55 and a 52-week high of $245.83.

Carvana (NYSE:CVNA - Get Rating) last posted its quarterly earnings results on Thursday, November 3rd. The company reported ($2.67) EPS for the quarter, missing the consensus estimate of ($2.02) by ($0.65). Carvana had a negative net margin of 5.99% and a negative return on equity of 191.74%. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.64 billion. On average, equities analysts predict that Carvana will post -9.94 earnings per share for the current fiscal year.

Insider Activity at Carvana

In other Carvana news, Director Michael E. Maroone bought 100,000 shares of Carvana stock in a transaction that occurred on Monday, November 7th. The stock was purchased at an average price of $8.61 per share, with a total value of $861,000.00. Following the completion of the acquisition, the director now directly owns 154,392 shares in the company, valued at approximately $1,329,315.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Michael E. Maroone bought 100,000 shares of the stock in a transaction dated Monday, November 7th. The shares were purchased at an average price of $8.61 per share, for a total transaction of $861,000.00. Following the completion of the purchase, the director now directly owns 154,392 shares of the company's stock, valued at $1,329,315.12. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Thomas Taira purchased 10,000 shares of the firm's stock in a transaction on Friday, November 11th. The stock was bought at an average cost of $11.13 per share, with a total value of $111,300.00. Following the completion of the acquisition, the insider now directly owns 42,518 shares of the company's stock, valued at approximately $473,225.34. The disclosure for this purchase can be found here. Insiders have bought a total of 251,000 shares of company stock worth $2,065,760 over the last quarter. Insiders own 17.67% of the company's stock.

Institutional Trading of Carvana

Many institutional investors and hedge funds have increased or decreased their stakes in CVNA. Captrust Financial Advisors increased its stake in Carvana shares by 270.9% in the second quarter. Captrust Financial Advisors now holds 1,324 shares of Carvana's stock, worth $30,000, after purchasing an additional 967 shares during the quarter. CWM LLC increased its Carvana holdings by 150.6% during the third quarter. CWM LLC now holds 1,531 shares of the stock, which is valued at $31,000. It also purchased an additional 920 shares. US Bancorp DE increased its share of Carvana shares by 29.6% during the second quarter. After buying 487 additional shares during the quarter, US Bancorp DE now has 2,133 shares of company stock worth $48,000. Steph & Co. increased its stake in Carvana shares by 182.2% during quarter 2. Steph & Co. now has 2,201 shares of company stock worth $50,000. They also purchased an additional 1,421 shares. Finally, 1832 Asset Management L.P. bought a new position of Carvana shares during the first quarter worth approximately $59,000.

Carvana

Carvana Co and its subsidiaries operate an e-commerce platform that allows you to buy and sell used cars in the United States. Customers can search for and identify a vehicle, inspect it using the company's 360-degree imaging technology, obtain financing and warranty coverage, and then purchase the vehicle. They can also schedule delivery or pick up from their mobile or desktop devices.