Wedbush Reaffirms Underperform Rating for Carvana (NYSE:CVNA)

Carvana (NYSE:CVNA – Get Rating)‘s stock had its “underperform” rating reissued by research analysts at Wedbush in a research report issued to clients and investors on Friday, Benzinga reports. Wedbush also issued estimates for Carvana’s FY2024 earnings at ($6.05) EPS and FY2025 earnings at ($5.23) EPS.

Other research analysts also recently issued reports about the company. Jefferies Financial Group lowered their target price on Carvana from $10.00 to $5.00 in a research note on Friday, December 9th. Bank of America downgraded Carvana from a “buy” rating to a “neutral” rating in a research note on Wednesday, November 30th. Cowen downgraded Carvana from an “outperform” rating to a “market perform” rating in a research note on Monday, November 21st. Argus downgraded Carvana from a “hold” rating to a “sell” rating in a research note on Monday, November 21st. Finally, JPMorgan Chase & Co. upgraded Carvana from an “underweight” rating to a “neutral” rating and set a $20.00 target price on the stock in a research report on Tuesday, November 1st. Two analysts have rated the stock with a sell rating, twenty have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $39.30.

Carvana Trading Down 20.5 %

CVNA opened at $8.01 on Friday. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of -0.52 and a beta of 2.76. Carvana has a 52 week low of $3.55 and a 52 week high of $156.68. The business’s 50 day moving average is $7.91 and its two-hundred day moving average is $16.71. The company has a quick ratio of 1.01, a current ratio of 2.38 and a debt-to-equity ratio of 17.69.

Institutional Investors Weigh In On Carvana

Carvana Company Profile

Institutional investors have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Carvana by 12.4% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 439,402 shares of the company’s stock valued at $9,922,000 after purchasing an additional 48,522 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Carvana by 161.9% in the second quarter. Nisa Investment Advisors LLC now owns 16,500 shares of the company’s stock valued at $373,000 after acquiring an additional 10,200 shares during the last quarter. Forsta AP Fonden bought a new position in shares of Carvana in the second quarter valued at approximately $72,000. State Board of Administration of Florida Retirement System raised its stake in shares of Carvana by 20.1% in the second quarter. State Board of Administration of Florida Retirement System now owns 109,638 shares of the company’s stock valued at $2,476,000 after acquiring an additional 18,327 shares during the last quarter. Finally, Baillie Gifford & Co. raised its stake in shares of Carvana by 15.0% in the second quarter. Baillie Gifford & Co. now owns 10,901,629 shares of the company’s stock valued at $246,159,000 after acquiring an additional 1,418,746 shares during the last quarter. 63.62% of the stock is owned by institutional investors and hedge funds.

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Carvana Co is a holding company and an eCommerce platform, engages in the buying of used cars and provision of different and convenient car buying experiences. It operates through the following segments: Vehicle Sales, Wholesale Vehicle Sales, and Other Sales and Revenue. The Vehicle Sales segment consists of used vehicle sales to customers through its website.

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