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Carvana (NYSE:CVNA) Stock Price Down 6.7% Following Analyst Downgrade – MarketBeat

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Carvana Co. (NYSE:CVNAGet Rating) was down 6.7% on Wednesday after Truist Financial lowered their price target on the stock from $80.00 to $50.00. Truist Financial currently has a buy rating on the stock. Carvana traded as low as $21.46 and last traded at $21.70. Approximately 19,692 shares were traded during mid-day trading, a decline of 100% from the average daily volume of 8,711,938 shares. The stock had previously closed at $23.26.
Several other equities research analysts also recently weighed in on CVNA. Morgan Stanley cut their price target on Carvana from $105.00 to $75.00 and set an “equal weight” rating on the stock in a report on Thursday, July 14th. Argus initiated coverage on Carvana in a report on Thursday, August 18th. They issued a “hold” rating on the stock. Piper Sandler raised Carvana from a “neutral” rating to an “overweight” rating and dropped their price objective for the stock from $98.00 to $73.00 in a report on Monday, September 12th. Raymond James upgraded shares of Carvana from an “underperform” rating to a “market perform” rating in a research note on Wednesday, July 27th. Finally, Royal Bank of Canada lowered their target price on Carvana from $85.00 to $35.00 and set a “sector perform” rating on the stock in a research note on Friday, August 5th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $54.75.

Hedge Funds Weigh In On Carvana

Several hedge funds have recently made changes to their positions in CVNA. Captrust Financial Advisors raised its position in shares of Carvana by 270.9% during the second quarter. Captrust Financial Advisors now owns 1,324 shares of the company’s stock worth $30,000 after purchasing an additional 967 shares during the period. HM Payson & Co. purchased a new position in shares of Carvana in the fourth quarter worth approximately $45,000. US Bancorp DE lifted its position in shares of Carvana by 29.6% in the 2nd quarter. US Bancorp DE now owns 2,133 shares of the company’s stock valued at $48,000 after acquiring an additional 487 shares in the last quarter. Steph & Co. boosted its stake in Carvana by 182.2% in the 2nd quarter. Steph & Co. now owns 2,201 shares of the company’s stock worth $50,000 after purchasing an additional 1,421 shares during the period. Finally, Lloyd Advisory Services LLC. grew its position in Carvana by 157.2% during the 1st quarter. Lloyd Advisory Services LLC. now owns 445 shares of the company’s stock worth $53,000 after purchasing an additional 272 shares in the last quarter.

Carvana Stock Performance

The firm’s 50 day simple moving average is $35.07 and its 200-day simple moving average is $48.00. The company has a debt-to-equity ratio of 7.64, a quick ratio of 1.11 and a current ratio of 2.32.
Carvana (NYSE:CVNAGet Rating) last announced its quarterly earnings data on Thursday, August 4th. The company reported ($2.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.81) by ($0.54). The business had revenue of $3.88 billion during the quarter, compared to analysts’ expectations of $3.99 billion. Carvana had a negative return on equity of 115.22% and a negative net margin of 4.24%. The firm’s revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.26 earnings per share. On average, sell-side analysts forecast that Carvana Co. will post -8.29 earnings per share for the current fiscal year.

Carvana Company Profile

(Get Rating)
Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. The company's platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.

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