Wedbush Begins Coverage on Carvana Co (NASDAQ:CVNA)

Stock analysts at Wedbush initiated coverage on shares of Carvana Co (NASDAQ:CVNA) in a research note issued on Tuesday, July 18th. The firm set a “fair value” rating and a $23.02 price target on the stock. Wedbush’s price objective would indicate a potential upside of 27.75% from the stock’s current price. Wedbush also issued estimates for Carvana’s Q2 2017 earnings at ($0.30) EPS, Q3 2017 earnings at ($0.27) EPS, Q4 2017 earnings at ($0.27) EPS, FY2017 earnings at ($1.13) EPS, FY2018 earnings at ($0.40) EPS, FY2019 earnings at $0.63 EPS and FY2020 earnings at $1.52 EPS.

Other research analysts also recently issued reports about the stock. Bank of America Corporation assumed coverage on shares of Carvana in a report on Tuesday, May 23rd. They set a “buy” rating and a $25.00 price objective for the company. Citigroup Inc. assumed coverage on shares of Carvana in a research note on Tuesday, May 23rd. They issued a “buy” rating and a $17.00 price target for the company. Deutsche Bank AG reissued a “buy” rating and issued a $22.00 price target on shares of Carvana in a research note on Tuesday, May 23rd. Craig Hallum assumed coverage on shares of Carvana in a research note on Monday, May 22nd. They issued a “buy” rating and a $16.00 price target for the company. Finally, Susquehanna Bancshares Inc began coverage on shares of Carvana in a research note on Wednesday, May 3rd. They issued a “neutral” rating and a $10.00 price target for the company. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $20.10.

Carvana (NASDAQ:CVNA) opened at 18.02 on Tuesday. Carvana has a 12 month low of $8.14 and a 12 month high of $23.70. The firm’s market capitalization is $270.89 million. The firm has a 50-day moving average price of $20.23 and a 200 day moving average price of $15.86.

Carvana (NASDAQ:CVNA) last announced its quarterly earnings results on Tuesday, June 6th. The company reported ($0.28) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.28). The firm had revenue of $159.07 million during the quarter, compared to the consensus estimate of $157.69 million. Carvana’s revenue for the quarter was up 118.1% on a year-over-year basis. On average, equities analysts forecast that Carvana will post ($1.13) EPS for the current year.

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A number of large investors have recently bought and sold shares of the company. ClariVest Asset Management LLC purchased a new position in shares of Carvana during the second quarter valued at about $190,000. Rhumbline Advisers purchased a new position in shares of Carvana during the second quarter valued at about $392,000. Schwab Charles Investment Management Inc. purchased a new position in shares of Carvana during the second quarter valued at about $508,000. Spark Investment Management LLC purchased a new position in shares of Carvana during the second quarter valued at about $2,274,000. Finally, Blair William & Co. IL purchased a new position in shares of Carvana during the second quarter valued at about $8,002,000.

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.