Investors Buy Large Volume of Carvana Put Options (CVNA)

Carvana Co. (NYSE:CVNA) was the target of unusually large options trading activity on Wednesday. Stock traders bought 3,253 put options on the stock. This represents an increase of Infinity compared to the typical daily volume of 0 put options.

Several equities research analysts recently commented on the stock. Craig Hallum boosted their price objective on shares of Carvana from $16.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Robert W. Baird reiterated an “outperform” rating and issued a $22.00 price objective on shares of Carvana in a research report on Thursday, September 7th. Wedbush restated a “neutral” rating and issued a $18.14 target price (down from $20.00) on shares of Carvana in a report on Friday, September 15th. Susquehanna Bancshares Inc restated a “neutral” rating and issued a $16.00 target price (up from $12.00) on shares of Carvana in a report on Friday, August 11th. Finally, B. Riley assumed coverage on shares of Carvana in a report on Friday, September 22nd. They issued a “sell” rating and a $12.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $19.31.

Carvana (NYSE CVNA) opened at $15.50 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.50 and a quick ratio of 0.71. Carvana has a 1-year low of $8.14 and a 1-year high of $23.70.

Carvana (NYSE:CVNA) last released its earnings results on Tuesday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.01. Carvana had a negative net margin of 11.81% and a negative return on equity of 153.67%. The company had revenue of $225.40 million for the quarter, compared to analyst estimates of $243.61 million. equities research analysts expect that Carvana will post -1.19 EPS for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in shares of Carvana by 2,272.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,055 shares of the company’s stock valued at $165,000 after acquiring an additional 10,589 shares during the last quarter. Nationwide Fund Advisors acquired a new position in shares of Carvana during the 2nd quarter valued at about $177,000. Russell Investments Group Ltd. acquired a new position in shares of Carvana during the 3rd quarter valued at about $185,000. ClariVest Asset Management LLC acquired a new position in shares of Carvana during the 2nd quarter valued at about $190,000. Finally, Nordea Investment Management AB acquired a new position in shares of Carvana during the 2nd quarter valued at about $190,000. 12.64% of the stock is owned by institutional investors.

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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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