Barrington analyst Gary Prestopino maintained a Buy rating on Carvana Co (NYSE: CVNA) today and set a price target of $50. The company’s shares closed yesterday at $47.06, close to its 52-week high of $49.87.
Prestopino said:
“We believe Carvana has significant long-term growth potential in the used vehicle market. According to NADA (National Automobile Dealers Association), there were approximately 28 million used vehicles sold at dealerships in 2017. Carvana has sold 66,270 used vehicles on a TTM basis, representing slightly more than 2.2% of the total used vehicle market.”
According to TipRanks.com, Prestopino is a 4-star analyst with an average return of 13.2% and a 64.4% success rate. Prestopino covers the Services sector, focusing on stocks such as Kar Auction Services Inc, Liquidity Services, and Ritchie Bros.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Carvana Co with a $45.67 average price target, which is a -3.0% downside from current levels. In a report issued on August 1, Robert W. Baird also reiterated a Buy rating on the stock with a $53 price target.
.
See today’s analyst top recommended stocks >>
Based on Carvana Co’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $7.04 million. In comparison, last year the company had a GAAP net loss of $4.28 million.
Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is negative on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Carvana Co. is a holding company and an eCommerce platform, which engages in the buying of used cars and provision of different and convenient car buying experience. It operates through the following segments: Vehicle Sales; Wholesale Vehicle Sales; and Other Sales and Revenue. The Vehicle Sales segment consists of used vehicle to customers through website.
