Needham analyst Brad Erickson assigned a Buy rating to Carvana Co (CVNA) today and set a price target of $265.00. The company’s shares closed last Tuesday at $226.83, close to its 52-week high of $235.00.
According to TipRanks.com, Erickson is a 5-star analyst with an average return of 22.5% and a 53.0% success rate. Erickson covers the Technology sector, focusing on stocks such as Zillow Group Class A, Fiverr International, and ANGI Homeservices.
Currently, the analyst consensus on Carvana Co is a Moderate Buy with an average price target of $211.94, which is a 0.5% upside from current levels. In a report released yesterday, Wells Fargo also maintained a Buy rating on the stock with a $250.00 price target.
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Based on Carvana Co’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.1 billion and GAAP net loss of $59.89 million. In comparison, last year the company earned revenue of $986 million and had a GAAP net loss of $20.32 million.
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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. The Wholesale Vehicle Sales segment comprises of the proceeds from vehicles sold to wholesalers. The Other Sales and Revenue segment composes of sales of automotive finance receivable originate and sell to third parties. The company was founded by Ernest Garcia, III, Benjamin Huston and Ryan Keeton in 2012 and is headquartered in Phoenix, AZ.
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