New Buy Rating for Carvana Co (CVNA), the Technology Giant
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 Friday at $202.64.
According to TipRanks.com, Erickson is a 5-star analyst with an average return of 23.8% and a 54.8% success rate. Erickson covers the Technology sector, focusing on stocks such as Zillow Group Class C, Zillow Group Class A, and Fiverr International.
Carvana Co has an analyst consensus of Moderate Buy, with a price target consensus of $235.24, representing a 16.7% upside. In a report issued on October 20, Piper Sandler also maintained a Buy rating on the stock with a $260.00 price target.
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Based on Carvana Co’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $1.12 billion and GAAP net loss of $40.83 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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