Reviewing The Case For Carvana Co. (CVNA) Going Higher

Currently, there are 114.24M common shares owned by the public and among those 110.99M shares have been available to trade.

The company’s stock has a 5-day price change of 8.64% and 45.83% over the past three months. CVNA shares are trading 260.77% year to date (YTD), with the 12-month market performance up to 407.28% higher. It has a 12-month low price of $25.09 and touched a high of $183.41 over the same period. CVNA has an average intraday trading volume of 3.71 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 14.21%, 24.48%, and 84.87% respectively.

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Institutional ownership of Carvana Co. (NYSE: CVNA) shares accounts for 86.64% of the company’s 114.24M shares outstanding.

It has a market capitalization of $23.65B and a beta (3y monthly) value of 3.43. The stock’s trailing 12-month PE ratio is 60.27, while the earnings-per-share (ttm) stands at $3.17. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.72% over the week and 4.57% over the month.

Earnings per share for the fiscal year are expected to decrease by -33.70%, and 190.22% over the next financial year.

Looking at the support for the CVNA, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on September 17, 2024, with the firm’s price target at $185. Evercore ISI coverage for the Carvana Co. (CVNA) stock in a research note released on September 16, 2024 offered a In-line rating with a price target of $157. Stephens was of a view on September 12, 2024 that the stock is Overweight, while Wells Fargo gave the stock Overweight rating on August 01, 2024, issuing a price target of $175. Robert W. Baird on their part issued Neutral rating on August 01, 2024.

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