Needham Thinks Carvana Co’s Stock is Going to Recover

In a report released today, Chris Pierce from Needham reiterated a Buy rating on Carvana Co (CVNAResearch Report), with a price target of $173.00. The company’s shares closed last Thursday at $119.29, close to its 52-week low of $97.70.

According to TipRanks.com, Pierce is ranked 0 out of 5 stars with an average return of -28.5% and a 28.6% success rate. Pierce covers the Technology sector, focusing on stocks such as Esports Technologies, CarGurus, and TrueCar.

Currently, the analyst consensus on Carvana Co is a Moderate Buy with an average price target of $214.38, implying a 70.0% upside from current levels. In a report issued on March 25, Wedbush also maintained a Buy rating on the stock with a $160.00 price target.

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The company has a one-year high of $376.83 and a one-year low of $97.70. Currently, Carvana Co has an average volume of 4.03M.

Based on the recent corporate insider activity of 389 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CVNA in relation to earlier this year.

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.

Founded in 2012, Arizona-based Carvana Co. is an e-commerce platform for buying and selling used cars in the United States. Carvana.com enables consumers to quickly and easily shop more than 20,000 vehicles, finance, trade-in or sell their current vehicle to Carvana, sign contracts, and schedule as-soon-as-next-day delivery or pickup at one of Carvana’s patented, automated Car Vending Machines.

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