Carvana Co. (NYSE:CVNA) shares are trading higher Monday, adding to gains of more than 60% year-to-date.
What To Know: The company is expected to present at the Wells Fargo 9th Annual TMT Summit on Tuesday at 3 p.m. EST.
CVNA is demonstrating bullish strength. Check the fundamentals here.
At the end of October, the company reported third quarter earnings. Carvana reported earnings per share of $1.03, missing the consensus estimate of $1.24. In addition, the company reported sales of $5.64 billion, beating the consensus estimate of $5.06 billion.
Analyst Changes: Recently, multiple analysts have issued price target updates.
- Needham analyst Chris Pierce reiterated a Buy rating on Carvana and maintained a $500 price target.
- Barclays analyst John Babcock iniated an Overweight rating on Carvana and announced a price target of $390.
- Citigroup analyst Ronald Josey maintained a Buy rating on Carvana and lowered the price target from $490 to $445.
- Evercore ISI Group analyst Michael Montani maintained an In-Line rating on Carvana and lowered the price target from $425 to $395.
- B of A Securities analyst Michael McGovern maintained a Buy rating on Carvana and lowered price target from $405 to $385.
- BTIG analyst Marvin Fong maintained a Buy rating on Carvana and maintained a $450 price target.
The consensus price target for Carvana is $391.23, with the highest price target at $500.00 and the lowest price target at $148.00.
CVNA Analysis: Carvana stock is trading within its 52-week range of $148.25 to $413.33. Currently, Carvana’s year-to-date performance stands at an impressive 62.5%, reflecting strong momentum in the stock since the beginning of the year.
From a technical perspective, Carvana is trading approximately 7.8% below its 50-day moving average of $351.82, indicating a potential resistance level that could challenge upward momentum. Conversely, the stock is trading approximately 7.7% above its 200-day moving average of $301.22, suggesting a solid long-term trend that supports the current price action.
The calculated support level is at $298.08, which could serve as a critical floor should the stock experience any downward pressure. On the upside, resistance is identified at $334.75, a level that traders may watch closely for signs of a breakout or reversal.
With a market capitalization of $45.02 billion, Carvana stands as one of the largest players in the online vehicle sales sector, significantly outpacing its peers such as CarMax and Vroom. The relative strength index (RSI) at 45.26 indicates a neutral position, suggesting that the stock is neither overbought nor oversold at this juncture.
Given the current setup, a decisive move above the resistance at $334.75 could signal renewed bullish interest, while a drop below the support level of $298.08 may prompt caution among investors. The interplay between these levels will be pivotal in determining Carvana’s near-term price trajectory.
See Also: Why Is HIVE Digital Technologies Stock Soaring Monday?
CVNA Price Action: At the time of writing, Carvana stock is trading 1.13% higher at $321.92, according to data from Benzinga Pro.
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