Fintel reports that on July 31, 2023, Jefferies downgraded their outlook for Carvana Co. – (NYSE:CVNA) from Hold to Underperform.

Analyst Price Forecast Suggests 64.86% Downside

As of July 6, 2023, the average one-year price target for Carvana Co. – is 15.47. The forecasts range from a low of 1.01 to a high of $37.80. The average price target represents a decrease of 64.86% from its latest reported closing price of 44.02.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Carvana Co. – is 14,551MM, an increase of 23.34%. The projected annual non-GAAP EPS is -7.50.

What is the Fund Sentiment?

There are 392 funds or institutions reporting positions in Carvana Co. -. This is a decrease of 83 owner(s) or 17.47% in the last quarter. Average portfolio weight of all funds dedicated to CVNA is 0.36%, an increase of 35.48%. Total shares owned by institutions decreased in the last three months by 10.83% to 120,472K shares. The put/call ratio of CVNA is 1.25, indicating a bearish outlook.

What are Other Shareholders Doing?

Spruce House Investment Management holds 10,000K shares representing 9.39% ownership of the company. No change in the last quarter.

Greenoaks Capital Partners holds 7,370K shares representing 6.92% ownership of the company. No change in the last quarter.

CAS Investment Partners holds 6,828K shares representing 6.41% ownership of the company. No change in the last quarter.

Exor Capital LLP holds 5,184K shares representing 4.87% ownership of the company.

MSEQX – Growth Portfolio Class I holds 3,347K shares representing 3.14% ownership of the company. In it’s prior filing, the firm reported owning 3,388K shares, representing a decrease of 1.22%. The firm increased its portfolio allocation in CVNA by 81.71% over the last quarter.

Carvana Background Information
(This description is provided by the company.)

Founded in 2012 and based in Phoenix, Carvana’s mission is to change the way people buy cars. By removing the traditional dealership infrastructure and replacing it with technology and exceptional customer service, Carvana offers consumers an intuitive and convenient online car buying and financing platform. 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.

This article originally appeared on Fintel

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