Carvana stock (NYSE: CVNA) heads into the new trading week with fresh Wall Street coverage, multiple institutional portfolio moves, and record Q3 numbers still in focus.
As of the last trading session before today (Friday, November 21, 2025), Carvana closed at just over $310 per share, near the upper half of its 12‑month range around $148–$413. At that level, the company is valued at roughly $68 billion, trading on a lofty P/E near 71, a PEG ratio a bit above 1, and a beta around 3.5, underlining how volatile the stock has become. [1]
Today is Sunday, November 23, 2025, so U.S. markets are closed — but news flow is not. Here’s a detailed look at all the key Carvana stock headlines dated November 23, 2025, and how they fit into the bigger CVNA story.
Carvana stock today: price snapshot and valuation
Based on the most recent market data:
- Last close (Friday): about $310–311 per share [2]
- 12‑month range: roughly $148.25 (low) to $413.33 (high) [3]
- Market capitalization: about $67–68 billion [4]
- Valuation: P/E ~70.9, PEG ~1.1, beta ~3.5 (very high volatility) [5]
- Balance sheet snapshot: debt‑to‑equity about 1.63, current ratio 4.05, quick ratio 2.55 — meaning Carvana is still leveraged but has solid near‑term liquidity. [6]
From a pure numbers standpoint, CVNA is priced like a high‑growth, high‑risk momentum stock, not a sleepy auto retailer. Today’s headlines reinforce that picture.
All major Carvana stock news dated November 23, 2025
A sweep of major financial outlets for “Carvana” + “November 23, 2025” turns up four clearly stock‑relevant news items dated today:
- Deutsche Bank initiates coverage with a “Buy” and $395 price target
- Handelsbanken Fonder AB trims its Carvana stake by 5% (13F update)
- Ensign Peak Advisors Inc increases its Carvana stake by 4.1%
- Cetera Investment Advisers boosts its Carvana stake by 17.9%
All four come from reputable sources (DefenseWorld and MarketBeat) and lean heavily on recent 13F filings and analyst research. [7]
Let’s unpack what each headline actually means.
1. Deutsche Bank launches Carvana coverage with “Buy” and 27% upside
In a note highlighted today by DefenseWorld, Deutsche Bank Aktiengesellschaft officially initiated coverage of Carvana with:
- Rating: “Buy”
- Price target:$395 per share
- Implied upside: about 27% from Friday’s close. [8]
The article notes that Deutsche Bank’s call sits within a broader bullish consensus:
- 16 analysts currently rate Carvana a Buy and 7 rate it Hold, with zero Sells, for an overall “Moderate Buy” consensus. [9]
- The average 12‑month price target across 23 analysts is approximately $413.20, nearly 33% above Friday’s price. The target range runs from $250 on the low end to $500 at the high end. [10]
Deutsche Bank joins a crowd of bullish brokers:
- Needham has reiterated a Buy with a $500 target. [11]
- Bank of America maintains a Buy rating with a $385 target. [12]
- Royal Bank of Canada (RBC) continues to call the stock “Outperform” with a $460 target. [13]
Takeaway: Today’s Deutsche Bank initiation reinforces rather than changes the prevailing narrative: Wall Street, on average, still sees meaningful upside in CVNA despite its sharp rally and elevated valuation.
2. Handelsbanken trims its CVNA stake – but institutional ownership remains strong
A MarketBeat instant alert dated today reports that Handelsbanken Fonder AB:
- Cut its Carvana position by 5% in Q2, selling 4,609 shares
- Ended the period with 87,076 shares worth roughly $29.34 million [14]
Key context from the same report:
- Handelsbanken’s move is a trim, not an exit; it remains a sizable holder.
- Other institutions (Los Angeles Capital, Berkshire Capital, Vanguard and others) have increased or initiated positions, contributing to institutional ownership of about 56.7%. [15]
The piece also reiterates that:
- Insiders have been aggressive sellers recently, unloading 386,452 shares worth roughly $141 million over the past 90 days, leaving insider ownership around 17.1%. [16]
Takeaway: Today’s Handelsbanken headline underscores a mixed but active institutional picture: some profit‑taking on the margins, but still deep institutional participation overall.
3. Ensign Peak Advisors boosts its Carvana holdings
Another MarketBeat alert, also dated today, highlights that Ensign Peak Advisors Inc:
- Increased its Carvana stake by 4.1% in Q2
- Bought 2,005 additional shares, bringing its total to 51,018 shares
- Valued that position at about $17.19 million at the end of the reporting period [17]
Like other 13F‑based stories, the article notes that multiple institutional investors have been adjusting their exposure — some building new positions, some dramatically scaling up tiny stakes. [18]
Takeaway: Ensign Peak’s incremental buying, set against Handelsbanken’s trimming, suggests normal portfolio rebalancing rather than a clear “all in” or “all out” institutional signal.
4. Cetera Investment Advisers ramps up its position by nearly 18%
A third MarketBeat item dated November 23 reports that Cetera Investment Advisers:
- Raised its CVNA position by 17.9% in Q2
- Now holds 25,770 shares, up by 3,920 shares
- Values the position at about $8.68 million [19]
The article repeats several important stock metrics:
- EPS miss: Carvana reported Q3 EPS of $1.03, below the $1.29 consensus. [20]
- Revenue beat: Q3 revenue came in around $5.65 billion, beating estimates near $5.0 billion and up 54–55% year over year. [21]
- Consensus view: Carvana retains a “Moderate Buy” rating with an average price target around $413.20, matching the figures on MarketBeat’s forecast page. [22]
Takeaway: Cetera’s larger stake is another vote of confidence from an advisor platform, even as analysts acknowledge that Carvana missed on EPS while crushing revenue expectations.
Under the surface: record Q3 2025 results still drive the story
Today’s news is mostly about ratings and 13F filings, but all of it is anchored in Carvana’s blockbuster Q3 2025.
From Carvana’s own Q3 2025 earnings release and shareholder letter: [23]
- Retail units sold:155,941 (+44% year over year)
- Total revenue:$5.647 billion (+55% YoY), a new quarterly record
- Net income:$263 million, with net margin around 4.7%
- GAAP operating income:$552 million, 9.8% operating margin
- Adjusted EBITDA: about $637 million, with 11.3% adjusted EBITDA margin
The company also emphasized:
- It has crossed a $20 billion annual revenue run‑rate for the first time. [24]
- Management believes it can ultimately scale to around 3 million retail vehicles sold annually in 5–10 years, an ambition reiterated at the Wells Fargo 9th Annual TMT Summit and in trade press coverage. [25]
Third‑party coverage from outlets like Nasdaq, WardsAuto and others generally agree that Q3 delivered massive top‑line growth and strong profitability, while simultaneously flagging risks around unit growth sustainability, lending quality and guidance pointing to slower Q4 unit growth. [26]
Analyst sentiment: bullish, but with big caveats
Looking beyond today’s Deutsche Bank note, the broader analyst backdrop as of late November 2025 is:
- Consensus rating:“Moderate Buy”
- Breakdown:16 Buys, 7 Holds, 0 Sells (23 analysts) [27]
- Average 12‑month price target:$413.20, implying roughly 30–33% upside from the ~$310 area
- Target range:$250–$500 [28]
Recent rating activity has leaned positive:
- Needham has reiterated a Buy with a $500 target, citing strategic investments and long‑term growth potential. [29]
- Citizens reiterated a Market Outperform with a $460 target after visiting Carvana’s Haines City, Florida inspection and reconditioning center. [30]
- DA Davidson has a Neutral stance with a $360 target, citing strong growth but a rich valuation and some concern over Q4 guidance. [31]
Short‑term trading commentary from Yahoo Finance, StockStory and others has repeatedly tied near‑term price spikes to:
- Analyst reiterations and target hikes
- Management’s upbeat tone at conferences like the Wells Fargo TMT Summit
- The stock’s high short interest and high beta, which can amplify moves in both directions [32]
Risk check: subprime lending, Hindenburg, and macro worries
The bull case on Carvana is powerful — but so is the bear case.
Several pieces over the past year have flagged serious concerns, some of which still hang over the story today:
- In January 2025, short seller Hindenburg Research disclosed a short position in Carvana, alleging aggressive accounting and insider‑trading issues and flagging risks around the company’s financing practices. [33]
- Nasdaq’s “Buyer Beware: Carvana Is Driving an Auto Lending Crisis” argued that Carvana’s rapid growth relies heavily on subprime auto borrowers and securitization, which could turn against investors if credit quality deteriorates or regulators step in. [34]
- A more recent piece from 24/7 Wall St. asked “Is Carvana (CVNA) Actually In Trouble?” after Q3, noting the EPS miss (1.03 vs. 1.30 expected) despite record revenue, and pointing to concerns around subprime loan performance and operating costs. [35]
Macro headwinds also loom:
- Carvana is tied to used‑vehicle pricing, consumer credit availability and interest rates — all of which can swing quickly.
- After a meteoric post‑turnaround rally and a 12‑month high above $413, even modest disappointments can trigger sharp drawdowns. [36]
Put simply: Carvana is no longer a “distressed turnaround” story, but the stock still carries elevated credit, regulatory and execution risk.
What today’s headlines mean for CVNA going into the new week
Putting all of this together, here’s how today’s November 23 news shapes the Carvana narrative:
Positives for the bull camp
- Fresh coverage from Deutsche Bank with a Buy and a $395 target reinforces the idea that top‑tier banks see more upside ahead, even after a big run. [37]
- Multiple institutions (Cetera, Ensign Peak and others) are adding to positions, suggesting that at least some sophisticated investors are comfortable with Carvana’s risk/reward around $300+. [38]
- The underlying fundamentals from Q3 2025 remain strong: 40%+ unit growth, 50%+ revenue growth, solid profitability and a clear long‑term growth plan. [39]
Red flags for the bear camp
- Handelsbanken’s 5% trim shows that not every institution is adding; some are apparently taking profits after the rally. [40]
- Heavy insider selling — more than 386,000 shares worth around $141 million in 90 days — can be interpreted as management de‑risking while the stock is strong. [41]
- Despite revenue strength, Carvana missed EPS expectations in Q3, and some analysts worry that Q4 guidance hints at slower unit growth and slightly softer EBITDA vs. consensus. [42]
For traders, today’s mix of bullish analyst coverage, institutional flows and lingering risk headlines simply reinforces CVNA’s status as a high‑beta, news‑driven stock. For long‑term investors, it sharpens a central question:
Does Carvana’s scale, technology and profitability justify its rich valuation and lending risk — or is this another momentum story at the mercy of credit cycles?
Bottom line: how to think about Carvana stock on November 23, 2025
As of November 23, 2025, the Carvana story looks like this:
- Fundamentals: Q3 2025 was exceptionally strong, with record units, revenue and profitability.
- Wall Street: The consensus is bullish, with a Moderate Buy rating and an average target around $413; Deutsche Bank’s new Buy initiation today adds another positive voice. [43]
- Ownership: Institutions own more than half of the float, and today’s 13F headlines show some are adding (Cetera, Ensign Peak) while others trim (Handelsbanken); insiders, meanwhile, have been net sellers. [44]
- Risks: Concerns around auto‑lending quality, leverage, regulatory scrutiny and macro sensitivity remain very real, especially after a huge share‑price recovery. [45]
For now, CVNA remains one of the market’s purest high‑growth, high‑volatility consumer‑discretionary plays: a stock where sentiment can shift quickly on the back of analyst notes, macro data, or any new information about credit and unit growth.
Important: This article is for information and education only and does not constitute investment advice or a recommendation to buy or sell any security. Always do your own research and consider speaking with a licensed financial advisor before making investment decisions.
References
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