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Why CarMax (KMX) Stock Is Up Today

Investivoq PriceTracker

CarMax (KMX) is up 3.2% today. Here is some analysis on what might have caused this price movement. ([investors.carmax.com](https://investors.carmax.com/ir-home/default.aspx?_sp=0164d8dd-66de-49fa-8896-03edac9f62b5))

Analysis: The most likely catalyst is a fresh analyst price-target increase tied to expectations for better earnings power and stronger year-to-date execution. The move also appears to be helped by investors positioning ahead of CarMax’s next earnings report on September 29, 2026, while focusing on the company’s ongoing cost-cutting and margin-improvement efforts. ([ca.investing.com](https://ca.investing.com/news/stock-market-news/morgan-stanley-raises-carmax-stock-price-target-on-improved-performance-93CH-4849488))

Details:

  • An analyst raised its price target on CarMax on September 23 while keeping its rating unchanged, citing improved performance and a higher fiscal 2027 earnings outlook. ([ca.investing.com](https://ca.investing.com/news/stock-market-news/morgan-stanley-raises-carmax-stock-price-target-on-improved-performance-93CH-4849488))
  • CarMax has already told investors it will report second-quarter fiscal 2027 results before the market opens on September 29, 2026, which can draw speculative buying ahead of the event. ([media.carmax.com](https://media.carmax.com/press-releases/news-release/2026/CarMax-Announces-Second-Quarter-Conference-Call/default.aspx))
  • In its latest quarterly release, CarMax posted 6.2% revenue growth to $8.0 billion, a 3.3% increase in combined retail and wholesale unit sales, and lower SG&A expense, reinforcing the company’s efficiency narrative. ([media.carmax.com](https://media.carmax.com/press-releases/news-release/2026/CarMax-Reports-First-Quarter-Fiscal-2027-Results/default.aspx))
  • The company also said it was on track for $200 million in exit-rate SG&A savings by the end of fiscal 2027, and recent corporate job cuts may have reinforced investor expectations for leaner operations. ([media.carmax.com](https://media.carmax.com/press-releases/news-release/2026/CarMax-Reports-First-Quarter-Fiscal-2027-Results/default.aspx))

    • Sources:

    CarMax, Investing.com, Virginia Business

    Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

    $KMX Insider Trading Activity

    KMX Insider Trades

    $KMX insiders have traded $KMX stock on the open market 2 times in the past 6 months. Of those trades, 2 have been purchases and 0 have been sales.

    Here’s a breakdown of recent trading of $KMX stock by insiders over the last 6 months:

    • KEITH BARR (President and CEO) purchased 9,400 shares for an estimated $498,247
    • PETER J BENSEN purchased 2,500 shares for an estimated $130,500

    To track insider transactions, check out Investivoq's insider trading dashboard. You can access data on insider stock transactions through the Investivoq API insider transaction endpoint.

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    $KMX Hedge Fund Activity

    We have seen 229 institutional investors add shares of $KMX stock to their portfolio, and 392 decrease their positions in their most recent quarter.

    Here are some of the largest recent moves:

    • NORGES BANK removed 3,455,184 shares (-83.8%) from their portfolio in Q2 2026, for an estimated $182,744,681
    • AQR CAPITAL MANAGEMENT LLC removed 3,437,708 shares (-34.2%) from their portfolio in Q2 2026, for an estimated $181,820,376
    • STARBOARD VALUE LP removed 2,994,924 shares (-48.3%) from their portfolio in Q2 2026, for an estimated $158,401,530
    • HAWK RIDGE CAPITAL MANAGEMENT LP added 2,834,458 shares (+inf%) to their portfolio in Q2 2026, for an estimated $149,914,483
    • APOLLO MANAGEMENT HOLDINGS, L.P. removed 2,158,456 shares (-52.1%) from their portfolio in Q2 2026, for an estimated $114,160,737
    • CANADA PENSION PLAN INVESTMENT BOARD added 1,908,090 shares (+693.8%) to their portfolio in Q2 2026, for an estimated $100,918,880
    • AMERICAN CENTURY COMPANIES INC added 1,859,355 shares (+133.7%) to their portfolio in Q2 2026, for an estimated $98,341,285

    To track hedge funds' stock portfolios, check out Investivoq's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Investivoq API 13F endpoint.

    $KMX Congressional Stock Trading

    Members of Congress have traded $KMX stock 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.

    Here’s a breakdown of recent trading of $KMX stock by members of Congress over the last 6 months:

    • REPRESENTATIVE GILBERT RAY CISNEROS, JR. purchased up to $15,000 on 08/19.

    To track congressional stock trading, check out Investivoq's congressional trading dashboard. You can access data on congressional stock trades through the Investivoq API Congress trades endpoint.

    $KMX Analyst Ratings

    Wall Street analysts have issued reports on $KMX in the last several months. We have seen 0 firms issue buy ratings on the stock, and 1 firms issue sell ratings.

    Here are some recent analyst ratings:

    • B of A Securities issued a "Underperform" rating on 06/18/2026

    To track analyst ratings and price targets for $KMX, check out Investivoq's $KMX forecast page.

    $KMX Price Targets

    Multiple analysts have issued price targets for $KMX recently. We have seen 11 analysts offer price targets for $KMX in the last 6 months, with a median target of $45.0.

    Here are some recent targets:

    • Joseph Spak from UBS set a target price of $57.0 on 06/23/2026
    • Daniela Haigian from Morgan Stanley set a target price of $44.0 on 06/23/2026
    • John Babcock from Barclays set a target price of $37.0 on 06/22/2026
    • David Bellinger from Mizuho set a target price of $43.0 on 06/18/2026
    • Scot Ciccarelli from Truist Securities set a target price of $50.0 on 06/18/2026
    • Michael Montani from Evercore ISI Group set a target price of $58.0 on 06/18/2026
    • Rajat Gupta from JP Morgan set a target price of $38.0 on 06/18/2026

    This article is not financial advice. See Investivoq's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.