Brokers Set Expectations for Carvana Co.’s Q1 2024 Earnings (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – Equities research analysts at William Blair boosted their Q1 2024 EPS estimates for Carvana in a report released on Tuesday, April 23rd. William Blair analyst S. Zackfia now anticipates that the company will earn ($0.63) per share for the quarter, up from their previous forecast of ($0.64). William Blair has a “Outperform” rating on the stock. The consensus estimate for Carvana’s current full-year earnings is ($3.36) per share. William Blair also issued estimates for Carvana’s Q2 2024 earnings at ($0.47) EPS, Q3 2024 earnings at ($0.68) EPS, Q4 2024 earnings at ($0.86) EPS, FY2024 earnings at ($2.64) EPS and FY2025 earnings at ($1.88) EPS.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.56 billion. Carvana’s revenue was down 14.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.97) earnings per share.

Several other research analysts have also commented on CVNA. Morgan Stanley lifted their price target on Carvana from $32.00 to $45.00 and gave the stock an “underweight” rating in a research report on Monday, February 26th. Jefferies Financial Group upgraded shares of Carvana from an “underperform” rating to a “hold” rating and upped their price target for the company from $30.00 to $85.00 in a research report on Tuesday, March 12th. JPMorgan Chase & Co. raised their price objective on shares of Carvana from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. Raymond James upgraded shares of Carvana from an “underperform” rating to a “market perform” rating in a research note on Friday, February 23rd. Finally, Robert W. Baird increased their target price on shares of Carvana from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, April 19th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $55.87.

Carvana Stock Performance

Carvana stock opened at $77.52 on Friday. The company has a market capitalization of $15.65 billion, a P/E ratio of 143.56 and a beta of 3.32. Carvana has a fifty-two week low of $6.70 and a fifty-two week high of $94.04. The stock has a 50-day simple moving average of $76.83 and a 200-day simple moving average of $53.39.

Insider Activity at Carvana

In related news, Director Neha Parikh bought 1,300 shares of the stock in a transaction on Friday, March 1st. The shares were bought at an average cost of $77.00 per share, for a total transaction of $100,100.00. Following the completion of the transaction, the director now owns 58,495 shares of the company’s stock, valued at approximately $4,504,115. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Neha Parikh purchased 1,300 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was acquired at an average price of $77.00 per share, for a total transaction of $100,100.00. Following the completion of the transaction, the director now directly owns 58,495 shares in the company, valued at approximately $4,504,115. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Paul W. Breaux sold 15,000 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $69.00, for a total transaction of $1,035,000.00. Following the completion of the sale, the insider now owns 150,126 shares in the company, valued at $10,358,694. The disclosure for this sale can be found here. Insiders sold 187,883 shares of company stock worth $15,505,178 over the last 90 days. Company insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

Several large investors have recently modified their holdings of CVNA. Blue Trust Inc. acquired a new stake in Carvana during the 4th quarter valued at $29,000. Vanguard Group Inc. boosted its stake in shares of Carvana by 0.7% during the third quarter. Vanguard Group Inc. now owns 9,367,976 shares of the company’s stock valued at $393,268,000 after acquiring an additional 62,820 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Carvana during the 3rd quarter worth about $2,879,000. Charles Schwab Investment Management Inc. raised its stake in Carvana by 56.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 778,561 shares of the company’s stock valued at $32,684,000 after purchasing an additional 280,851 shares during the last quarter. Finally, TD Asset Management Inc purchased a new position in Carvana in the 3rd quarter valued at about $22,906,000. 56.71% of the stock is currently owned by institutional investors and hedge funds.

About Carvana

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.