Carvana Co. Expected to Earn Q2 2024 Earnings of ($0.06) Per Share (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – Equities researchers at Wedbush upped their Q2 2024 earnings per share (EPS) estimates for shares of Carvana in a report issued on Thursday, May 2nd. Wedbush analyst S. Basham now anticipates that the company will post earnings of ($0.06) per share for the quarter, up from their previous forecast of ($0.55). Wedbush has a “Neutral” rating and a $120.00 price objective on the stock. The consensus estimate for Carvana’s current full-year earnings is ($3.05) per share. Wedbush also issued estimates for Carvana’s Q3 2024 earnings at ($0.21) EPS, Q4 2024 earnings at ($0.35) EPS, FY2025 earnings at $0.29 EPS and FY2026 earnings at $1.36 EPS.

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

Several other analysts have also commented on the company. Royal Bank of Canada boosted their price target on Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. raised Carvana from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $70.00 to $130.00 in a research note on Thursday, May 2nd. Evercore ISI decreased their price target on Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research note on Tuesday, April 16th. TD Cowen boosted their price target on Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, April 29th. Finally, Raymond James raised Carvana from an “underperform” rating to a “market perform” rating in a research note on Friday, February 23rd. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $73.44.

Carvana Trading Down 5.1 %

Shares of NYSE:CVNA opened at $116.66 on Monday. Carvana has a 1-year low of $8.86 and a 1-year high of $129.00. The firm has a market capitalization of $23.55 billion, a PE ratio of 51.17 and a beta of 3.28. The business’s 50 day moving average is $83.59 and its 200-day moving average is $57.44.

Insider Transactions at Carvana

In other news, major shareholder Ernest C. Garcia II sold 60,000 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $120.35, for a total transaction of $7,221,000.00. Following the completion of the sale, the insider now owns 2,992,500 shares in the company, valued at $360,147,375. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Mark W. Jenkins sold 55,000 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $86.76, for a total value of $4,771,800.00. Following the completion of the sale, the chief financial officer now owns 178,156 shares in the company, valued at $15,456,814.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Ernest C. Garcia II sold 60,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $120.35, for a total value of $7,221,000.00. Following the completion of the sale, the insider now owns 2,992,500 shares of the company’s stock, valued at approximately $360,147,375. The disclosure for this sale can be found here. Insiders sold a total of 502,233 shares of company stock worth $45,421,169 over the last 90 days. 17.18% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Swiss National Bank boosted its position in shares of Carvana by 7.2% during the first quarter. Swiss National Bank now owns 191,300 shares of the company’s stock worth $16,817,000 after buying an additional 12,800 shares during the period. Lisanti Capital Growth LLC bought a new position in shares of Carvana during the first quarter worth about $3,039,000. SG Americas Securities LLC grew its holdings in shares of Carvana by 315.6% during the first quarter. SG Americas Securities LLC now owns 9,176 shares of the company’s stock worth $807,000 after buying an additional 6,968 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Carvana during the first quarter worth about $1,321,000. Finally, GSA Capital Partners LLP bought a new position in shares of Carvana during the first quarter worth about $969,000. 56.71% of the stock is owned by institutional investors and hedge funds.

Carvana Company Profile

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.