Carvana (NYSE:CVNA) Announces Quarterly Earnings Results, Misses Estimates By $0.60 EPS

Carvana (NYSE:CVNAGet Rating) posted its earnings results on Thursday. The company reported ($2.35) EPS for the quarter, missing the consensus estimate of ($1.75) by ($0.60), Briefing.com reports. The business had revenue of $3.88 billion during the quarter, compared to analysts’ expectations of $3.99 billion. Carvana had a negative net margin of 2.55% and a negative return on equity of 53.77%. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same period last year, the company earned $0.26 EPS.

Carvana Price Performance

Shares of CVNA traded up $13.44 during mid-day trading on Friday, reaching $46.98. 46,467,873 shares of the company’s stock were exchanged, compared to its average volume of 8,674,372. The company has a quick ratio of 0.47, a current ratio of 1.36 and a debt-to-equity ratio of 63.19. The company has a 50-day simple moving average of $25.90 and a two-hundred day simple moving average of $79.70. Carvana has a 52-week low of $19.45 and a 52-week high of $376.83. The company has a market cap of $8.13 billion, a price-to-earnings ratio of -11.66 and a beta of 2.68.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Royal Bank of Canada lowered their price target on Carvana from $85.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday. Northcoast Research initiated coverage on Carvana in a report on Monday, April 11th. They set a “neutral” rating on the stock. Truist Financial reduced their price objective on shares of Carvana from $160.00 to $80.00 and set a “na” rating for the company in a research report on Monday, May 16th. Robert W. Baird reduced their price objective on shares of Carvana from $125.00 to $65.00 in a research report on Wednesday, May 11th. Finally, JMP Securities initiated coverage on shares of Carvana in a research report on Thursday, June 30th. They issued a “buy” rating and a $35.00 price objective for the company. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $105.82.

Insider Transactions at Carvana

In other news, Director J Danforth Quayle bought 18,750 shares of the stock in a transaction on Tuesday, May 17th. The stock was purchased at an average cost of $39.14 per share, with a total value of $733,875.00. Following the purchase, the director now owns 12,500 shares of the company’s stock, valued at $489,250. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Ernest C. Garcia II acquired 1,191,468 shares of the stock in a transaction dated Monday, June 13th. The stock was bought at an average cost of $20.67 per share, with a total value of $24,627,643.56. Following the purchase, the insider now directly owns 2,578,314 shares of the company’s stock, valued at $53,293,750.38. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director J Danforth Quayle acquired 18,750 shares of the stock in a transaction dated Tuesday, May 17th. The shares were bought at an average cost of $39.14 per share, with a total value of $733,875.00. Following the completion of the purchase, the director now directly owns 12,500 shares in the company, valued at $489,250. The disclosure for this purchase can be found here. Insiders acquired a total of 2,197,008 shares of company stock valued at $47,538,049 in the last ninety days. Corporate insiders own 10.70% of the company’s stock.

Institutional Trading of Carvana

Institutional investors have recently made changes to their positions in the stock. 1832 Asset Management L.P. acquired a new position in Carvana in the 1st quarter worth $59,000. US Bancorp DE lifted its holdings in Carvana by 248.0% in the 1st quarter. US Bancorp DE now owns 1,646 shares of the company’s stock worth $197,000 after buying an additional 1,173 shares in the last quarter. Beacon Pointe Advisors LLC acquired a new position in Carvana in the 1st quarter worth $209,000. Geneos Wealth Management Inc. lifted its holdings in Carvana by 17.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,929 shares of the company’s stock worth $230,000 after buying an additional 280 shares in the last quarter. Finally, Ethic Inc. acquired a new position in Carvana in the 1st quarter worth $244,000.

Carvana Company Profile

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Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. The company's 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.

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Earnings History for Carvana (NYSE:CVNA)

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