William Blair Comments on Carvana Co.’s Q1 2024 Earnings (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – Research analysts at William Blair lifted their Q1 2024 earnings estimates for shares of Carvana in a research report issued to clients and investors on Tuesday, April 23rd. William Blair analyst S. Zackfia now expects that the company will earn ($0.63) per share for the quarter, up from their previous forecast of ($0.64). William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Carvana’s current full-year earnings is ($3.35) 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 posted its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) 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 analyst estimates of $2.56 billion. During the same quarter in the previous year, the firm earned ($0.97) EPS. The company’s revenue was down 14.6% compared to the same quarter last year.

Other research analysts have also issued reports about the stock. Jefferies Financial Group upgraded shares of Carvana from an “underperform” rating to a “hold” rating and raised their target price for the company from $30.00 to $85.00 in a research note on Tuesday, March 12th. Evercore ISI lowered their target price on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research note on Tuesday, April 16th. Morgan Stanley increased their price target on shares of Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a report on Monday, February 26th. JMP Securities reissued a “market outperform” rating and issued a $80.00 price target on shares of Carvana in a report on Wednesday, April 17th. Finally, Robert W. Baird increased their price target on shares of Carvana from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, April 19th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Carvana currently has an average rating of “Hold” and an average target price of $55.87.

Carvana Trading Up 8.8 %

NYSE:CVNA opened at $84.31 on Friday. Carvana has a 1 year low of $6.70 and a 1 year high of $94.04. The firm’s fifty day simple moving average is $77.47 and its 200 day simple moving average is $53.81. The firm has a market capitalization of $17.02 billion, a PE ratio of 156.13 and a beta of 3.32.

Insider Transactions at Carvana

In other news, VP Stephen R. Palmer sold 5,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $86.75, for a total transaction of $433,750.00. Following the completion of the transaction, the vice president now directly owns 62,514 shares of the company’s stock, valued at approximately $5,423,089.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Ernest C. Garcia II sold 50,000 shares of Carvana stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $80.13, for a total transaction of $4,006,500.00. Following the completion of the transaction, the insider now directly owns 3,312,500 shares of the company’s stock, valued at approximately $265,430,625. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Stephen R. Palmer sold 5,000 shares of Carvana stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $86.75, for a total transaction of $433,750.00. Following the transaction, the vice president now directly owns 62,514 shares of the company’s stock, valued at $5,423,089.50. The disclosure for this sale can be found here. In the last three months, insiders sold 187,883 shares of company stock valued at $15,505,178. Company insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

Several institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. acquired a new stake in Carvana in the 4th quarter valued at about $29,000. Vanguard Group Inc. increased its position in Carvana by 0.7% in the 3rd 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 in the last quarter. Quantbot Technologies LP acquired a new stake in Carvana in the 3rd quarter valued at about $2,879,000. Charles Schwab Investment Management Inc. increased its position 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 acquiring an additional 280,851 shares in the last quarter. Finally, TD Asset Management Inc acquired a new stake in shares of Carvana during the 3rd quarter worth approximately $22,906,000. 56.71% of the stock is owned by institutional investors.

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.