Wedbush Analysts Increase Earnings Estimates for Carvana Co. (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – Wedbush raised their Q1 2024 EPS estimates for Carvana in a report issued on Thursday, April 25th. Wedbush analyst S. Basham now anticipates that the company will post earnings per share of ($0.53) for the quarter, up from their prior forecast of ($0.62). Wedbush has a “Neutral” rating and a $80.00 price objective on the stock. The consensus estimate for Carvana’s current full-year earnings is ($3.32) per share. Wedbush also issued estimates for Carvana’s Q2 2024 earnings at ($0.55) EPS, Q3 2024 earnings at ($0.54) EPS, Q4 2024 earnings at ($0.68) EPS, FY2024 earnings at ($2.31) EPS, FY2025 earnings at ($1.54) EPS and FY2026 earnings at ($0.57) EPS.

Other analysts also recently issued reports about the company. Raymond James upgraded Carvana from an “underperform” rating to a “market perform” rating in a research note on Friday, February 23rd. Royal Bank of Canada raised Carvana from an “underperform” rating to a “sector perform” rating and upped their target price for the company from $45.00 to $90.00 in a research report on Friday, March 8th. JPMorgan Chase & Co. raised their price target 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. Robert W. Baird upped 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. Finally, TD Cowen raised their price objective on shares of Carvana from $58.00 to $70.00 and gave the stock a “hold” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $56.75.

Carvana Stock Performance

Shares of NYSE:CVNA opened at $82.95 on Monday. The business’s 50-day simple moving average is $78.09 and its 200 day simple moving average is $54.27. The company has a market cap of $16.75 billion, a P/E ratio of 153.61 and a beta of 3.32. Carvana has a one year low of $6.70 and a one year high of $94.04.

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 business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter last year, the business posted ($0.97) earnings per share. The firm’s quarterly revenue was down 14.6% compared to the same quarter last year.

Institutional Trading of Carvana

Several large investors have recently added to or reduced their stakes in the company. Morgan Stanley boosted its holdings in shares of Carvana by 13.8% during the third quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock worth $619,478,000 after purchasing an additional 1,784,009 shares during the period. Vanguard Group Inc. boosted its stake in shares of Carvana by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after buying an additional 655,603 shares during the period. TD Asset Management Inc purchased a new position in shares of Carvana during the 3rd quarter valued at $22,906,000. UBS Group AG increased its stake in shares of Carvana by 132.6% in the third quarter. UBS Group AG now owns 81,620 shares of the company’s stock worth $3,426,000 after acquiring an additional 331,892 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Carvana by 56.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 778,561 shares of the company’s stock worth $32,684,000 after acquiring an additional 280,851 shares in the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Paul W. Breaux sold 15,000 shares of Carvana 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 transaction, the insider now directly owns 150,126 shares of the company’s stock, valued at $10,358,694. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, COO Benjamin E. Huston sold 9,296 shares of Carvana stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $82.92, for a total value of $770,824.32. Following the transaction, the chief operating officer now directly owns 178,885 shares in the company, valued at approximately $14,833,144.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul W. Breaux sold 15,000 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $69.00, for a total value of $1,035,000.00. Following the sale, the insider now directly owns 150,126 shares of the company’s stock, valued at $10,358,694. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 287,883 shares of company stock worth $23,778,678. 17.18% of the stock is owned by company insiders.

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.