Carvana Co. Expected to Post Q3 2024 Earnings of ($0.07) Per Share (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – Investment analysts at William Blair upped their Q3 2024 earnings estimates for Carvana in a research note issued to investors on Wednesday, July 24th. William Blair analyst S. Zackfia now forecasts that the company will earn ($0.07) per share for the quarter, up from their previous forecast of ($0.09). William Blair has a “Outperform” rating on the stock. The consensus estimate for Carvana’s current full-year earnings is ($0.71) per share. William Blair also issued estimates for Carvana’s Q4 2024 earnings at ($0.13) EPS and FY2024 earnings at ($0.31) EPS.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.35. The company had revenue of $3.06 billion during the quarter, compared to analyst estimates of $2.72 billion.

A number of other equities research analysts have also recently commented on the stock. JPMorgan Chase & Co. upped their target price on shares of Carvana from $150.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, July 19th. BTIG Research started coverage on shares of Carvana in a report on Friday, July 12th. They issued a “buy” rating and a $155.00 target price for the company. Needham & Company LLC raised shares of Carvana from a “hold” rating to a “buy” rating and set a $160.00 price target for the company in a report on Wednesday, July 10th. Wedbush reissued a “neutral” rating and set a $120.00 price target on shares of Carvana in a report on Monday. Finally, Royal Bank of Canada increased their price target on shares of Carvana from $90.00 to $130.00 and gave the stock a “sector perform” rating in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $105.14.

Carvana Stock Performance

Shares of NYSE:CVNA opened at $126.83 on Monday. The company has a 50-day simple moving average of $118.91 and a 200-day simple moving average of $90.83. Carvana has a one year low of $25.09 and a one year high of $147.25. The stock has a market capitalization of $25.69 billion, a price-to-earnings ratio of 55.63 and a beta of 3.37.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Maryland State Retirement & Pension System purchased a new stake in Carvana in the 2nd quarter worth approximately $1,057,000. Forum Financial Management LP purchased a new stake in Carvana in the 2nd quarter worth approximately $257,000. Bricktown Capital LLC purchased a new stake in Carvana in the 2nd quarter worth approximately $2,309,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Carvana by 9.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,897 shares of the company’s stock valued at $2,175,000 after buying an additional 1,528 shares during the period. Finally, Ridgewood Investments LLC purchased a new stake in shares of Carvana during the 2nd quarter valued at $32,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Carvana

In other news, CFO Mark W. Jenkins sold 5,000 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $99.25, for a total value of $496,250.00. Following the sale, the chief financial officer now directly owns 192,552 shares in the company, valued at $19,110,786. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Mark W. Jenkins sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $99.25, for a total transaction of $496,250.00. Following the completion of the transaction, the chief financial officer now directly owns 192,552 shares of the company’s stock, valued at approximately $19,110,786. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Ernest C. Garcia II sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $128.81, for a total transaction of $9,660,750.00. Following the transaction, the insider now directly owns 1,715,814 shares of the company’s stock, valued at $221,014,001.34. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,541,446 shares of company stock valued at $305,764,181. Corporate insiders own 17.12% of the company’s stock.

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.