Carvana Co’s (CVNA) Quiet Period Will Expire on June 7th
Carvana’s (NASDAQ:CVNA) quiet period is set to end on Wednesday, June 7th. Carvana had issued 15,000,000 shares in its public offering on April 28th. The total size of the offering was $225,000,000 based on an initial share price of $15.00. During the company’s quiet period, underwriters and any insiders involved in the IPO are prevented from issuing any earnings forecasts or research reports for the company because of SEC regulations. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.
Several research analysts have recently weighed in on CVNA shares. Susquehanna Bancshares Inc assumed coverage on Carvana in a research note on Wednesday, May 3rd. They set a “neutral” rating and a $10.00 price target for the company. Craig Hallum assumed coverage on Carvana in a research note on Monday, May 22nd. They issued a “buy” rating and a $16.00 target price for the company. Robert W. Baird assumed coverage on Carvana in a research report on Tuesday, May 23rd. They set an “outperform” rating and a $15.00 price target for the company. Wells Fargo & Company began coverage on Carvana in a research report on Tuesday, May 23rd. They set an “outperform” rating and a $19.00 price target for the company. Finally, Deutsche Bank AG reissued a “buy” rating and set a $22.00 price objective on shares of Carvana in a report on Tuesday, May 23rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Carvana currently has an average rating of “Buy” and an average price target of $18.67.
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Carvana (CVNA) opened at 21.43 on Friday. The stock’s 50 day moving average price is $12.12 and its 200 day moving average price is $12.06. Carvana has a 1-year low of $8.14 and a 1-year high of $21.72. The stock’s market capitalization is $322.16 million.
Carvana (NASDAQ:CVNA) last issued its earnings results on Tuesday, June 6th. The company reported ($0.28) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.28). The company had revenue of $159.07 million for the quarter, compared to analyst estimates of $157.69 million. The business’s quarterly revenue was up 118.1% on a year-over-year basis. On average, equities research analysts predict that Carvana will post ($1.13) earnings per share for the current fiscal year.
In other Carvana news, major shareholder Ernest C. Garcia II acquired 164,517 shares of the firm’s stock in a transaction that occurred on Thursday, May 4th. The shares were purchased at an average cost of $8.20 per share, for a total transaction of $1,349,039.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ira J. Platt acquired 2,000 shares of the firm’s stock in a transaction that occurred on Friday, April 28th. The stock was acquired at an average price of $12.60 per share, for a total transaction of $25,200.00. Following the completion of the acquisition, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $25,200. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 1,856,031 shares of company stock worth $24,474,213.
Carvana Co is an e-commerce platform for buying used cars. On the Company’s platform, consumers can research and identify a vehicle, inspect it using its proprietary 360-degree vehicle imaging technology, obtain financing and warranty coverage, purchase the vehicle and schedule delivery or pick-up, all from their desktop or mobile devices.
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