Carvana (NYSE:CVNA) Announces Quarterly Earnings Results

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

Carvana Stock Performance

Shares of Carvana stock traded up $13.44 during trading hours on Friday, hitting $46.98. 46,467,873 shares of the company were exchanged, compared to its average volume of 8,674,372. Carvana has a 1 year low of $19.45 and a 1 year high of $376.83. The company has a current ratio of 1.36, a quick ratio of 0.47 and a debt-to-equity ratio of 63.19. The business has a 50-day moving average of $25.90 and a 200-day moving average of $79.70. The stock has a market capitalization of $8.13 billion, a price-to-earnings ratio of -11.66 and a beta of 2.68.

Insider Transactions at Carvana

In related news, insider Ryan S. Keeton purchased 20,000 shares of the business’s stock in a transaction dated Monday, June 6th. The stock was acquired at an average price of $25.02 per share, for a total transaction of $500,400.00. Following the completion of the purchase, the insider now directly owns 54,269 shares of the company’s stock, valued at $1,357,810.38. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In other Carvana news, insider Ryan S. Keeton acquired 20,000 shares of the business’s stock in a transaction on Monday, June 6th. The stock was purchased at an average price of $25.02 per share, for a total transaction of $500,400.00. Following the completion of the transaction, the insider now owns 54,269 shares of the company’s stock, valued at approximately $1,357,810.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director J Danforth Quayle acquired 18,750 shares of the business’s stock in a transaction on Tuesday, May 17th. The stock was acquired at an average price of $39.14 per share, with a total value of $733,875.00. Following the transaction, the director now directly owns 12,500 shares of the company’s stock, valued at approximately $489,250. The disclosure for this purchase can be found here. Insiders purchased 2,197,008 shares of company stock worth $47,538,049 over the last 90 days. 10.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CVNA. 1832 Asset Management L.P. acquired a new stake in Carvana in the first quarter valued at $59,000. US Bancorp DE grew its holdings in Carvana by 248.0% in the first quarter. US Bancorp DE now owns 1,646 shares of the company’s stock valued at $197,000 after purchasing an additional 1,173 shares during the last quarter. Beacon Pointe Advisors LLC acquired a new stake in Carvana in the first quarter valued at $209,000. Geneos Wealth Management Inc. grew its holdings in Carvana by 17.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,929 shares of the company’s stock valued at $230,000 after purchasing an additional 280 shares during the last quarter. Finally, Ethic Inc. acquired a new stake in Carvana in the first quarter valued at $244,000.

Wall Street Analyst Weigh In

CVNA has been the subject of a number of analyst reports. Needham & Company LLC lowered their price objective on Carvana from $80.00 to $31.00 and set a “buy” rating for the company in a research report on Tuesday, July 5th. Wells Fargo & Company lowered their price objective on Carvana from $65.00 to $35.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 8th. Truist Financial lowered their price objective on Carvana from $160.00 to $80.00 and set a “na” rating for the company in a research report on Monday, May 16th. JMP Securities assumed coverage on Carvana in a report on Thursday, June 30th. They issued a “buy” rating and a $35.00 price target for the company. Finally, Jefferies Financial Group downgraded Carvana from a “buy” rating to a “hold” rating and lowered their price target for the company from $150.00 to $40.00 in a report on Friday, May 13th. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $103.68.

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.

Further Reading

Earnings History for Carvana (NYSE:CVNA)

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