Carvana Co. Expected to Earn Q2 2024 Earnings of ($0.06) Per Share (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – Investment analysts at Wedbush raised their Q2 2024 earnings per share (EPS) estimates for shares of Carvana in a report issued on Thursday, May 2nd. Wedbush analyst S. Basham now expects that the company will post earnings of ($0.06) per share for the quarter, up from their prior forecast of ($0.55). Wedbush currently has a “Neutral” rating and a $120.00 target price on the stock. The consensus estimate for Carvana’s current full-year earnings is ($3.05) per share. Wedbush also issued estimates for Carvana’s Q3 2024 earnings at ($0.21) EPS, Q4 2024 earnings at ($0.35) EPS, FY2025 earnings at $0.29 EPS and FY2026 earnings at $1.36 EPS.

Carvana (NYSE:CVNA) last posted 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 company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same quarter in the prior year, the business posted ($0.97) earnings per share. The business’s revenue for the quarter was down 14.6% compared to the same quarter last year.

Other research analysts also recently issued reports about the company. Robert W. Baird upped their price target on Carvana from $65.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Raymond James raised Carvana from an “underperform” rating to a “market perform” rating in a research note on Friday, February 23rd. Jefferies Financial Group raised Carvana from an “underperform” rating to a “hold” rating and boosted their price objective for the stock from $30.00 to $85.00 in a report on Tuesday, March 12th. Wells Fargo & Company boosted their price objective on Carvana from $60.00 to $77.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. Finally, Morgan Stanley boosted their price objective on Carvana from $32.00 to $45.00 and gave the stock an “underweight” rating in a report on Monday, February 26th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $73.44.

Carvana Stock Performance

CVNA stock opened at $116.66 on Monday. The stock’s 50 day simple moving average is $83.59 and its 200 day simple moving average is $57.44. Carvana has a fifty-two week low of $8.86 and a fifty-two week high of $129.00. The company has a market cap of $23.55 billion, a P/E ratio of 51.17 and a beta of 3.28.

Insider Activity

In other news, major shareholder Ernest C. Garcia II sold 60,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $120.35, for a total value of $7,221,000.00. Following the completion of the transaction, the insider now directly owns 2,992,500 shares of the company’s stock, valued at $360,147,375. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Carvana news, COO Benjamin E. Huston sold 9,296 shares of the stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $82.92, for a total transaction of $770,824.32. Following the completion of the transaction, the chief operating officer now directly owns 178,885 shares of the company’s stock, valued at $14,833,144.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Ernest C. Garcia II sold 60,000 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $120.35, for a total value of $7,221,000.00. Following the transaction, the insider now directly owns 2,992,500 shares of the company’s stock, valued at $360,147,375. The disclosure for this sale can be found here. Insiders sold a total of 502,233 shares of company stock valued at $45,421,169 over the last three months. Corporate insiders own 17.18% of the company’s stock.

Hedge Funds Weigh In On Carvana

Institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. bought a new position in Carvana during the fourth quarter valued at $29,000. Vanguard Group Inc. lifted its position in shares of Carvana by 0.7% during the third quarter. Vanguard Group Inc. now owns 9,367,976 shares of the company’s stock worth $393,268,000 after acquiring an additional 62,820 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Carvana during the third quarter worth $2,879,000. Charles Schwab Investment Management Inc. lifted its position 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. Finally, TD Asset Management Inc purchased a new stake in shares of Carvana during the third quarter worth $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.