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

Carvana Co. (NYSE:CVNA) – Wedbush boosted their Q2 2024 earnings per share (EPS) estimates for Carvana in a research note issued on Thursday, May 2nd. Wedbush analyst S. Basham now anticipates that the company will earn ($0.06) per share for the quarter, up from their prior forecast of ($0.55). Wedbush has a “Neutral” rating and a $120.00 price objective 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 issued its quarterly earnings data 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 the consensus estimate of $2.56 billion. During the same quarter in the prior year, the firm posted ($0.97) earnings per share. Carvana’s quarterly revenue was down 14.6% compared to the same quarter last year.

Other research analysts have also issued reports about the company. Raymond James raised Carvana from an “underperform” rating to a “market perform” rating in a report on Friday, February 23rd. TD Cowen raised their price target on shares of Carvana from $58.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, April 29th. Robert W. Baird upped their price objective on shares of Carvana from $65.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. Evercore ISI reduced their target price on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a report on Tuesday, April 16th. Finally, Royal Bank of Canada boosted their target price on shares of Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $73.44.

Carvana Price Performance

NYSE CVNA opened at $123.03 on Monday. The stock’s fifty day moving average price is $81.81 and its 200 day moving average price is $56.19. Carvana has a 1 year low of $8.86 and a 1 year high of $129.00. The company has a market cap of $24.84 billion, a price-to-earnings ratio of 56.36 and a beta of 3.28.

Insiders Place Their Bets

In other news, insider Paul W. Breaux sold 15,000 shares of the stock in a transaction that occurred on 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 owns 150,126 shares in the company, valued at approximately $10,358,694. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Ernest C. Garcia II sold 60,000 shares of Carvana 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 sale, the insider now directly owns 2,992,500 shares of the company’s stock, valued at $360,147,375. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul W. Breaux sold 15,000 shares of Carvana stock in a transaction on 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 sale, the insider now directly owns 150,126 shares in the company, valued at approximately $10,358,694. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 502,233 shares of company stock worth $45,421,169. 17.18% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Carvana

A number of institutional investors have recently added to or reduced their stakes in CVNA. Blue Trust Inc. purchased a new stake in shares of Carvana in the 4th quarter valued at approximately $29,000. Vanguard Group Inc. grew its position in Carvana by 0.7% in 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 during the period. Quantbot Technologies LP acquired a new stake in Carvana during the third quarter worth $2,879,000. Charles Schwab Investment Management Inc. raised its position in Carvana by 56.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 778,561 shares of the company’s stock valued at $32,684,000 after purchasing an additional 280,851 shares during the period. Finally, TD Asset Management Inc acquired a new position in shares of Carvana in the 3rd quarter valued at $22,906,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

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.