Carvana Co. (NYSE:CVNA) Expected to Post FY2024 Earnings of ($0.40) Per Share

Carvana Co. (NYSE:CVNA) – William Blair lifted their FY2024 earnings estimates for Carvana in a research note issued to investors on Wednesday, June 26th. William Blair analyst S. Zackfia now anticipates that the company will post earnings of ($0.40) per share for the year, up from their prior estimate of ($0.41). William Blair has a “Outperform” rating on the stock. The consensus estimate for Carvana’s current full-year earnings is ($0.75) per share.

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

Other research analysts have also issued reports about the stock. Evercore ISI upped their target price on shares of Carvana from $111.00 to $118.00 and gave the company an “in-line” rating in a report on Thursday, June 20th. Wells Fargo & Company boosted their price objective on shares of Carvana from $60.00 to $77.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. Jefferies Financial Group upgraded shares of Carvana from an “underperform” rating to a “hold” rating and upped their target price for the company from $30.00 to $85.00 in a research note on Tuesday, March 12th. JPMorgan Chase & Co. increased their price objective on shares of Carvana from $130.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, June 10th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Carvana in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $87.29.

Carvana Stock Performance

Carvana stock opened at $128.60 on Friday. Carvana has a fifty-two week low of $23.43 and a fifty-two week high of $136.92. The stock has a fifty day moving average of $107.74 and a two-hundred day moving average of $78.19. The company has a market capitalization of $26.05 billion, a price-to-earnings ratio of 56.40 and a beta of 3.29.

Institutional Investors Weigh In On Carvana

Several hedge funds have recently made changes to their positions in CVNA. Morgan Stanley increased its stake in shares of Carvana by 13.8% during the 3rd quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock worth $619,478,000 after purchasing an additional 1,784,009 shares during the last quarter. Vanguard Group Inc. lifted its stake in Carvana by 2.7% during the first quarter. Vanguard Group Inc. now owns 10,290,551 shares of the company’s stock worth $904,642,000 after purchasing an additional 266,972 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Carvana by 39.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock valued at $655,727,000 after buying an additional 2,112,463 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Carvana by 17.1% in the 4th quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock valued at $78,560,000 after purchasing an additional 216,893 shares in the last quarter. Finally, Goodnow Investment Group LLC grew its holdings in shares of Carvana by 1.6% in the 4th quarter. Goodnow Investment Group LLC now owns 1,464,528 shares of the company’s stock worth $77,532,000 after purchasing an additional 23,140 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Insider Activity

In other news, VP Stephen R. Palmer sold 5,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $86.75, for a total value of $433,750.00. Following the completion of the transaction, the vice president now directly owns 62,514 shares in the company, valued at $5,423,089.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Stephen R. Palmer sold 5,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $86.75, for a total transaction of $433,750.00. Following the completion of the sale, the vice president now directly owns 62,514 shares of the company’s stock, valued at $5,423,089.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Benjamin E. Huston sold 9,296 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $82.92, for a total transaction of $770,824.32. Following the completion of the sale, the chief operating officer now owns 178,885 shares of the company’s stock, valued at approximately $14,833,144.20. The disclosure for this sale can be found here. Insiders sold 1,801,829 shares of company stock worth $193,562,233 over the last three months. Corporate insiders own 17.12% 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.