Carvana (NYSE:CVNA) Releases Quarterly Earnings Results, Misses Estimates By $1.31 EPS

Carvana (NYSE:CVNAGet Rating) released its earnings results on Wednesday. The company reported ($2.89) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.58) by ($1.31), MarketWatch Earnings reports. The company had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.37 billion. Carvana had a negative net margin of 1.05% and a negative return on equity of 19.82%. The business’s revenue for the quarter was up 55.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.46) EPS.

Carvana stock traded down $9.27 during midday trading on Wednesday, reaching $92.50. The company’s stock had a trading volume of 5,346,136 shares, compared to its average volume of 4,073,586. The stock’s 50-day simple moving average is $123.49 and its 200-day simple moving average is $200.07. The company has a debt-to-equity ratio of 6.11, a current ratio of 1.69 and a quick ratio of 0.60. Carvana has a 52-week low of $92.15 and a 52-week high of $376.83. The stock has a market capitalization of $16.00 billion, a P/E ratio of -57.81 and a beta of 2.30.

In related news, Director Michael E. Maroone bought 25,000 shares of the company’s stock in a transaction that occurred on Friday, March 4th. The shares were purchased at an average cost of $104.77 per share, with a total value of $2,619,250.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Stephen R. Palmer sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, March 1st. The stock was sold at an average price of $148.73, for a total value of $148,730.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,026 shares of company stock valued at $153,014. 17.67% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of the stock. Morgan Stanley grew its holdings in Carvana by 0.8% during the second quarter. Morgan Stanley now owns 6,570,893 shares of the company’s stock worth $1,983,226,000 after acquiring an additional 50,682 shares during the period. California State Teachers Retirement System grew its holdings in Carvana by 3.2% in the fourth quarter. California State Teachers Retirement System now owns 135,565 shares of the company’s stock valued at $31,423,000 after purchasing an additional 4,218 shares during the period. Norges Bank acquired a new stake in Carvana in the fourth quarter valued at approximately $13,869,000. Allstate Corp acquired a new stake in Carvana in the fourth quarter valued at approximately $2,142,000. Finally, Amalgamated Bank grew its holdings in Carvana by 23.3% in the fourth quarter. Amalgamated Bank now owns 6,869 shares of the company’s stock valued at $1,592,000 after purchasing an additional 1,296 shares during the period. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Several equities analysts have commented on CVNA shares. Wedbush upped their price objective on Carvana from $140.00 to $160.00 in a research report on Friday, March 25th. DA Davidson cut their price objective on Carvana from $355.00 to $140.00 and set a “neutral” rating on the stock in a research report on Monday, February 28th. JPMorgan Chase & Co. cut their price objective on Carvana from $260.00 to $165.00 and set a “neutral” rating on the stock in a research report on Monday, January 24th. Wells Fargo & Company cut their price objective on Carvana from $270.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, February 25th. Finally, Truist Financial lowered their target price on Carvana from $300.00 to $230.00 and set a “buy” rating for the company in a report on Friday, February 25th. Seven equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Carvana has an average rating of “Buy” and an average target price of $258.57.

About Carvana (Get Rating)

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.

Recommended Stories

Earnings History for Carvana (NYSE:CVNA)

Receive News & Ratings for Carvana Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Carvana and related companies with MarketBeat.com's FREE daily email newsletter.