Carvana Co. (NYSE:CVNA) Expected to Post Quarterly Sales of $4.04 Billion

Wall Street brokerages expect Carvana Co. (NYSE:CVNAGet Rating) to announce sales of $4.04 billion for the current fiscal quarter, according to Zacks. Eleven analysts have provided estimates for Carvana’s earnings, with the highest sales estimate coming in at $4.51 billion and the lowest estimate coming in at $3.57 billion. Carvana reported sales of $3.34 billion during the same quarter last year, which would suggest a positive year over year growth rate of 21%. The firm is expected to issue its next earnings report on Monday, January 1st.

On average, analysts expect that Carvana will report full year sales of $16.16 billion for the current financial year, with estimates ranging from $14.38 billion to $17.55 billion. For the next financial year, analysts anticipate that the firm will report sales of $20.08 billion, with estimates ranging from $15.20 billion to $23.06 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Carvana.

Carvana (NYSE:CVNAGet Rating) last released its earnings results on Wednesday, April 20th. The company reported ($2.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.72) by ($1.17). Carvana had a negative return on equity of 69.88% and a negative net margin of 2.55%. The company had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.37 billion. During the same quarter in the previous year, the company posted ($0.46) EPS. The business’s revenue was up 55.8% on a year-over-year basis.

CVNA has been the topic of several analyst reports. Wells Fargo & Company lowered Carvana from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $150.00 to $65.00 in a report on Tuesday, May 3rd. Stephens lowered their price target on Carvana from $200.00 to $167.00 and set an “equal weight” rating on the stock in a research report on Monday, February 28th. Evercore ISI raised Carvana from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $175.00 to $210.00 in a research report on Friday, February 25th. Needham & Company LLC lowered their price target on Carvana from $121.00 to $80.00 and set a “na” rating on the stock in a research report on Monday, May 16th. Finally, Cowen lowered their price target on Carvana from $230.00 to $142.00 in a research report on Monday, May 16th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Carvana presently has a consensus rating of “Hold” and a consensus price target of $158.43.

CVNA opened at $26.65 on Wednesday. Carvana has a 52-week low of $25.69 and a 52-week high of $376.83. The firm has a market capitalization of $4.61 billion, a PE ratio of -6.61 and a beta of 2.56. The company has a debt-to-equity ratio of 63.19, a quick ratio of 0.47 and a current ratio of 1.36. The business’s 50-day simple moving average is $86.81 and its 200 day simple moving average is $158.81.

In other Carvana news, major shareholder Ernest C. Garcia II bought 3,362,500 shares of the business’s stock in a transaction on Tuesday, April 26th. The stock was purchased at an average cost of $80.00 per share, for a total transaction of $269,000,000.00. Following the completion of the purchase, the insider now directly owns 3,362,500 shares of the company’s stock, valued at $269,000,000. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, insider Paul W. Breaux bought 15,000 shares of the business’s stock in a transaction on Friday, May 20th. The shares were acquired at an average price of $32.57 per share, with a total value of $488,550.00. Following the completion of the purchase, the insider now directly owns 49,240 shares of the company’s stock, valued at $1,603,746.80. The disclosure for this purchase can be found here. Insiders have purchased 3,721,250 shares of company stock worth $296,841,675 in the last three months. 10.70% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Carvana by 46.8% during the 1st quarter. Vanguard Group Inc. now owns 7,297,426 shares of the company’s stock worth $870,511,000 after purchasing an additional 2,325,545 shares during the last quarter. Baillie Gifford & Co. raised its position in Carvana by 25.1% during the 4th quarter. Baillie Gifford & Co. now owns 9,655,855 shares of the company’s stock worth $2,238,131,000 after purchasing an additional 1,937,812 shares during the last quarter. D1 Capital Partners L.P. raised its position in Carvana by 77.7% during the 4th quarter. D1 Capital Partners L.P. now owns 4,211,082 shares of the company’s stock worth $976,087,000 after purchasing an additional 1,841,141 shares during the last quarter. Tiger Global Management LLC raised its position in Carvana by 17.5% during the 1st quarter. Tiger Global Management LLC now owns 8,531,177 shares of the company’s stock worth $1,017,684,000 after purchasing an additional 1,268,272 shares during the last quarter. Finally, Spruce House Investment Management LLC raised its position in Carvana by 33.3% during the 1st quarter. Spruce House Investment Management LLC now owns 5,000,000 shares of the company’s stock worth $596,450,000 after purchasing an additional 1,250,000 shares during the last quarter.

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.

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Earnings History and Estimates for Carvana (NYSE:CVNA)

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