Carvana (NYSE:CVNA) Trading Down 11.3%

Carvana Co. (NYSE:CVNAGet Rating)’s stock price dropped 11.3% on Thursday . The company traded as low as $21.66 and last traded at $21.68. Approximately 151,439 shares were traded during trading, a decline of 98% from the average daily volume of 7,529,335 shares. The stock had previously closed at $24.43.

Several analysts have recently commented on the stock. Royal Bank of Canada reduced their price objective on shares of Carvana from $138.00 to $85.00 and set a “sector perform” rating for the company in a research report on Thursday, April 21st. Cowen lowered their target price on Carvana to $142.00 and set an “outperform” rating on the stock in a research note on Monday, May 16th. Needham & Company LLC lowered their target price on Carvana from $121.00 to $80.00 and set a “na” rating on the stock in a research note on Monday, May 16th. Stephens decreased their price objective on Carvana from $100.00 to $38.00 and set an “equal weight” rating for the company in a report on Monday. Finally, Northcoast Research initiated coverage on Carvana in a report on Monday, April 11th. They issued a “neutral” rating for the company. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $133.91.

The firm has a 50 day moving average price of $53.05 and a 200 day moving average price of $130.37. The company has a quick ratio of 0.47, a current ratio of 1.36 and a debt-to-equity ratio of 63.19. The stock has a market cap of $3.66 billion, a P/E ratio of -5.40 and a beta of 2.60.

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 53.77% and a negative net margin of 2.55%. The business had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.37 billion. During the same quarter in the prior year, the business posted ($0.46) EPS. The business’s revenue for the quarter was up 55.8% compared to the same quarter last year. Equities analysts predict that Carvana Co. will post -6.78 earnings per share for the current fiscal year.

In related news, major shareholder Ernest C. Garcia II purchased 793,790 shares of the business’s stock in a transaction dated Friday, June 10th. The shares were acquired at an average cost of $21.95 per share, for a total transaction of $17,423,690.50. Following the acquisition, the insider now owns 1,386,846 shares of the company’s stock, valued at approximately $30,441,269.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Ernest C. Garcia II purchased 3,362,500 shares of the business’s stock in a transaction dated Tuesday, April 26th. The stock was bought at an average price of $80.00 per share, for a total transaction of $269,000,000.00. Following the completion of the acquisition, the insider now directly owns 3,362,500 shares in the company, valued at approximately $269,000,000. The disclosure for this purchase can be found here. Insiders bought a total of 5,765,508 shares of company stock valued at $338,491,669 over the last ninety days. Corporate insiders own 17.67% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. United Capital Financial Advisers LLC grew its stake in Carvana by 0.3% during the 3rd quarter. United Capital Financial Advisers LLC now owns 12,153 shares of the company’s stock valued at $3,665,000 after purchasing an additional 40 shares during the last quarter. Lloyd Advisory Services LLC. raised its holdings in shares of Carvana by 66.3% during the fourth quarter. Lloyd Advisory Services LLC. now owns 173 shares of the company’s stock valued at $40,000 after acquiring an additional 69 shares during the last quarter. abrdn plc raised its holdings in shares of Carvana by 1.2% during the fourth quarter. abrdn plc now owns 6,497 shares of the company’s stock valued at $1,506,000 after acquiring an additional 76 shares during the last quarter. Avitas Wealth Management LLC raised its holdings in shares of Carvana by 3.1% during the fourth quarter. Avitas Wealth Management LLC now owns 2,572 shares of the company’s stock valued at $596,000 after acquiring an additional 78 shares during the last quarter. Finally, CNB Bank grew its position in shares of Carvana by 13.7% in the fourth quarter. CNB Bank now owns 646 shares of the company’s stock valued at $150,000 after purchasing an additional 78 shares in the last quarter.

About Carvana (NYSE:CVNA)

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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