Carvana Co. to Post Q1 2024 Earnings of ($0.63) Per Share, William Blair Forecasts (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – Equities researchers at William Blair boosted their Q1 2024 earnings estimates for Carvana in a report released on Tuesday, April 23rd. William Blair analyst S. Zackfia now expects that the company will earn ($0.63) per share for the quarter, up from their prior forecast of ($0.64). William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Carvana’s current full-year earnings is ($3.36) per share. William Blair also issued estimates for Carvana’s Q2 2024 earnings at ($0.47) EPS, Q3 2024 earnings at ($0.68) EPS, Q4 2024 earnings at ($0.86) EPS, FY2024 earnings at ($2.64) EPS and FY2025 earnings at ($1.88) EPS.

Several other analysts have also recently issued reports on the stock. Evercore ISI reduced their price target on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research report on Tuesday, April 16th. Morgan Stanley increased their price target on shares of Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a research note on Monday, February 26th. Raymond James upgraded shares of Carvana from an “underperform” rating to a “market perform” rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. raised their target price on shares of Carvana from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $80.00 price target on shares of Carvana in a report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $55.87.

Carvana Price Performance

NYSE CVNA opened at $84.35 on Friday. The firm’s 50-day moving average is $77.47 and its two-hundred day moving average is $53.70. Carvana has a 12 month low of $6.70 and a 12 month high of $94.04. The stock has a market capitalization of $17.03 billion, a P/E ratio of 156.21 and a beta of 3.32.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same period in the prior year, the company earned ($0.97) earnings per share. The company’s revenue for the quarter was down 14.6% compared to the same quarter last year.

Insider Transactions at Carvana

In other news, major shareholder Ernest C. Garcia II sold 50,000 shares of Carvana stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $80.13, for a total transaction of $4,006,500.00. Following the completion of the transaction, the insider now owns 3,312,500 shares of the company’s stock, valued at approximately $265,430,625. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, COO Benjamin E. Huston sold 9,296 shares of Carvana stock in a transaction dated Tuesday, April 2nd. The stock was 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 in the company, valued at approximately $14,833,144.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Ernest C. Garcia II sold 50,000 shares of Carvana stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $80.13, for a total value of $4,006,500.00. Following the sale, the insider now owns 3,312,500 shares of the company’s stock, valued at approximately $265,430,625. The disclosure for this sale can be found here. Insiders sold 187,883 shares of company stock valued at $15,505,178 in the last 90 days. 17.12% of the stock is currently owned by insiders.

Institutional Trading of Carvana

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. purchased a new stake in Carvana during the 4th quarter worth about $29,000. Hanseatic Management Services Inc. purchased a new stake in Carvana in the 3rd quarter valued at about $34,000. Parallel Advisors LLC grew its holdings in Carvana by 39.0% in the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after buying an additional 194 shares during the period. Harvest Fund Management Co. Ltd grew its holdings in Carvana by 1,225.6% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock valued at $50,000 after buying an additional 1,103 shares during the period. Finally, Tidemark LLC purchased a new stake in Carvana in the 4th quarter valued at about $50,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Carvana Company Profile

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.