Zacks: Analysts Anticipate Carvana Co. (NYSE:CVNA) Will Post Quarterly Sales of $4.04 Billion

Wall Street analysts expect Carvana Co. (NYSE:CVNAGet Rating) to post $4.04 billion in sales for the current quarter, Zacks Investment Research reports. 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 posted sales of $3.34 billion in the same quarter last year, which suggests a positive year over year growth rate of 21%. The firm is scheduled to issue its next earnings report on Monday, January 1st.

According to Zacks, 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 year, analysts anticipate that the company will post sales of $20.08 billion, with estimates ranging from $15.20 billion to $23.06 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Carvana.

Carvana (NYSE:CVNAGet Rating) last announced its quarterly earnings data 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). The business had revenue of $3.50 billion during the quarter, compared to analysts’ expectations of $3.37 billion. Carvana had a negative return on equity of 69.88% and a negative net margin of 2.55%. The firm’s revenue was up 55.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.46) earnings per share.

Several equities research analysts recently issued reports on the company. Cowen reduced their price objective on Carvana from $230.00 to $142.00 in a research note on Monday, May 16th. Morgan Stanley downgraded Carvana from an “overweight” rating to an “equal weight” rating and set a $105.00 price target for the company. in a research note on Wednesday, May 4th. Oppenheimer cut their price target on Carvana from $430.00 to $220.00 and set an “outperform” rating for the company in a research note on Friday, April 8th. Truist Financial cut their price target on Carvana from $160.00 to $80.00 and set a “na” rating for the company in a research note on Monday, May 16th. Finally, Wedbush cut their price target on Carvana from $120.00 to $90.00 in a research note on Tuesday, May 3rd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $158.43.

Shares of Carvana stock opened at $26.65 on Wednesday. The stock has a 50-day moving average price of $86.81 and a 200 day moving average price of $158.81. The company has a market cap of $4.61 billion, a P/E ratio of -6.61 and a beta of 2.56. The company has a current ratio of 1.36, a quick ratio of 0.47 and a debt-to-equity ratio of 63.19. Carvana has a 1 year low of $25.69 and a 1 year high of $376.83.

In other news, VP Stephen R. Palmer sold 1,000 shares of Carvana stock in a transaction on Tuesday, March 1st. The stock was sold at an average price of $148.73, for a total value of $148,730.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul W. Breaux bought 15,000 shares of the stock in a transaction dated Friday, May 20th. The stock was purchased at an average cost 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 in the company, valued at approximately $1,603,746.80. The disclosure for this purchase can be found here. Insiders acquired a total of 3,721,250 shares of company stock valued at $296,841,675 in the last quarter. Corporate insiders own 10.70% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Morgan Stanley grew its stake in Carvana by 0.8% in the second quarter. Morgan Stanley now owns 6,570,893 shares of the company’s stock valued at $1,983,226,000 after acquiring an additional 50,682 shares during the period. Principal Financial Group Inc. grew its stake in Carvana by 0.5% in the third quarter. Principal Financial Group Inc. now owns 13,188 shares of the company’s stock valued at $3,976,000 after acquiring an additional 62 shares during the period. Alliancebernstein L.P. grew its stake in Carvana by 1.3% in the third quarter. Alliancebernstein L.P. now owns 40,092 shares of the company’s stock valued at $12,089,000 after acquiring an additional 500 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in shares of Carvana by 648.6% in the third quarter. O Shaughnessy Asset Management LLC now owns 524 shares of the company’s stock valued at $158,000 after purchasing an additional 454 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Carvana by 24.7% in the third quarter. US Bancorp DE now owns 772 shares of the company’s stock valued at $233,000 after purchasing an additional 153 shares in 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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