Wedbush Weighs in on Carvana Co.’s Q1 2024 Earnings (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – Wedbush raised their Q1 2024 earnings per share estimates for Carvana in a note issued to investors on Thursday, April 25th. Wedbush analyst S. Basham now anticipates that the company will post earnings per share of ($0.53) for the quarter, up from their prior estimate of ($0.62). Wedbush currently has a “Neutral” rating and a $80.00 target price on the stock. The consensus estimate for Carvana’s current full-year earnings is ($3.32) per share. Wedbush also issued estimates for Carvana’s Q2 2024 earnings at ($0.55) EPS, Q3 2024 earnings at ($0.54) EPS, Q4 2024 earnings at ($0.68) EPS, FY2024 earnings at ($2.31) EPS, FY2025 earnings at ($1.54) EPS and FY2026 earnings at ($0.57) EPS.

A number of other equities analysts have also recently issued reports on CVNA. JPMorgan Chase & Co. boosted their price objective on shares of Carvana from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, April 18th. William Blair upgraded Carvana from a “market perform” rating to an “outperform” rating in a report on Friday, February 23rd. Jefferies Financial Group upgraded Carvana from an “underperform” rating to a “hold” rating and increased their price objective for the stock from $30.00 to $85.00 in a report on Tuesday, March 12th. Evercore ISI reduced their target price on Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research note on Tuesday, April 16th. Finally, JMP Securities restated a “market outperform” rating and set a $80.00 target price on shares of Carvana in a report on Wednesday, April 17th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $56.75.

Carvana Stock Down 0.6 %

Shares of NYSE CVNA opened at $83.83 on Monday. The firm’s fifty day moving average is $78.09 and its 200 day moving average is $54.27. Carvana has a 52 week low of $6.70 and a 52 week high of $94.04. The company has a market cap of $16.93 billion, a price-to-earnings ratio of 155.24 and a beta of 3.32.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CVNA. Blue Trust Inc. bought a new position in shares of Carvana during the fourth quarter valued at $29,000. Hanseatic Management Services Inc. bought a new position in Carvana during the 3rd quarter valued at about $34,000. Parallel Advisors LLC boosted its holdings in shares of Carvana by 39.0% during the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after acquiring an additional 194 shares during the last quarter. Harvest Fund Management Co. Ltd grew its stake in shares of Carvana by 1,225.6% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock worth $50,000 after acquiring an additional 1,103 shares during the period. Finally, Tidemark LLC bought a new stake in shares of Carvana in the fourth quarter worth approximately $50,000. Institutional investors own 56.71% of the company’s stock.

Insider Transactions at Carvana

In other Carvana news, major shareholder Ernest C. Garcia II sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 11th. The shares were 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 $265,430,625. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Mark W. Jenkins sold 55,000 shares of Carvana stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $86.76, for a total value of $4,771,800.00. Following the completion of the transaction, the chief financial officer now owns 178,156 shares of the company’s stock, valued at approximately $15,456,814.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Ernest C. Garcia II sold 50,000 shares of the firm’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $80.13, for a total transaction of $4,006,500.00. Following the sale, the insider now owns 3,312,500 shares of the company’s stock, valued at $265,430,625. The disclosure for this sale can be found here. Insiders have sold 187,883 shares of company stock valued at $15,505,178 in the last three months. 17.12% of the stock is currently owned by company insiders.

About Carvana

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.