Carvana Co. (NYSE:CVNA) to Post Q2 2024 Earnings of ($0.06) Per Share, Wedbush Forecasts

Carvana Co. (NYSE:CVNA) – Equities researchers at Wedbush lifted their Q2 2024 EPS estimates for shares of Carvana in a research note issued on Thursday, May 2nd. Wedbush analyst S. Basham now forecasts that the company will earn ($0.06) per share for the quarter, up from their prior forecast of ($0.55). Wedbush has a “Neutral” rating and a $120.00 price target on the stock. The consensus estimate for Carvana’s current full-year earnings is ($3.05) per share. Wedbush also issued estimates for Carvana’s Q3 2024 earnings at ($0.21) EPS, Q4 2024 earnings at ($0.35) EPS, FY2025 earnings at $0.29 EPS and FY2026 earnings at $1.36 EPS.

A number of other equities research analysts also recently commented on CVNA. Royal Bank of Canada increased their price objective on Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a research report on Thursday, May 2nd. Evercore ISI reduced their target price on Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a report on Tuesday, April 16th. William Blair reissued an “outperform” rating on shares of Carvana in a research note on Thursday, May 2nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Carvana in a research note on Thursday, May 2nd. Finally, Wells Fargo & Company lifted their target price on shares of Carvana from $60.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $73.44.

Carvana Price Performance

CVNA stock opened at $123.03 on Monday. The firm has a market cap of $24.84 billion, a PE ratio of 56.36 and a beta of 3.28. Carvana has a 12 month low of $8.86 and a 12 month high of $129.00. The firm has a 50 day simple moving average of $81.81 and a 200 day simple moving average of $56.19.

Carvana (NYSE:CVNA) last released its earnings results 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 during the quarter, compared to analysts’ expectations of $2.56 billion. The firm’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.97) earnings per share.

Insider Transactions at Carvana

In other Carvana news, major shareholder Ernest C. Garcia II sold 60,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $120.35, for a total value of $7,221,000.00. Following the transaction, the insider now directly owns 2,992,500 shares of the company’s stock, valued at approximately $360,147,375. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Mark W. Jenkins sold 55,000 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $86.76, for a total transaction of $4,771,800.00. Following the transaction, the chief financial officer now owns 178,156 shares in the company, valued at approximately $15,456,814.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Ernest C. Garcia II sold 60,000 shares of Carvana stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $120.35, for a total transaction of $7,221,000.00. Following the completion of the sale, the insider now directly owns 2,992,500 shares of the company’s stock, valued at approximately $360,147,375. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 502,233 shares of company stock valued at $45,421,169. 17.18% of the stock is owned by insiders.

Hedge Funds Weigh In On Carvana

Several hedge funds have recently bought and sold shares of the business. Morgan Stanley boosted its stake in shares of Carvana by 13.8% during the 3rd quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock worth $619,478,000 after acquiring an additional 1,784,009 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Carvana by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock worth $530,648,000 after purchasing an additional 655,603 shares during the last quarter. TD Asset Management Inc bought a new stake in Carvana during the third quarter worth approximately $22,906,000. UBS Group AG grew its holdings in Carvana by 132.6% during the third quarter. UBS Group AG now owns 81,620 shares of the company’s stock valued at $3,426,000 after purchasing an additional 331,892 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Carvana by 56.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 778,561 shares of the company’s stock valued at $32,684,000 after purchasing an additional 280,851 shares during the period. 56.71% of the stock is owned by institutional investors and hedge funds.

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.