Q2 2024 Earnings Estimate for Carvana Co. Issued By William Blair (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – Equities research analysts at William Blair boosted their Q2 2024 earnings estimates for shares of Carvana in a report issued on Wednesday, July 24th. William Blair analyst S. Zackfia now anticipates that the company will earn $0.05 per share for the quarter, up from their previous estimate of $0.02. William Blair has a “Outperform” rating on the stock. The consensus estimate for Carvana’s current full-year earnings is ($0.73) per share. William Blair also issued estimates for Carvana’s FY2025 earnings at $0.77 EPS.

Other equities analysts have also issued research reports about the stock. Evercore ISI upped their target price on shares of Carvana from $135.00 to $140.00 and gave the stock an “in-line” rating in a research report on Tuesday, July 16th. JMP Securities restated a “market outperform” rating and set a $150.00 price objective on shares of Carvana in a research report on Wednesday, July 10th. Wedbush reiterated a “neutral” rating and issued a $120.00 target price on shares of Carvana in a research report on Wednesday, June 26th. Needham & Company LLC upgraded Carvana from a “hold” rating to a “buy” rating and set a $160.00 price target for the company in a report on Wednesday, July 10th. Finally, Wells Fargo & Company upped their price objective on Carvana from $60.00 to $77.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $105.14.

Carvana Price Performance

Shares of CVNA opened at $132.85 on Friday. Carvana has a 1 year low of $25.09 and a 1 year high of $147.25. The company has a 50 day simple moving average of $118.47 and a two-hundred day simple moving average of $89.36. The firm has a market cap of $26.91 billion, a P/E ratio of 58.27 and a beta of 3.37.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.35. The business had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $2.72 billion.

Insider Activity at Carvana

In other news, major shareholder Ernest C. Garcia II sold 50,000 shares of the stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $85.38, for a total value of $4,269,000.00. Following the sale, the insider now directly owns 3,212,500 shares in the company, valued at $274,283,250. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Carvana news, CFO Mark W. Jenkins sold 55,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $85.69, for a total transaction of $4,712,950.00. Following the transaction, the chief financial officer now directly owns 216,523 shares in the company, valued at approximately $18,553,855.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 Monday, April 29th. The shares were sold at an average price of $85.38, for a total value of $4,269,000.00. Following the completion of the sale, the insider now owns 3,212,500 shares of the company’s stock, valued at $274,283,250. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,551,446 shares of company stock worth $299,876,431. Insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Carvana by 7.0% in the fourth 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 in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Carvana by 6.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 831,879 shares of the company’s stock valued at $44,040,000 after acquiring an additional 53,318 shares during the last quarter. Blue Trust Inc. purchased a new position in Carvana in the fourth quarter worth $29,000. Rafferty Asset Management LLC increased its position in shares of Carvana by 38.6% during the fourth quarter. Rafferty Asset Management LLC now owns 43,792 shares of the company’s stock worth $2,318,000 after purchasing an additional 12,193 shares in the last quarter. Finally, Investmentaktiengesellschaft Fuer Langfristige Investoren TGV lifted its holdings in shares of Carvana by 17.6% during the 4th quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 500,000 shares of the company’s stock valued at $26,470,000 after purchasing an additional 75,000 shares during the last quarter. 56.71% of the stock is currently owned by institutional investors.

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.