FY2024 EPS Estimates for Carvana Co. (NYSE:CVNA) Boosted by Analyst

Carvana Co. (NYSE:CVNA) – Equities research analysts at William Blair boosted their FY2024 EPS estimates for Carvana in a research note issued on Wednesday, June 26th. William Blair analyst S. Zackfia now expects that the company will post earnings per share of ($0.40) for the year, up from their prior estimate of ($0.41). William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Carvana’s current full-year earnings is ($0.75) per share.

CVNA has been the subject of several other research reports. TD Cowen increased their target price on shares of Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a report on Monday, April 29th. Wells Fargo & Company increased their price objective on shares of Carvana from $60.00 to $77.00 and gave the company an “equal weight” rating in a research note on Thursday, May 2nd. JMP Securities boosted their target price on Carvana from $135.00 to $150.00 and gave the stock a “market outperform” rating in a research note on Friday, June 7th. Robert W. Baird increased their price target on Carvana from $65.00 to $110.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Finally, Jefferies Financial Group raised Carvana from an “underperform” rating to a “hold” rating and boosted their price objective for the stock from $30.00 to $85.00 in a research report on Tuesday, March 12th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Carvana presently has an average rating of “Hold” and an average target price of $87.29.

Carvana Trading Down 3.1 %

Shares of Carvana stock opened at $128.72 on Friday. The company has a market capitalization of $26.07 billion, a P/E ratio of 56.46 and a beta of 3.29. The stock has a fifty day simple moving average of $107.74 and a 200 day simple moving average of $78.46. Carvana has a 12-month low of $23.43 and a 12-month high of $136.92.

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

Insiders Place Their Bets

In related news, major shareholder Ernest C. Garcia II sold 50,000 shares of Carvana stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $80.09, for a total value of $4,004,500.00. Following the completion of the transaction, the insider now directly owns 3,262,500 shares in the company, valued at approximately $261,293,625. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Stephen R. Palmer sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $86.75, for a total value of $433,750.00. Following the completion of the transaction, the vice president now directly owns 62,514 shares in the company, valued at $5,423,089.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $80.09, for a total transaction of $4,004,500.00. Following the transaction, the insider now directly owns 3,262,500 shares of the company’s stock, valued at approximately $261,293,625. The disclosure for this sale can be found here. Insiders sold 1,801,829 shares of company stock worth $193,562,233 over the last quarter. 17.12% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Carvana by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after purchasing an additional 655,603 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Carvana by 6.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 831,879 shares of the company’s stock worth $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 stake in Carvana by 38.6% in the fourth quarter. Rafferty Asset Management LLC now owns 43,792 shares of the company’s stock valued at $2,318,000 after acquiring an additional 12,193 shares during the last quarter. Finally, Investmentaktiengesellschaft Fuer Langfristige Investoren TGV raised its position in Carvana by 17.6% during the fourth 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 in the last quarter. 56.71% of the stock is currently owned by hedge funds and other 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.