Wall Street brokerages expect Carvana Co. (NYSE:CVNA) to announce $424.73 million in sales for the current fiscal quarter, according to Zacks. Seven analysts have issued estimates for Carvana’s earnings, with the highest sales estimate coming in at $434.70 million and the lowest estimate coming in at $414.08 million. Carvana posted sales of $209.37 million in the same quarter last year, which suggests a positive year over year growth rate of 102.9%. The firm is scheduled to report its next earnings report on Tuesday, August 14th.
According to Zacks, analysts expect that Carvana will report full-year sales of $1.80 billion for the current fiscal year, with estimates ranging from $1.75 billion to $1.87 billion. For the next financial year, analysts forecast that the firm will report sales of $3.23 billion per share, with estimates ranging from $2.83 billion to $3.62 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Carvana.
Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, May 9th. The company reported ($0.40) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.39) by ($0.01). Carvana had a negative net margin of 6.09% and a negative return on equity of 30.96%. The company had revenue of $360.00 million during the quarter, compared to analyst estimates of $355.85 million. During the same period last year, the company earned ($0.28) EPS. The business’s revenue for the quarter was up 126.3% compared to the same quarter last year.
A number of research firms recently commented on CVNA. Barrington Research restated a “buy” rating on shares of Carvana in a research report on Tuesday, May 15th. B. Riley upgraded shares of Carvana from a “sell” rating to a “buy” rating and upped their price objective for the company from $20.00 to $38.00 in a research report on Thursday, May 10th. ValuEngine upgraded shares of Carvana from a “hold” rating to a “buy” rating in a research report on Thursday, May 3rd. Zacks Investment Research upgraded shares of Carvana from a “sell” rating to a “hold” rating in a research report on Tuesday, May 8th. Finally, Deutsche Bank upgraded shares of Carvana from a “hold” rating to a “buy” rating in a research report on Thursday, May 10th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $24.82.
In other Carvana news, insider Paul W. Breaux sold 5,000 shares of the stock in a transaction dated Monday, April 30th. The stock was sold at an average price of $27.50, for a total transaction of $137,500.00. Following the completion of the transaction, the insider now owns 5,000 shares in the company, valued at approximately $137,500. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Ernest C. Garcia II sold 1,650,000 shares of the stock in a transaction dated Monday, May 14th. The stock was sold at an average price of $26.26, for a total value of $43,329,000.00. Following the transaction, the insider now owns 60,937,458 shares of the company’s stock, valued at approximately $1,600,217,647.08. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,320,000 shares of company stock valued at $61,134,000. Corporate insiders own 21.41% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. MetLife Investment Advisors LLC acquired a new position in shares of Carvana during the 4th quarter worth about $133,000. JPMorgan Chase & Co. boosted its stake in shares of Carvana by 2,272.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,055 shares of the company’s stock worth $165,000 after buying an additional 10,589 shares during the last quarter. Rehmann Capital Advisory Group acquired a new position in shares of Carvana during the 4th quarter worth about $270,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Carvana during the 4th quarter worth about $391,000. Finally, Spark Investment Management LLC acquired a new position in shares of Carvana during the 1st quarter worth about $481,000. Hedge funds and other institutional investors own 16.59% of the company’s stock.
Shares of CVNA traded down $0.01 during trading hours on Thursday, reaching $26.71. The stock had a trading volume of 565,700 shares, compared to its average volume of 699,418. The company has a quick ratio of 0.58, a current ratio of 1.29 and a debt-to-equity ratio of 0.52. Carvana has a 52 week low of $8.85 and a 52 week high of $31.35. The stock has a market cap of $3.74 billion and a P/E ratio of -22.10.
Carvana Company Profile
Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying used cars in the United States. The company purchases, reconditions, sells, and delivers vehicles. Its platform allows customers to research and identify a vehicle; inspect it using company's proprietary 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up.
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