Equities Analysts Offer Predictions for Carvana Co.’s Q2 2024 Earnings (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – Analysts at William Blair increased their Q2 2024 EPS estimates for shares of Carvana in a report released on Wednesday, July 24th. William Blair analyst S. Zackfia now expects that the company will post earnings of $0.05 per share for the quarter, up from their prior estimate of $0.02. William Blair currently 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.

Carvana (NYSE:CVNA) last released its earnings results 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 firm had revenue of $3.06 billion during the quarter, compared to analyst estimates of $2.72 billion.

Several other equities analysts have also weighed in on CVNA. TD Cowen raised their price objective on shares of Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, April 29th. Royal Bank of Canada lifted their price target on shares of Carvana from $90.00 to $130.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 2nd. Evercore ISI increased their price objective on Carvana from $135.00 to $140.00 and gave the company an “in-line” rating in a research report on Tuesday, July 16th. Robert W. Baird raised their price objective on Carvana from $65.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Finally, Needham & Company LLC raised Carvana from a “hold” rating to a “buy” rating and set a $160.00 target price on the stock in a research report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $105.14.

Carvana Stock Up 7.1 %

Shares of CVNA stock opened at $132.85 on Friday. The stock has a 50-day simple moving average of $118.47 and a 200 day simple moving average of $89.36. The stock has a market capitalization of $26.91 billion, a P/E ratio of 58.27 and a beta of 3.37. Carvana has a fifty-two week low of $25.09 and a fifty-two week high of $147.25.

Insider Buying and Selling at Carvana

In other Carvana news, major shareholder Ernest C. Garcia II sold 50,000 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 3,212,500 shares in the company, valued at $274,283,250. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Carvana news, insider Thomas Taira sold 68,556 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $102.74, for a total transaction of $7,043,443.44. Following the transaction, the insider now directly owns 186,397 shares of the company’s stock, valued at $19,150,427.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Ernest C. Garcia II sold 50,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 3,212,500 shares in the company, valued at $274,283,250. The disclosure for this sale can be found here. Insiders sold 2,551,446 shares of company stock valued at $299,876,431 in the last quarter. Company insiders own 17.12% of the company’s stock.

Institutional Trading of Carvana

Institutional investors and hedge funds have recently modified their holdings of the company. Blue Trust Inc. bought a new stake in shares of Carvana in the 4th quarter worth approximately $29,000. Parallel Advisors LLC boosted its stake in Carvana by 39.0% during the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after buying an additional 194 shares in the last quarter. Summit Securities Group LLC increased its holdings in Carvana by 110.0% in the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after buying an additional 3,300 shares during the period. Fifth Third Bancorp raised its stake in shares of Carvana by 450.8% in the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock valued at $43,000 after buying an additional 275 shares in the last quarter. Finally, Tidemark LLC bought a new position in shares of Carvana during the 4th quarter worth about $50,000. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Carvana Company Profile

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.