William Blair Analysts Increase Earnings Estimates for Carvana Co. (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – Equities research analysts at William Blair raised their Q3 2024 earnings estimates for Carvana in a research report issued on Monday, September 23rd. William Blair analyst S. Zackfia now forecasts that the company will post earnings of $0.27 per share for the quarter, up from their prior estimate of $0.22. The consensus estimate for Carvana’s current full-year earnings is $0.27 per share. William Blair also issued estimates for Carvana’s Q4 2024 earnings at $0.15 EPS, FY2024 earnings at $0.38 EPS and FY2025 earnings at $2.11 EPS.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.14 earnings per share (EPS) for the quarter. The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.23 billion.

Several other equities research analysts have also weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Carvana from $150.00 to $155.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. TD Cowen increased their target price on shares of Carvana from $110.00 to $148.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Stephens assumed coverage on shares of Carvana in a research report on Thursday, September 12th. They issued an “overweight” rating and a $190.00 price target on the stock. Bank of America restated a “buy” rating and set a $185.00 target price on shares of Carvana in a report on Tuesday, September 17th. Finally, DA Davidson increased their price objective on Carvana from $110.00 to $155.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $155.12.

Carvana Stock Performance

Shares of CVNA opened at $171.22 on Wednesday. The company has a debt-to-equity ratio of 47.20, a current ratio of 3.11 and a quick ratio of 2.02. Carvana has a 12-month low of $25.09 and a 12-month high of $176.33. The business’s fifty day moving average price is $145.89 and its 200 day moving average price is $117.64. The stock has a market capitalization of $34.68 billion, a PE ratio of 75.10 and a beta of 3.43.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Ridgewood Investments LLC bought a new position in Carvana in the 2nd quarter worth $32,000. Summit Securities Group LLC boosted 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 purchasing an additional 3,300 shares during the period. Fifth Third Bancorp grew its position in Carvana by 450.8% in the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock worth $43,000 after purchasing an additional 275 shares during the last quarter. Benjamin F. Edwards & Company Inc. bought a new position in shares of Carvana during the 2nd quarter worth about $51,000. Finally, GAMMA Investing LLC raised its position in shares of Carvana by 127.9% during the second quarter. GAMMA Investing LLC now owns 458 shares of the company’s stock valued at $59,000 after buying an additional 257 shares during the last quarter. 56.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Carvana

In related news, insider Daniel J. Gill sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $175.00, for a total transaction of $5,250,000.00. Following the completion of the sale, the insider now directly owns 328,329 shares in the company, valued at $57,457,575. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Mark W. Jenkins sold 55,000 shares of Carvana stock in a transaction on Monday, July 1st. The shares were sold at an average price of $124.08, for a total value of $6,824,400.00. Following the completion of the sale, the chief financial officer now owns 186,580 shares of the company’s stock, valued at approximately $23,150,846.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Daniel J. Gill sold 30,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $175.00, for a total value of $5,250,000.00. Following the transaction, the insider now owns 328,329 shares in the company, valued at $57,457,575. The disclosure for this sale can be found here. Insiders have sold a total of 2,516,866 shares of company stock valued at $357,094,934 in the last 90 days. 17.12% of the stock is currently owned by corporate insiders.

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.