Carvana Co (NYSE:CVNA) – Investment analysts at Seaport Global Securities lifted their Q3 2019 earnings estimates for shares of Carvana in a research note issued on Sunday, August 11th. Seaport Global Securities analyst M. Ward now forecasts that the company will earn ($0.42) per share for the quarter, up from their previous estimate of ($0.46). Seaport Global Securities also issued estimates for Carvana’s Q4 2019 earnings at ($0.51) EPS, FY2019 earnings at ($1.85) EPS, Q1 2020 earnings at ($0.34) EPS, Q2 2020 earnings at ($0.29) EPS, Q3 2020 earnings at ($0.20) EPS, Q4 2020 earnings at ($0.28) EPS, FY2020 earnings at ($1.10) EPS and FY2021 earnings at ($0.45) EPS.
Several other research analysts have also weighed in on the stock. Cowen reiterated an “outperform” rating and set a $85.00 price objective (up from $81.00) on shares of Carvana in a report on Thursday, August 8th. Bank of America reiterated a “buy” rating and set a $86.00 price objective (up from $82.00) on shares of Carvana in a report on Thursday, August 8th. Wedbush increased their price objective on shares of Carvana from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, May 9th. B. Riley reiterated a “buy” rating and set a $91.00 price objective (up from $72.00) on shares of Carvana in a report on Monday, April 29th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $30.00 price objective (up from $22.00) on shares of Carvana in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $73.64.
Shares of CVNA stock opened at $78.92 on Wednesday. The firm has a market cap of $11.78 billion, a P/E ratio of -45.62 and a beta of 2.39. Carvana has a 1-year low of $28.44 and a 1-year high of $81.37. The company has a debt-to-equity ratio of 2.10, a current ratio of 3.83 and a quick ratio of 1.40. The firm’s 50-day simple moving average is $65.74 and its 200-day simple moving average is $58.72.
Carvana (NYSE:CVNA) last released its earnings results on Wednesday, August 7th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.39) by ($0.01). The firm had revenue of $986.22 million during the quarter, compared to analysts’ expectations of $914.50 million. Carvana had a negative net margin of 3.49% and a negative return on equity of 30.55%. Carvana’s revenue for the quarter was up 107.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.37) earnings per share.
In related news, insider Paul W. Breaux sold 12,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $59.05, for a total value of $738,125.00. Following the transaction, the insider now owns 10,628 shares in the company, valued at $627,583.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark W. Jenkins sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $80.06, for a total transaction of $3,202,400.00. Following the completion of the transaction, the chief financial officer now owns 52,049 shares in the company, valued at approximately $4,167,042.94. The disclosure for this sale can be found here. Insiders sold 1,536,236 shares of company stock worth $99,474,824 in the last 90 days. 13.02% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE raised its holdings in Carvana by 22.3% in the fourth quarter. Bank of America Corp DE now owns 94,059 shares of the company’s stock valued at $3,077,000 after buying an additional 17,148 shares during the period. Phoenician Capital LLC grew its position in shares of Carvana by 7.3% during the first quarter. Phoenician Capital LLC now owns 400,000 shares of the company’s stock worth $23,224,000 after buying an additional 27,044 shares in the last quarter. FNY Investment Advisers LLC grew its position in shares of Carvana by 12,800.0% during the second quarter. FNY Investment Advisers LLC now owns 1,290 shares of the company’s stock worth $80,000 after buying an additional 1,280 shares in the last quarter. Valeo Financial Advisors LLC grew its position in shares of Carvana by 100.0% during the first quarter. Valeo Financial Advisors LLC now owns 1,000 shares of the company’s stock worth $58,000 after buying an additional 500 shares in the last quarter. Finally, Meridian Wealth Management LLC acquired a new stake in shares of Carvana during the second quarter worth approximately $118,000. Hedge funds and other institutional investors own 35.99% of the company’s stock.
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 proprietary 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.
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