Brokers Offer Predictions for Carvana Co.’s Q1 2024 Earnings (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – Wedbush upped their Q1 2024 earnings estimates for Carvana in a research report issued to clients and investors on Thursday, April 25th. Wedbush analyst S. Basham now expects that the company will post earnings of ($0.53) per share for the quarter, up from their prior estimate of ($0.62). Wedbush currently has a “Neutral” rating and a $80.00 target price on the stock. The consensus estimate for Carvana’s current full-year earnings is ($3.32) per share. Wedbush also issued estimates for Carvana’s Q2 2024 earnings at ($0.55) EPS, Q3 2024 earnings at ($0.54) EPS, Q4 2024 earnings at ($0.68) EPS, FY2024 earnings at ($2.31) EPS, FY2025 earnings at ($1.54) EPS and FY2026 earnings at ($0.57) EPS.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the prior year, the firm earned ($0.97) EPS. The business’s revenue for the quarter was down 14.6% compared to the same quarter last year.

Other research analysts also recently issued reports about the stock. William Blair upgraded shares of Carvana from a “market perform” rating to an “outperform” rating in a research report on Friday, February 23rd. JMP Securities reissued a “market outperform” rating and set a $80.00 price target on shares of Carvana in a report on Wednesday, April 17th. JPMorgan Chase & Co. upped their price objective on Carvana from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. TD Cowen lifted their target price on Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research report on Monday. Finally, Jefferies Financial Group raised shares of Carvana from an “underperform” rating to a “hold” rating and increased their target price for the stock from $30.00 to $85.00 in a report on Tuesday, March 12th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $56.75.

Carvana Trading Down 1.0 %

Shares of Carvana stock opened at $82.95 on Monday. The company has a market cap of $16.75 billion, a PE ratio of 153.61 and a beta of 3.32. The company has a 50 day moving average of $78.09 and a 200-day moving average of $54.27. Carvana has a 1-year low of $6.70 and a 1-year high of $94.04.

Insider Activity

In other Carvana news, major shareholder Ernest C. Garcia II sold 50,000 shares of Carvana stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $85.38, for a total transaction of $4,269,000.00. Following the transaction, the insider now directly owns 3,212,500 shares of the company’s stock, valued at approximately $274,283,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO Benjamin E. Huston sold 9,296 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $82.92, for a total transaction of $770,824.32. Following the sale, the chief operating officer now owns 178,885 shares in the company, valued at approximately $14,833,144.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 stock was sold at an average price of $85.38, for a total transaction of $4,269,000.00. Following the sale, the insider now directly owns 3,212,500 shares of the company’s stock, valued at approximately $274,283,250. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 287,883 shares of company stock valued at $23,778,678. Insiders own 17.18% of the company’s stock.

Institutional Investors Weigh In On Carvana

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. bought a new stake in shares of Carvana during the fourth quarter valued at approximately $29,000. Hanseatic Management Services Inc. bought a new stake in Carvana during the 3rd quarter valued at $34,000. Parallel Advisors LLC raised its holdings 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 during the last quarter. Harvest Fund Management Co. Ltd lifted its stake in shares of Carvana by 1,225.6% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock valued at $50,000 after buying an additional 1,103 shares in the last quarter. Finally, Tidemark LLC acquired a new position in shares of Carvana during the fourth quarter valued at about $50,000. 56.71% of the stock is owned by 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.