Carvana (CVNA) Issues Earnings Results

Carvana (NYSE:CVNA) announced its quarterly earnings results on Wednesday. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.03), Briefing.com reports. The firm had revenue of $535.00 million during the quarter, compared to analyst estimates of $509.09 million. Carvana had a negative net margin of 5.30% and a negative return on equity of 33.44%. The business’s revenue was up 137.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.29) EPS.

Carvana stock traded down $1.47 during midday trading on Friday, hitting $50.00. The company’s stock had a trading volume of 53,804 shares, compared to its average volume of 1,708,903. Carvana has a 1-year low of $13.58 and a 1-year high of $72.59. The company has a quick ratio of 0.78, a current ratio of 1.47 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $6.31 billion, a price-to-earnings ratio of -41.27 and a beta of 2.13.

In other Carvana news, major shareholder Ddfs Partnership Lp sold 896,542 shares of Carvana stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $64.93, for a total value of $58,212,472.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Ernest C. Garcia II sold 13,249 shares of Carvana stock in a transaction dated Tuesday, October 2nd. The stock was sold at an average price of $57.39, for a total transaction of $760,360.11. Following the completion of the sale, the insider now owns 52,937,458 shares of the company’s stock, valued at approximately $3,038,080,714.62. The disclosure for this sale can be found here. Insiders sold a total of 2,748,686 shares of company stock valued at $164,026,447 in the last quarter. Corporate insiders own 21.69% of the company’s stock.

A number of institutional investors have recently modified their holdings of CVNA. First Mercantile Trust Co. bought a new position in Carvana in the 2nd quarter valued at about $122,000. Global X Management Co LLC bought a new position in Carvana in the 2nd quarter valued at about $124,000. Legal & General Group Plc increased its holdings in Carvana by 61.1% in the 2nd quarter. Legal & General Group Plc now owns 4,251 shares of the company’s stock valued at $177,000 after buying an additional 1,612 shares during the period. United Services Automobile Association bought a new position in Carvana in the 2nd quarter valued at about $206,000. Finally, Wsfs Capital Management LLC bought a new position in Carvana in the 2nd quarter valued at about $208,000. Institutional investors and hedge funds own 25.96% of the company’s stock.

A number of analysts have recently issued reports on the stock. Robert W. Baird raised their target price on shares of Carvana from $60.00 to $68.00 and gave the stock an “outperform” rating in a research note on Thursday. Bank of America raised their target price on shares of Carvana from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday. Barrington Research restated a “buy” rating on shares of Carvana in a research note on Monday. Zacks Investment Research cut shares of Carvana from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. Finally, Wedbush set a $52.00 target price on shares of Carvana and gave the stock a “hold” rating in a research note on Thursday, October 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the stock. Carvana has a consensus rating of “Buy” and an average price target of $59.05.

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About Carvana

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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Earnings History for Carvana (NYSE:CVNA)

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