Carvana Co (NYSE:CVNA) Expected to Announce Quarterly Sales of $984.38 Million

Brokerages expect that Carvana Co (NYSE:CVNA) will report $984.38 million in sales for the current quarter, Zacks Investment Research reports. Eight analysts have made estimates for Carvana’s earnings, with estimates ranging from $931.20 million to $1.02 billion. Carvana reported sales of $534.92 million in the same quarter last year, which indicates a positive year-over-year growth rate of 84%. The firm is expected to report its next quarterly earnings report on Wednesday, November 6th.

On average, analysts expect that Carvana will report full-year sales of $3.74 billion for the current fiscal year, with estimates ranging from $3.57 billion to $3.83 billion. For the next year, analysts anticipate that the business will post sales of $5.59 billion, with estimates ranging from $5.23 billion to $6.41 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Carvana.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, August 7th. The company reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.01). Carvana had a negative net margin of 3.49% and a negative return on equity of 30.55%. The company had revenue of $986.22 million during the quarter, compared to analysts’ expectations of $914.50 million. During the same quarter last year, the business posted ($0.37) earnings per share. The company’s revenue for the quarter was up 107.5% compared to the same quarter last year.

A number of analysts recently weighed in on CVNA shares. BMO Capital Markets lifted their price target on Carvana from $65.00 to $68.00 and gave the company a “market perform” rating in a research note on Thursday, August 8th. Wells Fargo & Co restated a “buy” rating and issued a $85.00 price target on shares of Carvana in a research note on Monday, July 1st. Citigroup lifted their price target on Carvana from $80.00 to $90.00 and gave the company a “positive” rating in a research note on Thursday, May 9th. Zacks Investment Research downgraded Carvana from a “hold” rating to a “sell” rating in a research note on Tuesday, July 9th. Finally, Robert W. Baird lifted their price target on Carvana from $65.00 to $85.00 and gave the company an “outperform” rating in a research note on Thursday, May 9th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. Carvana presently has a consensus rating of “Hold” and an average target price of $73.64.

In other news, CFO Mark W. Jenkins sold 33,500 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $62.14, for a total value of $2,081,690.00. Following the completion of the transaction, the chief financial officer now directly owns 12,197 shares of the company’s stock, valued at $757,921.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 166,996 shares of the business’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $62.61, for a total value of $10,455,619.56. Following the completion of the transaction, the insider now directly owns 52,937,458 shares of the company’s stock, valued at $3,314,414,245.38. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,028,491 shares of company stock valued at $65,734,367. 13.02% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVNA. Vanguard Group Inc. raised its holdings in shares of Carvana by 28.1% in the second quarter. Vanguard Group Inc. now owns 3,859,649 shares of the company’s stock worth $241,576,000 after acquiring an additional 846,994 shares during the last quarter. North Peak Capital Management LLC raised its holdings in shares of Carvana by 422.7% in the first quarter. North Peak Capital Management LLC now owns 336,200 shares of the company’s stock worth $19,520,000 after acquiring an additional 271,879 shares during the last quarter. ShawSpring Partners LLC raised its holdings in shares of Carvana by 26.0% in the first quarter. ShawSpring Partners LLC now owns 876,506 shares of the company’s stock worth $50,890,000 after acquiring an additional 180,645 shares during the last quarter. Balyasny Asset Management LLC raised its holdings in shares of Carvana by 39.7% in the second quarter. Balyasny Asset Management LLC now owns 591,518 shares of the company’s stock worth $37,023,000 after acquiring an additional 168,212 shares during the last quarter. Finally, Nuveen Asset Management LLC acquired a new position in shares of Carvana in the second quarter worth $9,013,000. 35.92% of the stock is owned by institutional investors.

Shares of CVNA stock traded down $3.17 during midday trading on Thursday, hitting $79.92. The company had a trading volume of 1,499,600 shares, compared to its average volume of 1,746,088. The company’s 50 day simple moving average is $68.02 and its 200 day simple moving average is $59.79. Carvana has a 52-week low of $28.44 and a 52-week high of $83.77. The stock has a market cap of $11.66 billion, a price-to-earnings ratio of -46.20 and a beta of 2.39. The company has a debt-to-equity ratio of 2.10, a current ratio of 3.83 and a quick ratio of 1.40.

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 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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Earnings History and Estimates for Carvana (NYSE:CVNA)

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