Carvana Co (NYSE:CVNA) – Equities researchers at B. Riley dropped their FY2020 earnings per share (EPS) estimates for shares of Carvana in a report released on Thursday, November 8th. B. Riley analyst S. Sinha now expects that the company will post earnings per share of $0.31 for the year, down from their prior forecast of $0.42. B. Riley has a “Buy” rating and a $76.00 price target on the stock.
Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, November 7th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.37) by ($0.03). Carvana had a negative net margin of 5.01% and a negative return on equity of 39.36%. The business had revenue of $535.00 million for the quarter, compared to analysts’ expectations of $509.09 million. During the same period last year, the firm posted ($0.29) earnings per share. Carvana’s quarterly revenue was up 137.8% on a year-over-year basis.
Several other equities analysts have also recently issued reports on the company. Robert W. Baird boosted their target price on Carvana from $60.00 to $68.00 and gave the company an “outperform” rating in a research note on Thursday. Bank of America boosted their target price on Carvana from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday. Barrington Research reissued a “buy” rating on shares of Carvana in a research note on Monday, November 5th. Zacks Investment Research cut 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 Carvana and gave the company a “hold” rating in a research note on Thursday, October 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company. Carvana currently has a consensus rating of “Buy” and a consensus price target of $59.05.
CVNA opened at $48.90 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.78 and a current ratio of 1.47. Carvana has a 52-week low of $13.58 and a 52-week high of $72.59. The company has a market cap of $6.47 billion, a PE ratio of -40.41 and a beta of 2.13.
In related news, major shareholder Ernest C. Garcia II sold 13,249 shares of Carvana stock in a transaction that occurred on Tuesday, October 2nd. The stock was sold at an average price of $57.39, for a total transaction of $760,360.11. Following the sale, the insider now directly owns 52,937,458 shares in the company, valued at $3,038,080,714.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Ernest C. Garcia II sold 19,465 shares of Carvana stock in a transaction that occurred on Monday, October 8th. The shares were sold at an average price of $52.53, for a total value of $1,022,496.45. Following the sale, the insider now owns 52,937,458 shares in the company, valued at $2,780,804,668.74. The disclosure for this sale can be found here. Insiders have sold 2,748,686 shares of company stock worth $164,026,447 over the last 90 days. 21.69% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in shares of Carvana by 13.0% during the third quarter. BlackRock Inc. now owns 2,099,988 shares of the company’s stock valued at $124,088,000 after purchasing an additional 241,002 shares in the last quarter. 683 Capital Management LLC boosted its position in shares of Carvana by 11.4% during the second quarter. 683 Capital Management LLC now owns 1,561,634 shares of the company’s stock valued at $64,964,000 after purchasing an additional 160,294 shares in the last quarter. Sylebra HK Co Ltd boosted its position in shares of Carvana by 8.7% during the second quarter. Sylebra HK Co Ltd now owns 1,415,133 shares of the company’s stock valued at $58,870,000 after purchasing an additional 112,720 shares in the last quarter. Frontier Capital Management Co. LLC bought a new stake in shares of Carvana during the second quarter valued at approximately $43,726,000. Finally, Whale Rock Capital Management LLC bought a new stake in shares of Carvana during the second quarter valued at approximately $35,039,000. Institutional investors own 25.96% of the company’s stock.
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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