Carvana Co (CVNA) Expected to Post Earnings of -$0.49 Per Share

Brokerages forecast that Carvana Co (NYSE:CVNA) will post earnings per share of ($0.49) for the current quarter, according to Zacks. Seven analysts have issued estimates for Carvana’s earnings. The highest EPS estimate is ($0.35) and the lowest is ($0.54). Carvana posted earnings per share of ($0.40) during the same quarter last year, which indicates a negative year over year growth rate of 22.5%. The company is expected to report its next earnings report on Wednesday, May 8th.

Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that follow Carvana.

Carvana (NYSE:CVNA) last issued its earnings results on Wednesday, February 27th. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.06). Carvana had a negative return on equity of 35.13% and a negative net margin of 5.01%. The business had revenue of $584.80 million for the quarter, compared to analyst estimates of $601.14 million. During the same period last year, the business posted ($0.36) EPS. Carvana’s revenue was up 120.6% on a year-over-year basis.

Several equities research analysts have recently weighed in on CVNA shares. Morgan Stanley started coverage on Carvana in a research report on Monday, January 14th. They set an “underweight” rating and a $23.00 target price on the stock. Zacks Investment Research raised Carvana from a “sell” rating to a “hold” rating in a research report on Tuesday, November 13th. Seaport Global Securities started coverage on Carvana in a research report on Wednesday, February 13th. They set a “neutral” rating on the stock. They noted that the move was a valuation call. JMP Securities raised their target price on Carvana from $63.00 to $64.00 and gave the stock a “market outperform” rating in a research report on Tuesday, November 13th. Finally, Wells Fargo & Co reissued a “buy” rating and set a $57.00 target price on shares of Carvana in a research report on Thursday, February 28th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $54.09.

In other news, major shareholder Ernest C. Garcia II sold 307,419 shares of Carvana stock in a transaction on Friday, March 1st. The stock was sold at an average price of $45.16, for a total value of $13,883,042.04. Following the completion of the sale, the insider now owns 52,937,458 shares of the company’s stock, valued at $2,390,655,603.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Spruce House Partnership Lp acquired 205,000 shares of the stock in a transaction dated Monday, December 17th. The stock was acquired at an average cost of $32.85 per share, with a total value of $6,734,250.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 935,000 shares of company stock valued at $31,024,450. 21.41% of the stock is currently owned by insiders.

Large investors have recently made changes to their positions in the company. HAP Trading LLC purchased a new stake in Carvana during the fourth quarter valued at about $5,549,000. Credit Suisse AG acquired a new position in shares of Carvana in the third quarter worth about $201,000. BlackRock Inc. raised its stake in 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 buying an additional 241,002 shares in the last quarter. First Mercantile Trust Co. raised its stake in Carvana by 34.1% during the fourth quarter. First Mercantile Trust Co. now owns 3,061 shares of the company’s stock valued at $100,000 after buying an additional 779 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new stake in Carvana during the third quarter valued at approximately $216,000. 28.14% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE CVNA traded up $2.20 during midday trading on Wednesday, hitting $51.80. 46,332 shares of the company’s stock were exchanged, compared to its average volume of 2,089,330. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.30 and a current ratio of 2.04. Carvana has a twelve month low of $17.89 and a twelve month high of $72.59. The firm has a market capitalization of $7.15 billion, a PE ratio of -29.92 and a beta of 2.30.

Carvana Company Profile

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 and Estimates for Carvana (NYSE:CVNA)

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