William Blair Analysts Increase Earnings Estimates for Carvana Co. (NYSE:CVNA)

Carvana Co. (NYSE:CVNA - Free Report) - Stock analysts at William Blair upped their Q1 2024 earnings estimates for shares of Carvana in a research report issued on Tuesday, April 23rd. William Blair analyst S. Zackfia now anticipates that the company will earn ($0.63) per share for the quarter, up from their previous forecast of ($0.64). William Blair currently has a "Outperform" rating on the stock. The consensus estimate for Carvana's current full-year earnings is ($3.36) per share. William Blair also issued estimates for Carvana's Q2 2024 earnings at ($0.47) EPS, Q3 2024 earnings at ($0.68) EPS, Q4 2024 earnings at ($0.86) EPS, FY2024 earnings at ($2.64) EPS and FY2025 earnings at ($1.88) EPS.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The firm had revenue of $2.42 billion for the quarter, compared to analysts' expectations of $2.56 billion. During the same period in the prior year, the firm earned ($0.97) earnings per share. The firm's revenue was down 14.6% on a year-over-year basis.

Several other research firms have also commented on CVNA. Evercore ISI reduced their price target on shares of Carvana from $78.00 to $77.00 and set an "in-line" rating for the company in a research report on Tuesday, April 16th. Royal Bank of Canada upgraded Carvana from an "underperform" rating to a "sector perform" rating and upped their price target for the stock from $45.00 to $90.00 in a research note on Friday, March 8th. JPMorgan Chase & Co. upped their price target on Carvana from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Thursday, April 18th. Morgan Stanley upped their price target on Carvana from $32.00 to $45.00 and gave the stock an "underweight" rating in a research note on Monday, February 26th. Finally, Robert W. Baird upped their price target on Carvana from $60.00 to $65.00 and gave the stock a "neutral" rating in a research note on Friday, April 19th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Carvana presently has an average rating of "Hold" and an average price target of $55.87.

Carvana Stock Performance

Shares of NYSE CVNA traded up $6.85 during midday trading on Friday, hitting $84.35. 4,895,316 shares of the company's stock traded hands, compared to its average volume of 6,020,061. Carvana has a 1 year low of $6.70 and a 1 year high of $94.04. The stock has a market capitalization of $17.03 billion, a price-to-earnings ratio of 156.21 and a beta of 3.32. The firm has a fifty day moving average of $77.47 and a 200 day moving average of $53.70.

Institutional Trading of Carvana

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. purchased a new stake in Carvana in the fourth quarter worth $29,000. Vanguard Group Inc. increased its stake in Carvana by 0.7% in the third quarter. Vanguard Group Inc. now owns 9,367,976 shares of the company's stock worth $393,268,000 after purchasing an additional 62,820 shares during the period. Quantbot Technologies LP purchased a new position in shares of Carvana during the third quarter valued at $2,879,000. Charles Schwab Investment Management Inc. increased its stake in shares of Carvana by 56.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 778,561 shares of the company's stock valued at $32,684,000 after buying an additional 280,851 shares during the period. Finally, TD Asset Management Inc purchased a new position in shares of Carvana during the third quarter valued at $22,906,000. Hedge funds and other institutional investors own 56.71% of the company's stock.

Insider Buying and Selling

In related news, COO Benjamin E. Huston sold 9,296 shares of the firm's stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $82.92, for a total value of $770,824.32. Following the completion of the sale, the chief operating officer now directly owns 178,885 shares in the company, valued at $14,833,144.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Carvana news, major shareholder Ernest C. Garcia II sold 50,000 shares of the stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $80.13, for a total value of $4,006,500.00. Following the sale, the insider now owns 3,312,500 shares in the company, valued at $265,430,625. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Benjamin E. Huston sold 9,296 shares of the stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $82.92, for a total value of $770,824.32. Following the completion of the sale, the chief operating officer now owns 178,885 shares in the company, valued at approximately $14,833,144.20. The disclosure for this sale can be found here. Insiders sold a total of 187,883 shares of company stock worth $15,505,178 over the last three months. 17.12% of the stock is owned by insiders.

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.