Q1 2024 Earnings Forecast for Carvana Co. Issued By Wedbush (NYSE:CVNA)

Carvana Co. (NYSE:CVNA - Free Report) - Wedbush upped their Q1 2024 earnings estimates for shares of Carvana in a research note issued on Thursday, April 25th. Wedbush analyst S. Basham now anticipates that the company will earn ($0.53) per share for the quarter, up from their prior forecast of ($0.62). Wedbush currently has a "Neutral" rating and a $80.00 target price on the stock. The consensus estimate for Carvana's current full-year earnings is ($3.32) per share. Wedbush also issued estimates for Carvana's Q2 2024 earnings at ($0.55) EPS, Q3 2024 earnings at ($0.54) EPS, Q4 2024 earnings at ($0.68) EPS, FY2024 earnings at ($2.31) EPS, FY2025 earnings at ($1.54) EPS and FY2026 earnings at ($0.57) EPS.

CVNA has been the topic of a number of other research reports. JPMorgan Chase & Co. raised their target price on shares of Carvana from $65.00 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, April 18th. Jefferies Financial Group upgraded Carvana from an "underperform" rating to a "hold" rating and boosted their price objective for the stock from $30.00 to $85.00 in a research note on Tuesday, March 12th. Evercore ISI lowered their target price on Carvana from $78.00 to $77.00 and set an "in-line" rating for the company in a research note on Tuesday, April 16th. TD Cowen raised their target price on Carvana from $58.00 to $70.00 and gave the company a "hold" rating in a report on Monday. Finally, 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 report on Friday, March 8th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $56.75.

Carvana Price Performance

CVNA stock traded down $0.48 during midday trading on Monday, reaching $83.83. 4,842,607 shares of the company's stock traded hands, compared to its average volume of 6,005,905. Carvana has a fifty-two week low of $6.70 and a fifty-two week high of $94.04. The business has a 50-day moving average price of $78.09 and a two-hundred day moving average price of $54.27. The company has a market capitalization of $16.93 billion, a P/E ratio of 155.24 and a beta of 3.32.

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

Institutional Trading of Carvana

A number of large investors have recently modified their holdings of the company. Blue Trust Inc. acquired a new position in Carvana during the 4th quarter worth $29,000. Hanseatic Management Services Inc. bought a new position in Carvana in the 3rd quarter valued at about $34,000. Parallel Advisors LLC increased its stake in Carvana by 39.0% during the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company's stock valued at $37,000 after buying an additional 194 shares during the period. Harvest Fund Management Co. Ltd raised its position in shares of Carvana by 1,225.6% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company's stock worth $50,000 after buying an additional 1,103 shares in the last quarter. Finally, Tidemark LLC acquired a new stake in shares of Carvana in the 4th quarter worth approximately $50,000. Institutional investors and hedge funds own 56.71% of the company's stock.

Insider Activity at Carvana

In other news, Director Neha Parikh purchased 1,300 shares of the company's stock in a transaction that occurred on Friday, March 1st. The shares were acquired at an average cost of $77.00 per share, with a total value of $100,100.00. Following the transaction, the director now owns 58,495 shares in the company, valued at approximately $4,504,115. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Carvana news, Director Neha Parikh purchased 1,300 shares of the firm's stock in a transaction dated Friday, March 1st. The stock was acquired at an average cost of $77.00 per share, with a total value of $100,100.00. Following the acquisition, the director now owns 58,495 shares of the company's stock, valued at approximately $4,504,115. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ernest C. Garcia III sold 9,390 shares of the stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $82.83, for a total transaction of $777,773.70. Following the sale, the chief executive officer now owns 861,458 shares in the company, valued at approximately $71,354,566.14. The disclosure for this sale can be found here. Insiders sold a total of 187,883 shares of company stock valued at $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.