Wedbush Weighs in on Carvana Co.’s Q2 2024 Earnings (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – Equities research analysts at Wedbush boosted their Q2 2024 earnings per share (EPS) estimates for Carvana in a report released on Thursday, May 2nd. Wedbush analyst S. Basham now expects that the company will post earnings per share of ($0.06) for the quarter, up from their previous forecast of ($0.55). Wedbush has a “Neutral” rating and a $120.00 price target on the stock. The consensus estimate for Carvana’s current full-year earnings is ($3.05) per share. Wedbush also issued estimates for Carvana’s Q3 2024 earnings at ($0.21) EPS, Q4 2024 earnings at ($0.35) EPS, FY2025 earnings at $0.29 EPS and FY2026 earnings at $1.36 EPS.

Several other research analysts have also issued reports on the company. Wells Fargo & Company raised their price target on Carvana from $60.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Thursday. JMP Securities raised their target price on Carvana from $80.00 to $135.00 and gave the stock a “market outperform” rating in a report on Friday. William Blair reaffirmed an “outperform” rating on shares of Carvana in a research note on Thursday. Evercore ISI reduced their price objective on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research note on Tuesday, April 16th. Finally, JPMorgan Chase & Co. upgraded shares of Carvana from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $70.00 to $130.00 in a report on Thursday. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $73.44.

Carvana Stock Performance

CVNA opened at $121.67 on Monday. The company has a fifty day moving average price of $81.81 and a two-hundred day moving average price of $56.03. The firm has a market capitalization of $24.57 billion, a PE ratio of 53.36 and a beta of 3.28. Carvana has a 52 week low of $6.92 and a 52 week high of $124.20.

Carvana (NYSE:CVNA) last issued its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share (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 the consensus estimate of $2.56 billion. During the same quarter in the previous year, the business earned ($0.97) earnings per share. The company’s revenue was down 14.6% on a year-over-year basis.

Institutional Investors Weigh In On Carvana

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

Insider Activity at Carvana

In other news, insider Paul W. Breaux sold 15,000 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $69.00, for a total value of $1,035,000.00. Following the sale, the insider now owns 150,126 shares of the company’s stock, valued at $10,358,694. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Ryan S. Keeton sold 8,250 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $115.55, for a total transaction of $953,287.50. Following the completion of the transaction, the insider now directly owns 187,256 shares of the company’s stock, valued at $21,637,430.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul W. Breaux sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $69.00, for a total value of $1,035,000.00. Following the completion of the transaction, the insider now owns 150,126 shares of the company’s stock, valued at $10,358,694. The disclosure for this sale can be found here. In the last quarter, insiders have sold 442,233 shares of company stock valued at $38,200,169. 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.