Carvana (NYSE:CVNA – Get Rating) released its earnings results on Thursday. The company reported ($2.35) EPS for the quarter, missing the consensus estimate of ($1.75) by ($0.60), Briefing.com reports. The firm had revenue of $3.88 billion during the quarter, compared to analysts’ expectations of $3.99 billion. Carvana had a negative return on equity of 53.77% and a negative net margin of 2.55%. The firm’s revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 earnings per share.
Carvana Stock Up 40.1 %
Shares of Carvana stock traded up $13.44 during trading on Friday, reaching $46.98. The company had a trading volume of 46,467,873 shares, compared to its average volume of 8,674,372. The company has a market cap of $8.13 billion, a price-to-earnings ratio of -11.66 and a beta of 2.68. The firm’s fifty day moving average is $25.90 and its 200-day moving average is $79.70. The company has a debt-to-equity ratio of 63.19, a quick ratio of 0.47 and a current ratio of 1.36. Carvana has a fifty-two week low of $19.45 and a fifty-two week high of $376.83.
Insider Activity at Carvana
In other Carvana news, insider Paul W. Breaux acquired 14,000 shares of the stock in a transaction that occurred on Tuesday, May 31st. The stock was acquired at an average price of $31.09 per share, with a total value of $435,260.00. Following the transaction, the insider now directly owns 78,240 shares in the company, valued at $2,432,481.60. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Paul W. Breaux bought 14,000 shares of the firm’s stock in a transaction on Tuesday, May 31st. The stock was purchased at an average price of $31.09 per share, for a total transaction of $435,260.00. Following the transaction, the insider now owns 78,240 shares in the company, valued at $2,432,481.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Ernest C. Garcia II bought 1,191,468 shares of the firm’s stock in a transaction on Monday, June 13th. The stock was purchased at an average price of $20.67 per share, with a total value of $24,627,643.56. Following the transaction, the insider now owns 2,578,314 shares in the company, valued at approximately $53,293,750.38. The disclosure for this purchase can be found here. Insiders acquired a total of 2,197,008 shares of company stock valued at $47,538,049 in the last quarter. Insiders own 10.70% of the company’s stock.
Institutional Trading of Carvana
Analyst Ratings Changes
Several research firms have commented on CVNA. Bank of America lowered their target price on shares of Carvana from $225.00 to $80.00 in a research note on Thursday, May 19th. JMP Securities initiated coverage on shares of Carvana in a research note on Thursday, June 30th. They set a “buy” rating and a $35.00 price objective for the company. Wells Fargo & Company lowered their price objective on shares of Carvana from $65.00 to $35.00 and set an “equal weight” rating for the company in a research note on Wednesday, June 8th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Carvana from $95.00 to $54.00 in a research note on Monday, May 16th. Finally, Truist Financial lowered their price objective on shares of Carvana from $160.00 to $80.00 and set a “na” rating for the company in a research note on Monday, May 16th. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $103.68.
Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. The company's 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.
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