Q3 2024 EPS Estimates for Carvana Co. Increased by William Blair (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – Stock analysts at William Blair upped their Q3 2024 earnings per share estimates for Carvana in a report released on Monday, September 23rd. William Blair analyst S. Zackfia now forecasts that the company will post earnings of $0.27 per share for the quarter, up from their prior estimate of $0.22. The consensus estimate for Carvana’s current full-year earnings is $0.27 per share. William Blair also issued estimates for Carvana’s Q4 2024 earnings at $0.15 EPS, FY2024 earnings at $0.38 EPS and FY2025 earnings at $2.11 EPS.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.14 earnings per share (EPS) for the quarter. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.23 billion.

Several other brokerages have also recently issued reports on CVNA. Bank of America reiterated a “buy” rating and issued a $185.00 price objective on shares of Carvana in a research note on Tuesday, September 17th. Robert W. Baird initiated coverage on shares of Carvana in a report on Thursday, August 1st. They issued a “neutral” rating and a $160.00 price objective on the stock. TD Cowen boosted their target price on shares of Carvana from $110.00 to $148.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Wells Fargo & Company upgraded Carvana from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $77.00 to $175.00 in a research note on Thursday, August 1st. Finally, Wedbush raised Carvana to a “neutral” rating and upped their price objective for the stock from $120.00 to $150.00 in a research report on Monday, August 19th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $155.12.

Carvana Price Performance

Shares of CVNA opened at $171.22 on Wednesday. The company has a market cap of $34.68 billion, a P/E ratio of 75.10 and a beta of 3.43. Carvana has a fifty-two week low of $25.09 and a fifty-two week high of $176.33. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. The firm’s 50 day moving average price is $145.89 and its 200 day moving average price is $117.64.

Hedge Funds Weigh In On Carvana

Several hedge funds have recently bought and sold shares of CVNA. Ridgewood Investments LLC acquired a new stake in shares of Carvana during the second quarter valued at $32,000. Parallel Advisors LLC raised its position in shares of Carvana by 39.0% in the fourth 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 last quarter. Summit Securities Group LLC raised its position in shares of Carvana by 110.0% in the second quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after buying an additional 3,300 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Carvana by 450.8% during the second quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock valued at $43,000 after buying an additional 275 shares during the period. Finally, Benjamin F. Edwards & Company Inc. purchased a new position in shares of Carvana during the 2nd quarter worth $51,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Insider Transactions at Carvana

In other news, insider Daniel J. Gill sold 20,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $150.00, for a total value of $3,000,000.00. Following the completion of the transaction, the insider now owns 359,370 shares in the company, valued at $53,905,500. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Carvana news, major shareholder Ernest C. Garcia II sold 75,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $124.72, for a total value of $9,354,000.00. Following the sale, the insider now owns 562,500 shares of the company’s stock, valued at $70,155,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Daniel J. Gill sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $150.00, for a total transaction of $3,000,000.00. Following the transaction, the insider now directly owns 359,370 shares of the company’s stock, valued at $53,905,500. The disclosure for this sale can be found here. Insiders have sold 2,516,866 shares of company stock valued at $357,094,934 in the last quarter. 17.12% of the stock is currently owned by corporate 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.