Carvana (NYSE:CVNA) Issues Quarterly Earnings Results, Beats Estimates By $0.41 EPS

Carvana (NYSE:CVNA) released its earnings results on Wednesday. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.41, Briefing.com reports. The firm had revenue of $3.66 billion during the quarter, compared to analysts’ expectations of $3.47 billion. Carvana’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter last year, the company posted $0.23 earnings per share.

Carvana Stock Down 7.4 %

Shares of CVNA traded down $18.23 during midday trading on Friday, reaching $229.08. 5,858,754 shares of the company were exchanged, compared to its average volume of 4,834,488. The company has a current ratio of 3.11, a quick ratio of 2.02 and a debt-to-equity ratio of 47.20. Carvana has a 1-year low of $27.75 and a 1-year high of $259.39. The company has a market cap of $47.41 billion, a price-to-earnings ratio of 22,901.00 and a beta of 3.44. The stock has a 50-day moving average price of $174.33 and a 200-day moving average price of $137.76.

Insider Activity at Carvana

In other Carvana news, major shareholder Ernest C. Garcia II sold 75,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $137.84, for a total value of $10,338,000.00. Following the completion of the sale, the insider now owns 1,240,814 shares of the company’s stock, valued at $171,033,801.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Ira J. Platt sold 12,178 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $130.33, for a total value of $1,587,158.74. Following the completion of the transaction, the director now owns 43,229 shares of the company’s stock, valued at approximately $5,634,035.57. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Ernest C. Garcia II sold 75,000 shares of Carvana stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $137.84, for a total value of $10,338,000.00. Following the sale, the insider now owns 1,240,814 shares in the company, valued at $171,033,801.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,738,934 shares of company stock worth $463,538,905. 17.12% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Bank of America upped their price objective on shares of Carvana from $185.00 to $210.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Piper Sandler raised their price objective on Carvana from $151.00 to $225.00 and gave the stock a “neutral” rating in a report on Thursday. Stephens began coverage on Carvana in a research report on Thursday, September 12th. They issued an “overweight” rating and a $190.00 price objective for the company. Robert W. Baird increased their target price on Carvana from $160.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, TD Cowen lifted their price target on Carvana from $110.00 to $148.00 and gave the company a “hold” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $208.88.

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.