Carvana (NYSE:CVNA) Issues Quarterly Earnings Results

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

Carvana Stock Performance

NYSE:CVNA traded down $5.13 during trading on Friday, reaching $242.18. The company’s stock had a trading volume of 1,941,474 shares, compared to its average volume of 4,816,051. The firm has a market cap of $50.12 billion, a price-to-earnings ratio of 24,755.76 and a beta of 3.44. Carvana has a 12 month low of $27.75 and a 12 month high of $259.39. The company has a debt-to-equity ratio of 47.20, a quick ratio of 2.02 and a current ratio of 3.11. The firm has a 50 day moving average of $172.95 and a 200-day moving average of $136.66.

Insider Buying and Selling

In other news, major shareholder Ernest C. Garcia II sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $137.84, for a total transaction of $10,338,000.00. Following the completion of the sale, the insider now owns 1,240,814 shares in the company, valued at $171,033,801.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $148.68, for a total transaction of $14,868,000.00. Following the sale, the insider now directly owns 690,814 shares in the company, valued at approximately $102,710,225.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 75,000 shares of the stock in a transaction dated 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 directly owns 1,240,814 shares in the company, valued at $171,033,801.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,705,891 shares of company stock valued at $455,601,985. 17.12% of the stock is owned by insiders.

Analysts Set New Price Targets

CVNA has been the subject of a number of recent research reports. DA Davidson upped their price target on Carvana from $110.00 to $155.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Needham & Company LLC boosted their price target on shares of Carvana from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday. Royal Bank of Canada raised Carvana to a “sector perform” rating and increased their price objective for the company from $166.00 to $170.00 in a report on Monday, August 19th. Bank of America boosted their target price on shares of Carvana from $185.00 to $210.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Wells Fargo & Company increased their price target on shares of Carvana from $175.00 to $250.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $208.88.

Carvana Company Profile

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.