William Blair Has Strong Outlook for Carvana FY2024 Earnings

Carvana Co. (NYSE:CVNA - Free Report) - Analysts at William Blair raised their FY2024 earnings per share (EPS) estimates for shares of Carvana in a note issued to investors on Thursday, October 31st. William Blair analyst S. Zackfia now expects that the company will post earnings of $0.89 per share for the year, up from their prior estimate of $0.23. The consensus estimate for Carvana's current full-year earnings is $0.26 per share. William Blair also issued estimates for Carvana's Q4 2024 earnings at $0.29 EPS and FY2025 earnings at $2.39 EPS.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.23 by $0.41. The business had revenue of $3.66 billion for the quarter, compared to analysts' expectations of $3.47 billion. During the same period in the previous year, the company earned $0.23 EPS. Carvana's revenue for the quarter was up 31.8% compared to the same quarter last year.

CVNA has been the subject of several other research reports. Bank of America upped their price target on shares of Carvana from $185.00 to $210.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Evercore ISI upped their price target on shares of Carvana from $186.00 to $190.00 and gave the company an "in-line" rating in a research report on Wednesday, October 30th. BTIG Research boosted their price objective on Carvana from $155.00 to $188.00 and gave the company a "buy" rating in a research note on Thursday, August 1st. Wells Fargo & Company upped their price target on shares of Carvana from $175.00 to $250.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada upgraded shares of Carvana to a "sector perform" rating and raised their price objective for the company from $166.00 to $170.00 in a research report on Monday, August 19th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Carvana presently has a consensus rating of "Hold" and a consensus target price of $208.88.

Carvana Stock Performance

Shares of NYSE CVNA traded down $3.00 during midday trading on Monday, hitting $226.08. 3,889,621 shares of the company's stock traded hands, compared to its average volume of 4,830,092. Carvana has a 1 year low of $27.75 and a 1 year high of $259.39. The stock has a market capitalization of $46.78 billion, a price-to-earnings ratio of 22,630.63 and a beta of 3.37. The company has a debt-to-equity ratio of 18.99, a quick ratio of 2.02 and a current ratio of 3.25. The firm has a fifty day moving average of $174.33 and a 200 day moving average of $138.72.

Insiders Place Their Bets

In other Carvana news, Director Ira J. Platt sold 664 shares of the business's stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $150.00, for a total transaction of $99,600.00. Following the sale, the director now directly owns 30,227 shares of the company's stock, valued at $4,534,050. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, COO Benjamin E. Huston sold 3,043 shares of the company's stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $240.00, for a total transaction of $730,320.00. Following the transaction, the chief operating officer now owns 218,686 shares of the company's stock, valued at approximately $52,484,640. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ira J. Platt sold 664 shares of the company's stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $150.00, for a total value of $99,600.00. Following the transaction, the director now directly owns 30,227 shares in the company, valued at approximately $4,534,050. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,738,934 shares of company stock valued at $463,538,905 over the last ninety days. 17.12% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its stake in Carvana by 39.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company's stock worth $655,727,000 after purchasing an additional 2,112,463 shares in the last quarter. Sylebra Capital LLC bought a new position in Carvana in the second quarter worth approximately $67,686,000. Senator Investment Group LP bought a new position in Carvana in the second quarter worth approximately $63,767,000. Driehaus Capital Management LLC grew its stake in Carvana by 124.9% in the second quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company's stock worth $74,888,000 after purchasing an additional 323,153 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in Carvana in the second quarter worth approximately $39,997,000. Institutional investors own 56.71% of the company's stock.

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.