William Blair Weighs in on Carvana Co.’s Q3 2024 Earnings (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – William Blair upped their Q3 2024 EPS estimates for Carvana in a note issued to investors on Monday, September 23rd. William Blair analyst S. Zackfia now anticipates that the company will post earnings of $0.27 per share for the quarter, up from their previous 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.

CVNA has been the topic of several other research reports. Robert W. Baird started coverage on shares of Carvana in a research report on Thursday, August 1st. They set a “neutral” rating and a $160.00 target price on the stock. DA Davidson boosted their price objective on shares of Carvana from $110.00 to $155.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. JMP Securities restated a “market outperform” rating and issued a $200.00 target price on shares of Carvana in a research note on Monday, September 9th. Piper Sandler boosted their price target on Carvana from $105.00 to $151.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, Wells Fargo & Company raised Carvana from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $77.00 to $175.00 in a report on Thursday, August 1st. One equities 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 company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $153.88.

Carvana Price Performance

Shares of CVNA stock opened at $172.72 on Wednesday. Carvana has a fifty-two week low of $25.09 and a fifty-two week high of $176.33. 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 market capitalization of $35.74 billion, a price-to-earnings ratio of 75.75 and a beta of 3.43. The stock’s 50-day simple moving average is $144.33 and its 200-day simple moving average is $116.89.

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

Insider Activity at Carvana

In related news, insider Daniel J. Gill sold 30,000 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $175.00, for a total transaction of $5,250,000.00. Following the sale, the insider now owns 328,329 shares in the company, valued at $57,457,575. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Daniel J. Gill sold 20,000 shares of the business’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 value of $3,000,000.00. Following the completion of the sale, the insider now directly owns 359,370 shares in the company, valued at $53,905,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Daniel J. Gill sold 30,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $175.00, for a total value of $5,250,000.00. Following the transaction, the insider now owns 328,329 shares in the company, valued at approximately $57,457,575. The disclosure for this sale can be found here. Insiders sold a total of 2,491,866 shares of company stock worth $349,710,934 in the last three months. Company insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

A number of large investors have recently added to or reduced their stakes in CVNA. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Carvana during the second quarter worth about $37,728,000. Maven Securities LTD purchased a new stake in Carvana during the 2nd quarter worth approximately $270,000. Senator Investment Group LP acquired a new position in shares of Carvana during the second quarter valued at approximately $63,767,000. Sylebra Capital LLC acquired a new position in shares of Carvana during the second quarter valued at approximately $67,686,000. Finally, Creative Planning lifted its position in shares of Carvana by 34.4% in the second quarter. Creative Planning now owns 15,296 shares of the company’s stock valued at $1,969,000 after acquiring an additional 3,913 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

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.