Carvana (NYSE:CVNA) Issues Quarterly Earnings Results

kopsource · Aug 7, 2022 22:41

Carvana (NYSE:CVNA – Get Rating) released its earnings results on Thursday. The company reported ($2.35) earnings per share for the quarter, missing the consensus estimate of ($1.75) by ($0.60), Briefing.com reports. Carvana had a negative return on equity of 144.51% and a negative net margin of 4.24%. The business had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.99 billion. During the same quarter in the previous year, the company earned $0.26 earnings per share. The firm's revenue for the quarter was up 16.4% on a year-over-year basis.

Carvana Price Performance

CVNA stock opened at $46.98 on Friday. The company has a market capitalization of $8.13 billion, a P/E ratio of -7.08 and a beta of 2.68. The company has a debt-to-equity ratio of 63.19, a quick ratio of 0.47 and a current ratio of 1.36. Carvana has a 52-week low of $19.45 and a 52-week high of $376.83. The business has a 50-day simple moving average of $26.16 and a two-hundred day simple moving average of $78.35.

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Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CVNA. Robert W. Baird dropped their price target on Carvana from $125.00 to $65.00 in a research note on Wednesday, May 11th. Deutsche Bank Aktiengesellschaft dropped their price target on Carvana from $95.00 to $54.00 in a research note on Monday, May 16th. Needham & Company LLC dropped their price target on Carvana from $80.00 to $31.00 and set a "buy" rating for the company in a research note on Tuesday, July 5th. Morgan Stanley dropped their price target on Carvana from $105.00 to $75.00 and set an "equal weight" rating for the company in a research note on Thursday, July 14th. Finally, Bank of America dropped their price target on Carvana from $225.00 to $80.00 in a research note on Thursday, May 19th. Eleven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $86.86.

Insider Buying and Selling at Carvana

In related news, insider Daniel J. Gill purchased 94,000 shares of the business's stock in a transaction on Wednesday, June 15th. The stock was acquired at an average price of $21.77 per share, for a total transaction of $2,046,380.00. Following the purchase, the insider now owns 131,023 shares of the company's stock, valued at $2,852,370.71. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, major shareholder Ernest C. Garcia II bought 1,191,468 shares of the company's stock in a transaction on Monday, June 13th. The shares were purchased at an average price of $20.67 per share, with a total value of $24,627,643.56. Following the transaction, the insider now directly owns 2,578,314 shares in the company, valued at $53,293,750.38. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Daniel J. Gill bought 94,000 shares of the company's stock in a transaction on Wednesday, June 15th. The shares were purchased at an average cost of $21.77 per share, for a total transaction of $2,046,380.00. Following the transaction, the insider now owns 131,023 shares in the company, valued at $2,852,370.71. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 2,197,008 shares of company stock worth $47,538,049. Insiders own 10.70% of the company's stock.

Institutional Investors Weigh In On Carvana

A number of hedge funds have recently modified their holdings of CVNA. US Bancorp DE raised its holdings in shares of Carvana by 248.0% in the 1st quarter. US Bancorp DE now owns 1,646 shares of the company's stock worth $197,000 after purchasing an additional 1,173 shares during the period. MetLife Investment Management LLC purchased a new position in Carvana in the 1st quarter valued at approximately $603,000. Panagora Asset Management Inc. grew its stake in Carvana by 86.7% in the 1st quarter. Panagora Asset Management Inc. now owns 3,022 shares of the company's stock valued at $360,000 after buying an additional 1,403 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in Carvana by 2.4% in the 1st quarter. Great West Life Assurance Co. Can now owns 69,919 shares of the company's stock valued at $8,842,000 after buying an additional 1,636 shares in the last quarter. Finally, Aviva PLC grew its stake in Carvana by 62.5% in the 1st quarter. Aviva PLC now owns 41,710 shares of the company's stock valued at $4,976,000 after buying an additional 16,037 shares in the last quarter.

About Carvana

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Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. The company's 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.