Carvana Co (CVNA) Expected to Earn FY2020 Earnings of $0.31 Per Share
Carvana Co (NYSE:CVNA) – Analysts at B. Riley dropped their FY2020 earnings per share (EPS) estimates for shares of Carvana in a research note issued to investors on Thursday, November 8th. B. Riley analyst S. Sinha now anticipates that the company will post earnings of $0.31 per share for the year, down from their prior forecast of $0.42. B. Riley has a “Buy” rating and a $76.00 price target on the stock.
Carvana (NYSE:CVNA) last issued its earnings results on Wednesday, November 7th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.03). The firm had revenue of $535.00 million during the quarter, compared to the consensus estimate of $509.09 million. Carvana had a negative return on equity of 35.13% and a negative net margin of 5.01%. The company’s quarterly revenue was up 137.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.29) EPS.
Shares of NYSE CVNA opened at $48.90 on Friday. Carvana has a 52-week low of $13.58 and a 52-week high of $72.59. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.78 and a current ratio of 2.04.
A number of hedge funds have recently made changes to their positions in the business. Rafferty Asset Management LLC purchased a new stake in Carvana during the third quarter valued at approximately $276,000. American International Group Inc. increased its holdings in Carvana by 15.8% during the third quarter. American International Group Inc. now owns 21,484 shares of the company’s stock valued at $1,269,000 after buying an additional 2,931 shares during the last quarter. BlackRock Inc. increased its holdings in Carvana by 13.0% during the third quarter. BlackRock Inc. now owns 2,099,988 shares of the company’s stock valued at $124,088,000 after buying an additional 241,002 shares during the last quarter. TTP Investments Inc. purchased a new stake in Carvana during the third quarter valued at approximately $3,432,000. Finally, Bank of New York Mellon Corp increased its holdings in Carvana by 4.9% during the third quarter. Bank of New York Mellon Corp now owns 685,349 shares of the company’s stock valued at $40,496,000 after buying an additional 31,721 shares during the last quarter. 25.96% of the stock is owned by institutional investors and hedge funds.
In other Carvana news, major shareholder Ddfs Partnership Lp sold 896,542 shares of the company’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $64.93, for a total transaction of $58,212,472.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Ernest C. Garcia II sold 99,092 shares of the company’s stock in a transaction that occurred on Thursday, October 4th. The shares were sold at an average price of $53.84, for a total transaction of $5,335,113.28. Following the sale, the insider now directly owns 52,937,458 shares of the company’s stock, valued at $2,850,152,738.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,748,686 shares of company stock worth $164,026,447. 21.69% of the stock is owned by insiders.
Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying used cars in the United States. The company purchases, reconditions, sells, and delivers vehicles. Its platform allows customers to research and identify a vehicle; inspect it using company's proprietary 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up.
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