Carvana Co (CVNA) Posts Earnings Results, Beats Estimates By $0.02 EPS
Carvana Co (NASDAQ:CVNA) posted its quarterly earnings results on Tuesday. The company reported ($0.28) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.02, Bloomberg Earnings reports. The company had revenue of $209.37 million during the quarter, compared to analyst estimates of $198.84 million. Carvana’s quarterly revenue was up 142.0% on a year-over-year basis.
Shares of Carvana (CVNA) traded down 5.424% during mid-day trading on Wednesday, reaching $18.187. The company had a trading volume of 969,756 shares. The stock has a 50 day moving average of $20.38 and a 200-day moving average of $15.96. The firm’s market capitalization is $273.41 million. Carvana has a one year low of $8.14 and a one year high of $23.70.
Institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. bought a new position in shares of Carvana during the second quarter valued at $14,998,000. Penserra Capital Management LLC bought a new position in shares of Carvana during the second quarter valued at $4,278,000. Blair William & Co. IL bought a new position in shares of Carvana during the second quarter valued at $8,002,000. Bank of New York Mellon Corp bought a new position in shares of Carvana during the second quarter valued at $10,604,000. Finally, ClariVest Asset Management LLC bought a new position in shares of Carvana during the second quarter valued at $190,000.
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A number of research analysts have recently weighed in on CVNA shares. Susquehanna Bancshares Inc started coverage on Carvana in a research note on Wednesday, May 3rd. They issued a “neutral” rating and a $10.00 price target on the stock. Deutsche Bank AG reissued a “buy” rating and issued a $22.00 price target on shares of Carvana in a research note on Tuesday, May 23rd. BMO Capital Markets started coverage on Carvana in a research note on Tuesday, May 23rd. They issued an “outperform” rating and a $15.00 price target on the stock. JMP Securities started coverage on Carvana in a research note on Tuesday, May 23rd. They issued an “outperform” rating and a $17.00 price target on the stock. Finally, Robert W. Baird increased their price target on Carvana from $15.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, June 21st. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $20.90.
Carvana Company Profile
Carvana Co is an e-commerce platform for buying used cars. On the Company’s platform, consumers can research and identify a vehicle, inspect it using its proprietary 360-degree vehicle imaging technology, obtain financing and warranty coverage, purchase the vehicle and schedule delivery or pick-up, all from their desktop or mobile devices.
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