Carvana Co (NASDAQ:CVNA) posted its quarterly earnings data on Tuesday, August 8th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.02, Bloomberg Earnings reports. The business had revenue of $209.37 million during the quarter, compared to the consensus estimate of $198.84 million. Carvana’s revenue for the quarter was up 142.0% compared to the same quarter last year.
Carvana (NASDAQ CVNA) opened at 14.21 on Friday. The company has a 50 day moving average price of $19.16 and a 200-day moving average price of $16.02. Carvana has a 52 week low of $8.14 and a 52 week high of $23.70. The firm’s market capitalization is $220.51 million.
A number of hedge funds have recently added to or reduced their stakes in the stock. Abrams Bison Investments LLC purchased a new stake in Carvana during the second quarter valued at about $51,175,000. FMR LLC purchased a new stake in Carvana during the second quarter valued at about $26,992,000. Royal Bank of Canada purchased a new stake in Carvana during the second quarter valued at about $15,354,000. Principal Financial Group Inc. purchased a new stake in Carvana during the second quarter valued at about $14,998,000. Finally, Goodnow Investment Group LLC purchased a new stake in Carvana during the second quarter valued at about $11,706,000.
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Several equities research analysts have recently weighed in on CVNA shares. Craig Hallum increased their price objective on Carvana from $16.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, August 9th. Citigroup Inc. began coverage on Carvana in a research report on Tuesday, May 23rd. They issued a “buy” rating and a $17.00 price objective for the company. BMO Capital Markets restated an “outperform” rating and issued a $25.00 target price (up from $15.00) on shares of Carvana in a research note on Monday, June 26th. Robert W. Baird restated an “outperform” rating and issued a $15.00 target price on shares of Carvana in a research note on Friday, June 9th. Finally, William Blair began coverage on Carvana in a research note on Tuesday, May 23rd. They issued an “outperform” rating for the company. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $21.40.
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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