Carvana Co (NASDAQ:CVNA) Posts Earnings Results, Beats Expectations By $0.02 EPS

Carvana Co (NASDAQ:CVNA) posted its quarterly earnings data on Tuesday, August 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.02, Bloomberg Earnings reports. The firm had revenue of $209.37 million for the quarter, compared to analyst estimates of $198.84 million. The firm’s revenue for the quarter was up 142.0% on a year-over-year basis.

Carvana (NASDAQ:CVNA) opened at 14.21 on Friday. Carvana has a 12-month low of $8.14 and a 12-month high of $23.70. The company’s market cap is $220.51 million. The firm’s 50-day moving average price is $19.16 and its 200-day moving average price is $16.02.

CVNA has been the topic of a number of analyst reports. Craig Hallum increased their price target on Carvana from $16.00 to $24.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Citigroup Inc. initiated coverage on Carvana in a research note on Tuesday, May 23rd. They issued a “buy” rating and a $17.00 price target on the stock. BMO Capital Markets reissued an “outperform” rating and issued a $25.00 price target (up previously from $15.00) on shares of Carvana in a research note on Monday, June 26th. Robert W. Baird reissued an “outperform” rating and issued a $15.00 price target on shares of Carvana in a research note on Friday, June 9th. Finally, William Blair assumed coverage on Carvana in a research note on Tuesday, May 23rd. They set an “outperform” rating on the stock. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Carvana presently has a consensus rating of “Buy” and a consensus price target of $21.40.

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Several institutional investors have recently made changes to their positions in CVNA. 1st Global Advisors Inc. bought a new position in shares of Carvana during the second quarter valued at $421,000. California State Teachers Retirement System acquired a new stake in Carvana during the second quarter worth $551,000. The Manufacturers Life Insurance Company acquired a new stake in Carvana during the second quarter worth $264,000. Sylebra HK Co Ltd acquired a new stake in Carvana during the second quarter worth $9,373,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Carvana during the second quarter worth $258,000.

About Carvana

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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