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Why the Market Dipped But Carvana (CVNA) Gained Today
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Carvana (CVNA - Free Report) closed at $130.06 in the latest trading session, marking a +0.68% move from the prior day. This change outpaced the S&P 500's 0.71% loss on the day. Meanwhile, the Dow experienced a drop of 0.93%, and the technology-dominated Nasdaq saw a decrease of 0.81%.
Coming into today, shares of the company had gained 17.6% in the past month. In that same time, the Retail-Wholesale sector lost 0.03%, while the S&P 500 gained 1.08%.
Analysts and investors alike will be keeping a close eye on the performance of Carvana in its upcoming earnings disclosure. The company's earnings report is set to go public on July 31, 2024. On that day, Carvana is projected to report earnings of -$0.02 per share, which would represent year-over-year growth of 96.36%. At the same time, our most recent consensus estimate is projecting a revenue of $3.19 billion, reflecting a 7.58% rise from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.34 per share and a revenue of $12.41 billion, representing changes of -145.33% and +15.18%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Carvana. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.22% higher. Carvana is currently sporting a Zacks Rank of #2 (Buy).
The Internet - Commerce industry is part of the Retail-Wholesale sector. This industry, currently bearing a Zacks Industry Rank of 52, finds itself in the top 21% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Why the Market Dipped But Carvana (CVNA) Gained Today
Carvana (CVNA - Free Report) closed at $130.06 in the latest trading session, marking a +0.68% move from the prior day. This change outpaced the S&P 500's 0.71% loss on the day. Meanwhile, the Dow experienced a drop of 0.93%, and the technology-dominated Nasdaq saw a decrease of 0.81%.
Coming into today, shares of the company had gained 17.6% in the past month. In that same time, the Retail-Wholesale sector lost 0.03%, while the S&P 500 gained 1.08%.
Analysts and investors alike will be keeping a close eye on the performance of Carvana in its upcoming earnings disclosure. The company's earnings report is set to go public on July 31, 2024. On that day, Carvana is projected to report earnings of -$0.02 per share, which would represent year-over-year growth of 96.36%. At the same time, our most recent consensus estimate is projecting a revenue of $3.19 billion, reflecting a 7.58% rise from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.34 per share and a revenue of $12.41 billion, representing changes of -145.33% and +15.18%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Carvana. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.22% higher. Carvana is currently sporting a Zacks Rank of #2 (Buy).
The Internet - Commerce industry is part of the Retail-Wholesale sector. This industry, currently bearing a Zacks Industry Rank of 52, finds itself in the top 21% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.