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Why the Market Dipped But Carvana (CVNA) Gained Today
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The latest trading session saw Carvana (CVNA - Free Report) ending at $124.10, denoting a +0.55% adjustment from its last day's close. The stock's change was more than the S&P 500's daily loss of 0.51%. Elsewhere, the Dow saw an upswing of 0.2%, while the tech-heavy Nasdaq depreciated by 0.93%.
The company's stock has dropped by 2.51% in the past month, falling short of the Retail-Wholesale sector's loss of 2.37% and the S&P 500's loss of 0.26%.
The investment community will be paying close attention to the earnings performance of Carvana in its upcoming release. The company is slated to reveal its earnings on July 31, 2024. It is anticipated that the company will report an EPS of -$0.01, marking a 98.18% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $3.2 billion, showing a 7.79% escalation compared to the year-ago quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.32 per share and revenue of $12.43 billion, indicating changes of -142.67% and +15.41%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Carvana. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.89% upward. Carvana is currently sporting a Zacks Rank of #2 (Buy).
The Internet - Commerce industry is part of the Retail-Wholesale sector. With its current Zacks Industry Rank of 61, this industry ranks in the top 25% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Why the Market Dipped But Carvana (CVNA) Gained Today
The latest trading session saw Carvana (CVNA - Free Report) ending at $124.10, denoting a +0.55% adjustment from its last day's close. The stock's change was more than the S&P 500's daily loss of 0.51%. Elsewhere, the Dow saw an upswing of 0.2%, while the tech-heavy Nasdaq depreciated by 0.93%.
The company's stock has dropped by 2.51% in the past month, falling short of the Retail-Wholesale sector's loss of 2.37% and the S&P 500's loss of 0.26%.
The investment community will be paying close attention to the earnings performance of Carvana in its upcoming release. The company is slated to reveal its earnings on July 31, 2024. It is anticipated that the company will report an EPS of -$0.01, marking a 98.18% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $3.2 billion, showing a 7.79% escalation compared to the year-ago quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.32 per share and revenue of $12.43 billion, indicating changes of -142.67% and +15.41%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Carvana. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.89% upward. Carvana is currently sporting a Zacks Rank of #2 (Buy).
The Internet - Commerce industry is part of the Retail-Wholesale sector. With its current Zacks Industry Rank of 61, this industry ranks in the top 25% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.