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Carvana (CVNA) Flat As Market Sinks: What You Should Know
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Carvana (CVNA - Free Report) ended the recent trading session at $33.87, demonstrating no swing from the preceding day's closing price. The stock's change was more than the S&P 500's daily loss of 0.5%. On the other hand, the Dow registered a gain of 0.12%, and the technology-centric Nasdaq decreased by 1.23%.
Heading into today, shares of the company had lost 39.37% over the past month, lagging the Retail-Wholesale sector's loss of 5.07% and the S&P 500's loss of 2.4% in that time.
Market participants will be closely following the financial results of Carvana in its upcoming release. The company plans to announce its earnings on November 2, 2023. The company is predicted to post an EPS of -$0.85, indicating a 68.16% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $2.77 billion, down 18.3% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$3.71 per share and revenue of $11.06 billion, which would represent changes of +57.16% and -18.74%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Carvana. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Over the past month, the Zacks Consensus EPS estimate has remained steady. Carvana is currently sporting a Zacks Rank of #1 (Strong Buy).
The Internet - Commerce industry is part of the Retail-Wholesale sector. At present, this industry carries a Zacks Industry Rank of 87, placing it within the top 35% of over 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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Carvana (CVNA) Flat As Market Sinks: What You Should Know
Carvana (CVNA - Free Report) ended the recent trading session at $33.87, demonstrating no swing from the preceding day's closing price. The stock's change was more than the S&P 500's daily loss of 0.5%. On the other hand, the Dow registered a gain of 0.12%, and the technology-centric Nasdaq decreased by 1.23%.
Heading into today, shares of the company had lost 39.37% over the past month, lagging the Retail-Wholesale sector's loss of 5.07% and the S&P 500's loss of 2.4% in that time.
Market participants will be closely following the financial results of Carvana in its upcoming release. The company plans to announce its earnings on November 2, 2023. The company is predicted to post an EPS of -$0.85, indicating a 68.16% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $2.77 billion, down 18.3% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$3.71 per share and revenue of $11.06 billion, which would represent changes of +57.16% and -18.74%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Carvana. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Over the past month, the Zacks Consensus EPS estimate has remained steady. Carvana is currently sporting a Zacks Rank of #1 (Strong Buy).
The Internet - Commerce industry is part of the Retail-Wholesale sector. At present, this industry carries a Zacks Industry Rank of 87, placing it within the top 35% of over 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.