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Carvana (CVNA) Falls More Steeply Than Broader Market: What Investors Need to Know
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Carvana (CVNA - Free Report) closed the most recent trading day at $29.10, moving -1.26% from the previous trading session. This move lagged the S&P 500's daily loss of 1.18%. Meanwhile, the Dow lost 0.76%, and the Nasdaq, a tech-heavy index, lost 1.76%.
Prior to today's trading, shares of the company had lost 27.82% over the past month. This has lagged the Retail-Wholesale sector's loss of 4.94% and the S&P 500's loss of 3.35% 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. It is anticipated that the company will report an EPS of -$0.85, marking a 68.16% rise compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $2.77 billion, reflecting a 18.3% fall from the equivalent quarter last year.
CVNA's full-year Zacks Consensus Estimates are calling for earnings of -$3.70 per share and revenue of $11.06 billion. These results would represent year-over-year changes of +57.27% and -18.73%, respectively.
Investors should also note any recent changes to analyst estimates for Carvana. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.05% increase. As of now, Carvana holds a Zacks Rank of #2 (Buy).
The Internet - Commerce industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 97, which puts it in the top 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Carvana (CVNA) Falls More Steeply Than Broader Market: What Investors Need to Know
Carvana (CVNA - Free Report) closed the most recent trading day at $29.10, moving -1.26% from the previous trading session. This move lagged the S&P 500's daily loss of 1.18%. Meanwhile, the Dow lost 0.76%, and the Nasdaq, a tech-heavy index, lost 1.76%.
Prior to today's trading, shares of the company had lost 27.82% over the past month. This has lagged the Retail-Wholesale sector's loss of 4.94% and the S&P 500's loss of 3.35% 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. It is anticipated that the company will report an EPS of -$0.85, marking a 68.16% rise compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $2.77 billion, reflecting a 18.3% fall from the equivalent quarter last year.
CVNA's full-year Zacks Consensus Estimates are calling for earnings of -$3.70 per share and revenue of $11.06 billion. These results would represent year-over-year changes of +57.27% and -18.73%, respectively.
Investors should also note any recent changes to analyst estimates for Carvana. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.05% increase. As of now, Carvana holds a Zacks Rank of #2 (Buy).
The Internet - Commerce industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 97, which puts it in the top 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.