The used car specialist has further avenues for growth.Carvana's (CVNA -4.13%) shares soared 34% in the wake of its first-quarter earnings report on May 1, resulting in a year-to-date gain of 130% as of market close May 6. The stock has been an absolute rocket ship this past year and is up 3,100% from its early December 2022 low.Investors who were down on the stock likely believed the company was just another tech meme boosted by the pandemic and expected it to fail along with the collapse of the used car m ...

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Impressively, Carvana turned a profit in 2023 and in 1Q 2024. But there's more to the story here.On the surface, Carvana (CVNA 4.44%) looks like it had a spectacular turnaround year in 2023. Earnings rocketed from a $15.74 per share loss in 2022 to a profit of $4.12 per share. And it also seems like it got off to a big start in 2024, with a first-quarter profit of $0.24 per share. These are impressive results, but there's more to the story here than there appears to be.Here are three things you need to keep ...

Key TakeawaysCarvana set profit and sales records in the first quarter and projected second-quarter retail unit growth and shares skyrocketed.The online used car retailer also posted an all-time high in gross profit per unit sold, and slashed expenses.Wedbush raised its price target on the stock to $120 from $80 each, pointing to the first quarter results and guidance. Shares of Carvana (CVNA) skyrocketed after the online used car retailer issued an upbeat outlook for the current quarter and had its best fi ...

Don't make the mistake of thinking Carvana is profitable now. It isn't.Carvana (CVNA 34.90%) reported its earnings results for the first quarter of 2024 last night, and the crowd went wild.Shares of the used car "vending machine" company soared 34% through 10:20 a.m. ET on results that easily beat expectations. Instead of the $2.7 billion in sales that Carvana was expected to report, the company did $3.1 billion. And instead of losing money as Wall Street expected, Carvana earned a surprise $49 million prof ...

Carvana (NYSE:CVNA) stock is on the move Thursday after the used car retailer’s share got a new price target from JPMorgan analyst Rajat Gupta.This has the JPMorgan analyst increasing his price target for CVNA stock from $70 per share to $130 per share. That represents a potential upside of 49.2% over its closing price yesterday. It’s also bullish next to the analysts’ consensus price prediction of $70 per share.To go along with that, Gupta upgraded the firm’s rating for CVNA from “neutral” to “overweight” ...

The Retail-Wholesale group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Carvana (CVNA) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Retail-Wholesale peers, we might be able to answer that question.Carvana is one of 213 companies in the Retail-Wholesale group. The Retai ...

Carvana stock is trading at its highest level in nearly two years after earningsCarvana Co (NYSE:CVNA) stock is surging today, up 35% to trade at $117.69, after the online used-car retailer reported first-quarter earnings of 23 cents per share -- much higher than the expected loss of 64 cents -- on revenue of $3.1 billion. Better yet, the firm also issued a better-than-expected guidance for the current quarter.Morgan Stanley and J.P. Morgan Securities both upgraded CVNA to "overweight," and no less than eig ...

Carvana (NYSE:CVNA) stock is rocketing higher on Thursday after the used-car retailer posted its earnings report for the first quarter of 2024.Carvana starts its report strong with adjusted earnings per share of 23 cents. That’s a surprise profit compared to Wall Street’s estimate of -74 cents per share. It’s also a major improvement over its Q1 2023 EPS of -74 cents.Revenue coming in at $3.06 billion is another win for CVNA stock. That has it surpassing analysts’ estimate of $2.69 billion for the quarter. ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...