Why Carvana Stock Soared 20% After Earnings
Carvana (NYSE: CVNA) stock motored higher Thursday, its stock up 20% through 11:25 a.m. ET after beating analyst forecasts for third-quarter revenue.
Carvana reported Q3 sales of $3.66 billion last night, edging out Wall Street forecasts for $3.65 billion. The company also appears to have beaten earnings expectations.
According to Yahoo! Finance data, Carvana entered Q3 with analysts expecting it to earn $0.25 per share -- a steep decline from last year's $3.60 Q3 profit. In fact, earnings did decline to about $1.26 per share, a drop of 65%, but that was still a lot better than had been feared. It was also Carvana's third straight quarterly profit. Meanwhile sales soared 32% year over year, which was even better than the analysts had hoped.
Source Fool.com
Carvana Co. Stock
The stock is an absolute favorite of our community with 57 Buy predictions and no Sell predictions.
With a target price of 81 € there is a positive potential of 23.91% for Carvana Co. compared to the current price of 65.37 €.
