Carvana (CVNA) Stock Falls Amid Market Uptick: What Investors Need to Know
Carvana (CVNA) closed at $42.53 in the latest trading session, marking a -1.23% move from the prior day. This move lagged the S&P 500's daily gain of 1.25%. Elsewhere, the Dow saw an upswing of 0.97%, while the tech-heavy Nasdaq appreciated by 1.3%.
The the stock of company has fallen by 7.77% in the past month, lagging the Retail-Wholesale sector's loss of 0.11% and the S&P 500's gain of 1.58%.
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 February 22, 2024. The company is predicted to post an EPS of -$0.93, indicating a 4.12% growth compared to the equivalent quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $2.56 billion, showing a 9.64% drop compared to the year-ago quarter.
It's also important for investors to be aware of any recent modifications to analyst estimates for Carvana. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 1.07% higher. Carvana is holding a Zacks Rank of #1 (Strong Buy) right now.
The Internet - Commerce industry is part of the Retail-Wholesale sector. Currently, this industry holds a Zacks Industry Rank of 81, positioning it in the top 33% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Carvana Co. (CVNA) : Free Stock Analysis Report
