Carvana (CVNA) Stock Slides as Market Rises: Facts to Know Before You Trade
Carvana (CVNA) closed the latest trading day at $48.09, indicating a -0.21% change from the previous session's end. The stock's performance was behind the S&P 500's daily gain of 0.82%. Meanwhile, the Dow gained 0.41%, and the Nasdaq, a tech-heavy index, added 0.95%.
The company's shares have seen an increase of 2.18% over the last month, not keeping up with the Retail-Wholesale sector's gain of 7.3% and the S&P 500's gain of 5.59%.
The upcoming earnings release of Carvana will be of great interest to investors. The company's earnings report is expected 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. Our most recent consensus estimate is calling for quarterly revenue of $2.56 billion, down 9.64% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Carvana. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.13% upward. As of now, Carvana holds a Zacks Rank of #2 (Buy).
The Internet - Commerce industry is part of the Retail-Wholesale sector. This group has a Zacks Industry Rank of 76, putting it in the top 31% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Carvana Co. (CVNA) : Free Stock Analysis Report
