What's Going On With Carvana Stock Today?

Carvana Co CVNA shares are trending Tuesday. Here’s a look at what you need to know.

What To Know: Carvana shares closed down nearly 9% on Friday following a downgrade from Raymond James, but the stock is still up approximately 58% over the last three months.

Wedbush analyst Seth Basham maintained Carvana with a Neutral rating Tuesday and raised the price target from $40 to $50 ahead of earnings this week.

Carvana is set to report fourth-quarter financial results after the market close on Thursday. The company is expected to report a loss of 87 cents per share and revenue of $2.529 billion, according to estimates from Benzinga Pro.

What Else Is Going On: Carvana on Tuesday announced that it expanded same day vehicle delivery to the Sacramento, California area. Certain Sacramento residents will be eligible to take delivery of their vehicles within hours of placing the order.

“Carvana’s same day delivery offering is a testament to our commitment to providing efficient, customer-centric solutions that meet the evolving needs of car buyers,” says Jacqueline Hearns, senior director of market operations at Carvana.

“Now Sacramento area customers can experience the best of both worlds: the selection and convenience of online shopping and the speed of same day delivery right to their doorstep.”

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CVNA Stock Prediction 2024

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Carvana have an average one-year price target of $42.80, representing an expected downside of 16.24%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. One analyst has a bearish recommendation on Carvana, while one analyst has a bullish rating. The Street high price target from JMP Securities is $60, while the street low price target from RBC Capital is $24.

CVNA Price Action: Carvana shares were down 5.87% at $49.39 at the time of publication, according to Benzinga Pro.

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