US1468691027 - Common Stock
Why the high growth investor may take a look at CARVANA CO (NYSE:CVNA).
Ernie Garcia II, the father of Carvana Co. Chief Executive Officer Ernest Garcia III, has cashed in $1.4 billion of the company’s stock since April — a stake that’s now worth $2.5 billion after a blistering rally in the online auto retailer’s shares.
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Shares of online used car dealer Carvana (NYSE: CVNA) jumped 24.4% in the morning session after the company reported third-quarter earnings that blew past analysts' EBITDA expectations. Its revenue also outperformed Wall Street's estimates. The solid results enabled the business to raise full-year EBITDA guidance. In terms of the growth potential, management noted that the business had only captured 1% of the market share in its addressable market, highlighting the abundant opportunity ahead. Zooming out, we think this was a very good quarter.
Carvana stock appears to be on the right path to growth.
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Online used car dealer Carvana (NYSE: CVNA) reported Q3 CY2024 results topping the market’s revenue expectations, with sales up 31.8% year on year to $3.66 billion.
Carvana Co. reported higher-than-expected results for the most recent quarter, buoyed by resilient used-car demand and pricing, and sounded a bullish note for its full-year earnings outlook.