Following these transactions, Keeton retains ownership of 151,029 shares in the company. The sales were carried out in multiple trades, with the reported prices reflecting the volume-weighted average sale price. InvestingPro analysis indicates that Carvana (NYSE:CVNA) currently trades above its Fair Value, while maintaining a perfect Piotroski Score of 9, suggesting strong financial health. Subscribers can access 16 additional ProTips and comprehensive financial metrics in the Pro Research Report. InvestingPro analysis indicates that Carvana currently trades above its Fair Value, while maintaining a perfect Piotroski Score of 9, suggesting strong financial health. Subscribers can access 16 additional ProTips and comprehensive financial metrics in the Pro Research Report.
Following these transactions, Keeton retains ownership of 151,029 shares in the company. The sales were carried out in multiple trades, with the reported prices reflecting the volume-weighted average sale price.
In other recent news, Carvana reported a record-breaking third quarter with a 34% year-over-year increase in retail units sold, leading to a 32% surge in revenue. The company's net income reached $148 million, with an operating income of $337 million, and an adjusted EBITDA of $429 million. Revenue for the quarter hit $3.655 billion, demonstrating a strong financial performance.
Needham has increased its stock price target for Carvana to $330 from the previous $300, maintaining a Buy rating. This adjustment reflects optimism about the used car market dynamics, expected to contribute to higher gross profit per unit in the fourth quarter. In addition, Morgan Stanley (NYSE:MS) upgraded its stock rating from Underweight to Equal-weight, reflecting confidence in Carvana's potential for growth and profitability.
Carvana plans to increase its advertising spend by $5 million to $10 million in Q4 and anticipates an adjusted EBITDA significantly above the $1.0 billion to $1.2 billion range for the full year 2024. However, the company's non-GAAP SG&A expenses rose 10% to $406 million. Despite this, recent developments underscore Carvana's ongoing efforts to position itself for sustainable growth and market expansion.
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