BUZZ-Carvana drops after filing for stock offering

Reuters
02-20
BUZZ-Carvana drops after filing for stock offering

** Shares of Carvana CVNA.N fall 9.1% to $256.01 in premarket trading

** Co files for Class A common stock offering of up to $1 billion

** Online used-car retailer also reports Q4 revenue of $3.5 billion versus estimates of $3.3 billion - LSEG data

** Posts quarterly earnings of $0.56 per share vs loss of $1 per share in same quarter a year ago

** Co's Q4 adjusted retail gross profit per unit $3,331 vs $2,970

** At least 3 brokerages, including Jefferies, raise their PT on stock

** Jefferies says company has provided "evidence of the sustainability of attractive unit economics at higher levels of growth"

** 11 of 24 brokerages rate the stock "buy" or higher, 12 "hold" and 1 "sell"; their median PT is $262 - LSEG

** As of last close, stock had risen 38.5% YTD; Stock rose 284% in 2024

(Reporting by Nikhil Sharma in Bengaluru)

((Nikhil.Sharma@thomsonreuters.com;))

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