Carvana Shares Soar on Better-Than-Expected Profit as Sales Rise [BNN Bloomberg (Canada)]
Root, Inc. (ROOT)
Company Research
Source: BNN Bloomberg
The company reported net income of $49 million, a reversal of analyst expectations for a $116 million loss. The profit was helped by a $75 million gain on the value of warrants that Carvana holds in insurer Root Inc., but even without that windfall the company would have bested expectations, Carvana said Wednesday in a statement. Carvana shares were up 30% to $113.41 as of 4:17 p.m. in postmarket trading in New York after an earlier gain of 38%. If the 30% gain holds into regular trading, Carvana would rise the most since Feb. 23. For Carvana, the results are a sign that it may be moving past a period of restructuring and in a better position to grow sales. The online retailer has been cutting back for the past year to lower costs after years of heavy borrowing and rapid growth. The company said it earned 23 cents a share, beating the 64 cents a share loss forecast by analysts on $3.1 billion in revenue, which was also higher than expectations. There are still challenges. The
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News
- Root, Inc. (NASDAQ: ROOT) had its "outperform" rating re-affirmed by analysts at Keefe, Bruyette & Woods. They now have a $80.00 price target on the stock, up previously from $70.00.MarketBeat
- New Strong Buy Stocks for May 6th [Yahoo! Finance]Yahoo! Finance
- Best Momentum Stocks to Buy for May 6th [Yahoo! Finance]Yahoo! Finance
- Root, Inc. (NASDAQ:ROOT) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Root, Inc. (NASDAQ: ROOT) had its price target raised by analysts at Wells Fargo & Company from $64.00 to $78.00. They now have an "equal weight" rating on the stock.MarketBeat
ROOT
Earnings
- 4/30/24 - Beat
ROOT
Sec Filings
- 5/7/24 - Form SC
- 5/6/24 - Form 4
- 5/3/24 - Form 4
- ROOT's page on the SEC website