On July 20, Carvana Co. declined 3.21% in regular trading, trading at $65.05/share, with turnover of $91.604 million, extending its recent downtrend.

On the news front, multiple investment banks have recently lowered their price targets on Carvana. Jefferies cut its target from $95 to $90 on July 14 while maintaining a Buy rating. Earlier, RBC Capital Markets reduced its target from $92 to $85, citing deteriorating receivables securitization conditions — excess spread declined 66 basis points and the over-collateralization target rose 50 basis points quarter-on-quarter, pressuring per-unit gross profit. RBC lowered its other gross profit per unit estimates by 2.1%, 2.5%, and 1.5% for Q2, Q3, and Q4 respectively.

The broader Automotive Retail sector also traded lower, with O'Reilly down 1.33%, AutoZone down 1.56%, CarMax down 1.01%, and Advance Auto Parts down 2.2%. Carvana is scheduled to report Q2 earnings on July 29, with consensus EPS expected at $0.42.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)