|Bid||227.85 x 900|
|Ask||228.47 x 1300|
|Day's Range||220.06 - 230.10|
|52 Week Range||22.16 - 235.00|
|Beta (5Y Monthly)||2.52|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov. 09, 2020 - Nov. 13, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||196.70|
By Jarrett Banks Online used-car retailers like Vroom, Inc., Shift and Carvana Co. have thrived as the Covid-19 pandemic has sped up the adoption of e-commerce and the rejection of public transportation. Now Carlotz Inc., a privately held company that has seen exponential growth from its consignment model, may soon offer public investors a sui […]
Carvana Co. ("Carvana") (NYSE: CVNA), a leading e-commerce platform for buying and selling used cars, today announced it has upsized and priced the private placement of (i) $500.0 million in aggregate principal amount of its 5.625% Senior Notes due 2025 (the "2025 Notes") and (ii) $600.0 million in aggregate principal amount of its 5.875% Senior Notes due 2028 (the "2028 Notes" and, collectively, the "Notes"). The Company upsized its offering of 2028 Notes by $100.0 million aggregate principal amount from the previously announced amount. The Notes will be issued under separate indentures to be entered into upon the closing of the offering, which Carvana anticipates will take place on or about October 2, 2020, subject to customary closing conditions. Carvana intends to use a portion of the net proceeds from the offering to redeem in full $600.0 million aggregate principal amount of its outstanding 8.875% Senior Notes due 2023 (the "2023 Notes"), and the remainder of the net proceeds to pay fees and expenses related to the offering and for general corporate purposes.
(Bloomberg) -- Carvana Co. has yet to post a quarterly profit since going public in 2017, but it’s made Ernie Garcia II and his son Ernest Garcia III two of the richest people in America.The elder Garcia is the largest shareholder of Phoenix-based Carvana, the online retailer that sells cars out of massive vending machines. His son, Garcia III, is the company’s chief executive officer. Together they’re worth $21.4 billion, according to the Bloomberg Billionaires Index.Shares of the company surged 31% in New York on Tuesday after it projected record revenue and profit margins. The stock has rallied almost 150% this year as Americans have turned to buying household essentials, entertainment and, increasingly, used cars online.“Covid-19 is prompting consumers to seek out used cars, and CVNA is a key beneficiary of this trend,” said Alexander Potter, an analyst at Piper Sandler, in a research note Tuesday.Carvana lets customers choose from more than 19,000 cars and complete purchases in as little as 10 minutes, according to its website. Buyers have the option of picking up their car at more than a dozen vending machines located around the country, using a giant coin. Its revenue doubled to $3.9 billion last year as it sold about 200,000 cars. It now sees a path to 2 million sales a year.Garcia II is worth more than $15 billion and his son $6.4 billion, according to Bloomberg’s Index, which tracks the daily fortunes of the world’s richest 500 people.Carvana has been the target of skeptics and short sellers in the past, and its shares have been volatile since it went public. It has rallied more than 670% since a March low and has a $36.2 billion market valuation. Roughly a quarter of the company’s float is sold short and the short interest ratio -- a gauge of how many days it would take for short sellers to cover their positions -- was near a record for this year at the end of August, according to data compiled by Bloomberg.The company said Tuesday it will sell $1 billion of new debt, seizing on the boom in demand for its vehicles and low yields in the corporate bond market. Around $600 million of the proceeds will be used to refinance existing debt, with the rest held as cash on the balance sheet.(Updates with short interest in penultimate paragragh.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.