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