28-Mar-2024
CarMax (KMX) Receives a Hold from Evercore ISI
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CarMax sells, finances, and services used and new cars through a chain of about 240 used retail stores. It was formed in 1993 as a unit of Circuit City and spun off into an independent company in late 2002. Used-vehicle sales typically account for about 83% of revenue (78% in fiscal 2023 due to the chip shortage) and wholesale about 13% (20% in fiscal 2023), with the remaining portion composed of extended service plans and repair. In fiscal 2023, the company retailed and wholesaled 807,823, and 585,071 used vehicles, respectively. CarMax is the largest used-vehicle retailer in the U.S. but still estimates that it has only about 4% U.S. market share of vehicles 0-10 years old in 2022. It seeks over 5% share by the end of calendar 2025. CarMax is based in Richmond, Virginia.
Carmax trades on the NYSE stock market under the symbol KMX.
As of March 28, 2024, KMX stock price climbed to $87.11 with 1,777,627 million shares trading.
KMX has a beta of 1.61, meaning it tends to be more sensitive to market movements. KMX has a correlation of 0.32 to the broad based SPY ETF.
KMX has a market cap of $13.77 billion. This is considered a Large Cap stock.
Last quarter Carmax reported $6 billion in Revenue and $.52 earnings per share. This fell short of revenue expectation by $-201 million and exceeded earnings estimates by $.05.
In the last 3 years, KMX stock traded as high as $155.98 and as low as $52.10.
The top ETF exchange traded funds that KMX belongs to (by Net Assets): VTI, VOO, SPY, VB, VO.
KMX has outperformed the market in the last year with a price return of +49.5% while the SPY ETF gained +33.6%. KMX has also outperformed the stock market ETF in the last 3 month and 2 week periods returning +11.7% and +4.7%, respectively, while the SPY returned +10.1% and +1.7%, respectively.
KMX support price is $85.48 and resistance is $88.48 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that KMX stock will trade within this expected range on the day.