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Why Do CarMax (KMX) Stocks Rise Before The Market Opens?

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The stock of CarMax Inc. (KMX) is trending upwards today, trading at $126.0 at last check in premarket trading, up 5.5% today. In Thursday’s trading, CarMax’s stock was almost unchanged, rising 0.98% to close at $119.43. Over the past three months the average volume of KMX shares traded has been 1.14 million, with 1.84 million being the highest volume.

KMX fluctuated between $119.08 and $120.73 during the trading session. KMX had a ratio of 4.51 earnings per share. In terms of moving averages, the 50-day moving average of $122.34 is above the 200-day moving average of $111.54. A RSI of 53.63 is currently displayed on the KMX stock. The KMX stock continues to rise as the company announces encouraging financial results.

What has KMX shared?

By fostering integrity, honesty and transparency in every interaction, CarMax has revolutionized the automotive retail industry. KMX customers can choose how much, or how little they want to do both online and in store with a truly personalized experience. There are also several ways that KMX delivers its vehicles, including home delivery, contactless curbside pickups, and in-store appointments. At its in-store and virtual auctions, KMX sold more than 750,000 used vehicles during its fiscal year ending February 28, 2021.

Today, CarMax announced results for the first quarter ended May 31, 2021.

Business and financial highlights:

  • KMX delivered record net revenues of $7.70 billion, up 43% over the first quarter of fiscal 2020 and up 138.4% over the prior year first quarter.
  • For the first quarter of fiscal year 2021, KMX earned $2.63 per diluted share, up from $0.03 a year ago.
  • KMX recorded retail gross profit per unit of $2,205 and wholesale gross profit per unit of $1,025, an increase of $268 and $47, respectively, compared with the first quarter of 2020.
  • Combined with a rise in net interest margin and a rise in average managed receivables, CarMax Auto Finance’s (CAF) income rose to $241.7 million.

Sales growth at KMX :

CarMax (KMX)’s record-breaking first quarter for fiscal year 2021 was driven by a significant increase in used auto demand, a marked improvement in revenue execution, and an expanding omni-channel environment that led to 452,188 units sold across both retail and wholesale channels. KMX sold 270,799 vehicles through retail used; the number of comparable stores increased 99.1% compared with the previous year. Number of comparable stores of KMX grew 16.0% compared to a year ago.

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