1 Growth Stock That Could Double Again
From its initial public offering to its all-time high of $370.10 in August 2021, Carvana (NYSE: CVNA) saw its stock price skyrocket an incredible 3,200%. This performance crushed the Nasdaq Composite Index's total return of 147% during the same time. And after a number of adverse factors punished shares in 2022, the stock has risen more than 100% so far this year (as of March 3), a possible sign of renewed investor enthusiasm.
Is this e-commerce used car retailer a growth stock that can double again? Let's take a closer look.
To say that Carvana hit a rough patch last year would be an understatement. Persistent inflation and rising interest rates make buying cars unaffordable. Making matters worse, used car prices in 2022 were up 55% versus 2019. And after posting monster growth throughout its history, the company's 2022 revenue of $13.6 billion was up just 6% year over year, with fourth-quarter sales down 24%. Used car volume trended downward in 2022, but it bounced back in January this year.
Source Fool.com
