Carvana Stock: 3 Reasons to Bet on a Recovery Now
Shares of Carvana (NYSE: CVNA) were surging by almost 25% in after-hours trading on Thursday after the online used-car dealer reported significant progress in its cost-cutting initiatives.
Carvana stock plunged last year, as fears of a bankruptcy torpedoed the stock as sales growth slowed and losses mounted. However, the company pledged to cut costs and streamline the business, and it seems to have done just that.
Revenue in the first quarter fell 25% to $2.61 billion, which edged out estimates of $2.60 billion, but that revenue decline was by design as the company scaled back advertising and other spending and shifted its focus from growth to profitability.
Source Fool.com
Carvana Co. Stock
€121.50
1.620%
With 7 Buy predictions and 7 Sell predictions the community is currently undecided on Carvana Co..
The target price of 41 € compared with the current price of 121.5 € for the stock indicates a negative potential of -66.26%.
