Many stock market investors are probably ecstatic that 2022 is in the rearview mirror after the S&P 500 and the Nasdaq Composite dropped 19% and 33%, respectively, last year. Aggressive interest rate hikes by the Federal Reserve and other major central banks to help cool inflation that was at 40-year highs deserve some blame as they quickly shrunk valuation multiples for many stocks. 

Growth tech stocks were some of the hardest hit. And among them, Carvana (NYSE: CVNA) was absolutely hammered. Shares of the online used car retailer cratered 98% in 2022. But this year has been a completely different story -- Carvana's stock is already up over 200% so far. There's no doubt that it has been extremely volatile in recent months, but that is a jaw-dropping return in just over one month's time. 

Does this renewed optimism make Carvana a screaming buy right now? Let's take a look. 

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Source Fool.com