Up 40% In 2023, Is Carvana Stock Ready to Make a Comeback?
Carvana shareholders have gone on a wild ride in the last few years. The stock went on a tear during 2020 and 2021 after the pandemic gave the used car marketplace a huge boost in demand. But then in 2022, things took a turn for the worse when people realized the company was hemorrhaging money and in a terrible spot financially. The stock fell a breathtaking 98%.
Yet, as of this writing, shares of the stock are up 40% so far in 2023 -- and January isn't even over yet. Clearly, investors can't make up their minds on owning shares of Carvana or not. So is Carvana (NYSE: CVNA) ready to continue its comeback this year? Or should investors avoid buying shares?
Even after its recent spurt higher, Carvana's stock is still way down from all-time highs. Investors are extremely worried about its cash burn, which just seems to get worse every year.
Source Fool.com
