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Vroom Stock Races 115% Higher Tuesday

TheMotleyFool

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Shares of Vroom (NASDAQ:VRM), the newest used-car buying online platform to go public, is leaving the markets in the dust Tuesday, as its stock soared as much as 115% higher in its market debut.

Hindsight is 20/20, but the high demand in Vroom's Initial Public Offering (IPO) was easy to predict, considering the compelling growth story -- especially as the company closely resembles Carvana (NYSE: CVNA), which has obliterated market returns with a meteoric 775% rise over the past three years. Vroom priced its IPO late Monday at $22 per share, up from its previous range of $18 to $20 per share, and it jumped over $47 per share during intraday trading.