Where Will Carvana Be in 1 Year?
It wasn't very long ago that online used car retailer Carvana (NYSE: CVNA) was looking as though it was heading off to the junkyard to be sold for scrap. A lack of inventory, soaring used car prices, and rising interest rates conspired to run the industry off the road and for Carvana's stock to spontaneously combust.
Shares fell an astounding 94% in 2022, and bankruptcy was on everyone's lips. This year it's a different story. That stock has rocketed 183% year to date as meme stock traders embraced the seemingly dying company, even more so than with other supposed dead and dying stocks like AMC Entertainment (up 67% in 2023) and Bed Bath & Beyond (133% higher).
Has Carvana pulled itself out of the ditch at last, or is it just careening to the cliff on the other side of the road? Let's take a look at where the online used car operation will be one year from now, as three or five years down the road might be too far off into the future for this admittedly ailing jalopy.
Source Fool.com
