Shares of used-car e-commerce company (NYSE: CVNA) dropped on Thursday following a downgrade from an analyst. Exane BNP Paribas analyst Chris Bottiglieri is now "neutral" on the stock, whereas he had previously believed it would outperform the average returns for the S 500. As a result, Carvana stock was down about 9% as of 10:30 a.m. ET.

It's not surprising that an analyst would downgrade Carvana stock right now. It's up more than 600% year to date. That's better than any other stock with a market capitalization of at least $300 million, according to FinViz.

In the second quarter of 2023, Carvana's revenue dropped 24% year over year. And the company had a quarterly net loss of over $100 million. This was greatly improved from the prior-year period but is still substantial nonetheless.

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Source Fool.com