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Why Carvana Stock Fell 17% Last Month

TheMotleyFool

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Shares of Carvana (NYSE: CVNA) downshifted last month. The online car seller seemed to succumb to concerns over valuation, as the stock fell even after a strong third-quarter earnings report. Meanwhile, a broader sell-off in tech stocks and a rise in coronavirus cases also seemed to pressure the stock.

According to data from S&P Global Market Intelligence, the stock finished the month down 17%. As you can see from the chart below, Carvana shares were descending for most of the month and slipped further at the end of October after its earnings report came out.