Why Carvana Stock Is Bouncing Back Today
Shares of Carvana (NYSE: CVNA) were soaring today, likely as some investors viewed the company's recent sell-off as a new buying opportunity. The investor optimism may be fueled by the fact that former U.S. Vice President and Carvana director, Dan Quayle, purchased more shares of the auto stock recently.
Carvana's share price was up by 11.2% as of 1:53 p.m. ET.
Carvana's stock has taken a nosedive since the company reported its first-quarter results last month. But yesterday Barron's reported that Quayle, who has been a Carvana director since 2017, bought nearly 18,750 shares of the company's stock on May 17. The purchase means that Quayle now owns more than 28,000 shares of Carvana.
Source Fool.com
