Why Carvana Stock Is Plunging Today
Shares of the online car-buying company (NYSE: CVNA) were falling fast today, likely after investors drove the stock up higher yesterday in response to rival CarMax's better-than-expected earnings report.
But Carvana investors are reversing their optimism today, likely as they realize that the U.S. economy is still in a precarious position. The company's stock was down by 6.4% as of 12:03 p.m. ET.
Carvana's stock spiked yesterday after competitor CarMax beat analysts' earnings estimate for its latest quarter. But investors appear to be rethinking their optimism, instead focusing on other news today, including a comment from a Federal Reserve official about more work to be done to bring down inflation.
Source Fool.com
Carvana Co. Stock
€119.56
1.490%
Based on 7 Buy predictions and 7 Sell predictions the sentiment towards Carvana Co. is rather balanced.
A target price of 41 € results in a potential of -65.71% which would mean heavy losses compared to the current price of 119.56 € for Carvana Co..
