Why Carvana Stock Jumped This Week
Shares of online-focused used car dealer (NYSE: CVNA) jumped this week. The stock rose as much as 36.1% at one point but finished the week up about 19% as of 2:40 p.m. ET, according to data from S&P Global Market Intelligence.
The stock's gain builds on momentum that started gaining traction after the company said in a Jun. 8 press release that its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for its second quarter were trending higher than the company had previously forecast.
Carvana stock has traded with lots of volatility this month. Overall, however, the trend has been up. Shares are up about 60% month to date. Investors have been applauding Carvana's attempts to improve profitability after Carvana said earlier this month that its adjusted EBITDA for Q2 is now expected to come in at $50 million.
Source Fool.com
Carvana Co. Stock
Our community is currently high on Carvana Co. with 11 Buy predictions and 6 Sell predictions.
On the other hand, the target price of 124 € is below the current price of 164.14 € for Carvana Co., so the potential is actually -24.45%.
