Why Carvana's Stock Is Driving 17% Higher Today
Shares of Carvana (NYSE: CVNA), an online used-car buying platform that offers consumers a way to buy while obeying social-distancing restrictions, were soaring nearly 17% at 3:17 p.m. EDT on Tuesday likely due to a short squeeze.
Carvana has a compelling growth story as the company continues to expand its reach across the U.S. with its online car buying platform, delivery options, and car vending machines. But the company remains unprofitable, and its rapid expansion has burned through cash at a high rate.
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Source Fool.com
