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Why Carvana Rose 13% in August

TheMotleyFool

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Shares of Carvana (NYSE: CVNA) soared 13.2% in the month of August, according to data provided by S&P Global Market Intelligence, after the online car seller missed analyst expectations on the top and bottom lines, but sold more vehicles than the prior quarter or year-ago period, and is making progress on its cost-cutting initiatives.

Virtually all of Carvana's gains were made in one day based on its second-quarter results, surging 69% at one point, and then spending much of the rest of the month trading lower.

Image source: Carvana.

Source Fool.com

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