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Why Carvana Stock Revved Up 39% Last Month

TheMotleyFool

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Why Carvana Stock Revved Up 39% Last Month

Shares of Carvana (NYSE: CVNA) were gaining again last month as the online used-car dealer delivered a strong earnings report, and investors were encouraged by surging demand in the used-car industry.

According to data from S&P Global Market Intelligence, the stock finished the month up 39%. As the chart below shows, it jumped early in the month on the earnings report, though it gave back some of those gains the next day before climbing steadily over the duration of the month.