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Why Shares of Carvana Fell 18.7% in September

TheMotleyFool

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Why Shares of Carvana Fell 18.7% in September

Shares of used-car e-commerce company Carvana (NYSE: CVNA) fell 18.7% in September, according to according to data from S&P Global Market Intelligence. This high-growth company looking to upend the used-car industry didn't release any material news during the month. Likely, Carvana's stock merely pulled back from profit-taking after huge gains in August, when the company posted a blowout second quarter. September also saw a violent investor rotation out of expensive growth stocks with operating losses, of which Carvana is one.

A nervous market was probably looking for an excuse to take profits in Carvana, which had gained 29% in August and, even after the September sell-off, is still up more than 100% on the year.