Once known for its rapid growth and eye-catching car vending machines, Carvana (NYSE: CVNA) was previously a Wall Street darling. The stock returned over 2,300% from its IPO to an all-time high of $370 in August 2021. Now worth just $7.70 per share, it is down 98% from its peak. Let's explore three reasons why the downside looks far from over. 

Like many stay-at-home-focused companies, Carvana performed well during the worst of the COVID-19 pandemic. The company enjoyed a surge of activity on its online car dealership platform -- sending revenue up 65% and 129% in 2020 and 2021, respectively. But the party is over. 

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Source Fool.com