Why Carvana Stock Dropped Today
Shares of used-car e-commerce company (NYSE: CVNA) dropped on Thursday following a downgrade from an analyst. Exane BNP Paribas analyst Chris Bottiglieri is now "neutral" on the stock, whereas he had previously believed it would outperform the average returns for the S 500. As a result, Carvana stock was down about 9% as of 10:30 a.m. ET.
It's not surprising that an analyst would downgrade Carvana stock right now. It's up more than 600% year to date. That's better than any other stock with a market capitalization of at least $300 million, according to FinViz.
In the second quarter of 2023, Carvana's revenue dropped 24% year over year. And the company had a quarterly net loss of over $100 million. This was greatly improved from the prior-year period but is still substantial nonetheless.
Source Fool.com
Carvana Co. Stock
The stock is an absolute favorite of our community with 57 Buy predictions and no Sell predictions.
With a target price of 398 € there is potential for a 635.81% increase which would mean more than doubling the current price of 54.09 € for Carvana Co..
