Why Carvana Stock Jumped This Week
Shares of online-focused used car dealer (NYSE: CVNA) jumped this week. The stock rose as much as 36.1% at one point but finished the week up about 19% as of 2:40 p.m. ET, according to data from S&P Global Market Intelligence.
The stock's gain builds on momentum that started gaining traction after the company said in a Jun. 8 press release that its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for its second quarter were trending higher than the company had previously forecast.
Carvana stock has traded with lots of volatility this month. Overall, however, the trend has been up. Shares are up about 60% month to date. Investors have been applauding Carvana's attempts to improve profitability after Carvana said earlier this month that its adjusted EBITDA for Q2 is now expected to come in at $50 million.
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 571.39% increase which would mean more than doubling the current price of 59.28 € for Carvana Co..
