Microsoft strongly encourages users to switch to a different browser than Internet Explorer as it no longer meets modern web and security standards. Therefore we cannot guarantee that our site fully works in Internet Explorer. You can use Chrome or Firefox instead.

Why Shares of Carvana Fell 18.7% in September

TheMotleyFool

0 0

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.