What's Going On With Carvana (CVNA) Stock Wednesday?
Portfolio Pulse from Erica Kollmann
Carvana Co. (NYSE:CVNA) shares are trading higher, continuing a recent turbulent streak. The company expects to reach adjusted EBITDA of more than $50 million in Q2 2023. Analysts' price target increases and the release of a short report from Kerrisdale Capital have also influenced the stock's performance. Carvana has a high short interest, with 66.52% of outstanding shares currently sold short. The stock is up more than 123% in the last 30 days.
June 28, 2023 | 2:51 pm
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POSITIVE IMPACT
Carvana's stock is trading higher due to expected EBITDA growth, analysts' price target increases, and a high short interest. The stock is up more than 123% in the last 30 days.
The stock is trading higher due to several factors. Firstly, the company's announcement of expected EBITDA growth in Q2 2023 has likely boosted investor confidence. Secondly, analysts' price target increases suggest a positive outlook for the stock. Lastly, the high short interest could be causing a short squeeze, driving the stock price up. The stock's performance over the last 30 days also indicates a positive trend.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100