What's Going On With Carvana Shares?
Portfolio Pulse from Henry Khederian
Carvana Co (NYSE:CVNA) shares are trading lower by 8.5% to $47.54. The shares are pulling back after gaining Monday when Wedbush upgraded the stock from Underperform to Neutral and raised its price target from $40 to $48. The ongoing United Auto Workers (UAW) strike is causing volatility in Carvana shares. The strike could potentially drive used car prices higher, benefiting Carvana's sales and revenues.
September 19, 2023 | 3:52 pm
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Carvana's stock is experiencing volatility due to the ongoing UAW strike. The strike could potentially drive used car prices higher, which could increase Carvana's sales and revenues, leading to a potential rise in its stock price.
The ongoing UAW strike is causing volatility in Carvana's stock. The strike could potentially drive used car prices higher, which could increase demand for used cars. As Carvana is a used car dealer, this could increase their sales and revenues, potentially leading to a rise in their stock price. However, the current drop in the stock price indicates that the market is reacting negatively in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100