What's Going On With Carvana Co Stock?
Portfolio Pulse from Erica Kollmann
Carvana Co. (NYSE:CVNA) stock is trading higher by over 9% with no company-specific news, part of a broader movement in 'meme stocks' like GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC). Despite the rise, Morgan Stanley analyst Adam Jonas has maintained an Underweight rating on Carvana and lowered the price target from $37 to $32. Carvana has a high short interest of 41.33% and is trading below its 50-day moving average and well below its 52-week high.
November 29, 2023 | 3:32 pm
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AMC Entertainment is also identified as part of the 'meme stock' movement, potentially experiencing similar trading patterns to Carvana and GameStop.
AMC is mentioned alongside Carvana and GameStop as part of the 'meme stock' movement, which may influence its stock price in the short term due to investor sentiment.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Carvana's stock is experiencing a surge despite no specific company news, influenced by the broader movement in 'meme stocks'. However, the stock is under analyst scrutiny with a recent price target cut.
The stock is trading higher due to market dynamics rather than company fundamentals. The recent analyst downgrade and high short interest suggest potential volatility and downside risk, which could counteract the current uptrend in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
GameStop, another 'meme stock', is moving alongside Carvana, which could indicate a shared sentiment among retail investors affecting these stocks.
GameStop's movement is mentioned as part of the broader trend affecting 'meme stocks', which includes Carvana. The shared sentiment could lead to short-term volatility.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50