What's Going On With Carvana Stock?
Portfolio Pulse from Erica Kollmann
Carvana Co. (NYSE:CVNA) shares surged over 50% following its first-ever annual profit report last week. Analysts have revised price targets, with Morgan Stanley raising its target from $32 to $45. Despite a high short interest of 42.04%, the stock's significant movement is attributed to its earnings report. The average 1-year price target is $49.33, indicating a potential downside. Shares are currently trading up 18% at $82.45.
February 27, 2024 | 5:39 pm
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Carvana's stock surged following its first annual profit, with analysts adjusting price targets and noting high short interest.
The significant increase in Carvana's stock price is directly related to its positive earnings report and the subsequent adjustment of price targets by analysts. The high short interest may lead to a short squeeze, further driving up the price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100