What's Going On With Carvana Stock?
Portfolio Pulse from Erica Kollmann
Carvana Co. (NYSE:CVNA) shares have surged over 30% in the past month, buoyed by significant analyst upgrades and a raised price target from Evercore ISI Group. Analysts from Jefferies and RBC Capital also upgraded the stock, citing a less convincing bear case and potential for further gains amid high short interest. Carvana's stock is trading at new 52-week highs, with 41.86% of its shares sold short. The stock's performance is also supported by its position above the 200-day moving average, indicating bullish sentiment among investors.
March 26, 2024 | 5:05 pm
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POSITIVE IMPACT
Carvana has received significant analyst upgrades and raised price targets, indicating strong bullish sentiment. The stock's performance is robust, trading at new 52-week highs with a substantial short interest, suggesting potential for a short squeeze.
The upgrades from analysts and the raised price targets reflect a positive outlook on Carvana's future performance. The high short interest coupled with the stock trading above its 200-day moving average suggests a bullish sentiment among investors, potentially leading to a short squeeze and further price appreciation in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100