January 2nd, 8:15 PM, after the US stock market opened, several stocks experienced significant fluctuations.

Carvana Co. experienced a sharp decline of 5.85% in the night session, drawing significant market attention.
Carvana Co. has been criticized by Hindenburg Research in a short-seller report, calling the company's turnaround a mirage. The report alleges accounting manipulation, lax underwriting, and $800 million in loan sales to a suspected undisclosed related party. Despite the criticism, Carvana's stock has continued to rise, with gains of over 300% in the past year. The report also highlights Carvana's valuation, premium, net debt of $4.8 billion, and the challenges it faces due to declining used-vehicle prices. Carvana's CEO's father, Ernest Garcia II, has been selling stock, raising concerns about the company's solvency. Carvana's gross profit heavily relies on sales of customer auto loans to third parties in the subprime and deep subprime space. Despite the criticism, Carvana reported a strong third quarter and has a positive outlook for 2024. Wall Street analysts have mixed opinions on Carvana's stock, with about 40% rating it a buy and 58% rating it a hold. The average price target for the stock is $259.

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