On June 15, Carvana Co. rose 5.66% in regular trading, trading at 68.46 USD/share, with turnover of $244 million. The stock had previously retreated from above $72 to near $65 on concerns over Q2 retail gross profit per unit headwinds and RBC Capital Markets lowering its target price from $92 to $85, triggering an accelerated oversold recovery.
On the news front, RBC maintained its outperform rating despite the target price reduction, implying approximately 24% upside from current levels. Additionally, the company's ADESA division recently launched ADESA Timed, a digital auction platform expanding wholesale operations to financial institutions, fleet operators, and dealer groups, broadening its digital market coverage.
On fundamentals, Carvana reported Q1 EPS of $1.69, exceeding market expectations of $1.50-$1.58, with revenue of $6.432 billion representing 52% year-over-year growth, providing fundamental support for the rebound from depressed levels.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments