Stock Track | Carvana Co. Soars 6.60% Intraday on Business Expansion and Strong Q1 Earnings

Stock Track05-06

Carvana Co. (CVNA) saw its stock price soar 6.60% during intraday trading on Wednesday, extending its recent rebound.

The surge follows the company's announcement that it is adding inspection and reconditioning capabilities to its ADESA Chicago wholesale auction site in Hoffman Estates, Illinois. This expansion adds reconditioning capacity to Carvana's national network, creates a new local retail inventory pool aimed at broader selection nationwide, and is expected to add about 100 jobs over time.

Additionally, the stock continues to benefit from positive sentiment following Carvana's strong first-quarter results, which showed earnings per share of $1.69 significantly exceeding consensus estimates of $1.50-$1.58. Revenue came in at $6.432 billion, representing a 52% year-over-year increase. RBC Capital Markets also raised its price target on Carvana from $440 to $460 while maintaining an Outperform rating, noting the company holds only approximately 2% of the U.S. used car retail market and remains in the early stages of customer awareness and penetration.

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