On August 25, Carvana Co. rose 3.88% in regular trading, trading at $74.83/share, with turnover of $86.17 million.
On the news front, the stock extended its rebound rally triggered by billionaire Mark Walter's decision to pledge rather than sell his Carvana holdings. Walter had previously faced a federal investigation that sparked expectations of a large-scale share disposal, while two directors collectively sold over 44,000 shares, sending the stock down approximately 13% from recent highs.
As selling pressure subsided, persistent short covering has driven a significant recovery from the lows. The current price has broken above the upper end of the institutional target range formed by BNP Paribas' $69 target and Evercore ISI's $75 target, both set on July 30 following Q2 earnings. Carvana reported Q2 revenue of $7.38 billion, up 52% year-over-year, with EPS of $0.42 beating the $0.36 consensus estimate, though its full-year adjusted EBITDA guidance of $2.7-3.0 billion came in below some Wall Street expectations.
(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.)
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