Carvana Stock Jumps 10% Amid CEO Share Purchase

Seeking Alpha2023-08-29

Carvana (NYSE:CVNA) rose 10.1% on Monday amid news that Chief Executive Officer Ernest Garcia bought $116M in stock.On August 18, Garcia purchased 3,131,074 Class A Units from the company for a per ...

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Wenmoon
2023-08-29
Wenmoon
Meme stock.. Short this.

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The deal will reduce cash interest expenses by $430M per year for the next two years. Notably, Carvana (CVNA) said Apollo, Pinco, and Ares all support the debt exchange deal.S&P Global Ratings lowered its credit rating on CVNA to CC from CCC after the announcement of the debt restructuring, saying the transaction would be tantamount to default if completed because lenders will receive less than originally promised.Seeking Alpha analyst Value Kicker said on Monday that to succeed, “Carvana (CVNA) would need to aggressively scale its business. The company has never been profitable and is starting to cut costs at a time when its sales are declining.”The auto retailer had a chance to be disruptive with its online car sales model, but most local dealers are now online, thanks to the pandemic. “There really isn't anything to make Carvana stand out apart from the memes.”Shares are up 860% this year.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":214026113560624,"gmtCreate":1693270721478,"gmtModify":1693273149681,"author":{"id":"3578364353465552","authorId":"3578364353465552","name":"Wenmoon","avatar":"https://static.tigerbbs.com/87193852227f627283aca71a7f26fa16","vip":1,"hat":"https://static.tigerbbs.com/f84d87792f02cf78e80ee34979fd31e5","crmLevel":5,"crmLevelSwitch":1},"htmlText":"Meme stock.. Short this.","listText":"Meme stock.. Short this.","text":"Meme stock.. 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