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2023-08-29

Meme stock.. Short this.

Carvana Stock Jumps 10% Amid CEO Share Purchase

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 un

Carvana Stock Jumps 10% Amid CEO Share Purchase

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Short this.","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/214026113560624","repostId":2362617273,"repostType":2,"repost":{"id":"2362617273","pubTimestamp":1693269483,"share":"https://www.laohu8.com/m/news/2362617273?lang=&edition=full","pubTime":"2023-08-29 08:38","market":"us","language":"en","title":"Carvana Stock Jumps 10% Amid CEO Share Purchase","url":"https://stock-news.laohu8.com/highlight/detail?id=2362617273","media":"Seeking Alpha","summary":"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 un","content":"<html><head></head><body><p>Carvana (NYSE:CVNA) rose 10.1% on Monday amid news that Chief Executive Officer Ernest Garcia bought $116M in stock.</p><p>On August 18, Garcia purchased 3,131,074 Class A Units from the company for a per unit purchase price of $37.048, and received for no additional consideration 2,504,859 Class B Shares.</p><p>The Private Placement Securities are collectively exchangeable for 2,504,859 Class A Shares pursuant to the terms of the Exchange Agreement.</p><p>Last month, Carvana (CVNA) reported its best quarter in terms of adjusted EBITDA and total gross profit per unit, and said it entered into a transaction support agreement with a group of noteholders representing over 90% of the aggregate principal amount outstanding of the retailer&#39;s existing senior unsecured notes. 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.</p><p>S&amp;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.</p><p>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.”</p><p>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&#39;t anything to make Carvana stand out apart from the memes.”</p><p>Shares are up 860% this year.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Carvana Stock Jumps 10% Amid CEO Share Purchase</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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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. 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