CVNA - Can This High-Risk Growth Stock Make You Richer In 10 Years?
2023-06-30 10:00:00 ET
The tables have clearly turned for Carvana (NYSE: CVNA) . After the stock tanked 98% in 2022, this used car e-commerce company's shares are up a whopping 468% in 2023. That return trounces the Nasdaq Composite 's 30% gain. But can this high-risk growth stock make you richer over the next 10 years? Let's see.
In 2022, Carvana sold 412,000 used cars, up from 44,000 just five years earlier in 2017. Revenue during this period skyrocketed almost 15-fold. There are usually 40 million used car transactions in the U.S. in a typical year, a figure that doesn't change much.
This means that not only has Carvana quickly gained market share, it still only represents a very tiny portion of the overall industry. So there is definitely a huge opportunity ahead. Before the stock started cratering toward the end of 2021, investors certainly fell in love with this incredible growth story.
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Can This High-Risk Growth Stock Make You Richer In 10 Years?