CARS - Carvana drops after moving up earnings report to July 19

2023-07-18 17:12:40 ET

Carvana ( NYSE: CVNA ) dropped more than 8% post-market after the used car sales group said it would report second-quarter results before the market opens on July 19 instead of August 3.

The news comes amid a report that the total supply of unsold used vehicles on dealer lots in the U.S. stood at 2.22 million units at the close of June, down 10% from a year earlier, Cox Automotive reported on July 14.

CVNA is one of the most shorted stocks on the market, with 55% of shares short-sold. That has dropped from 63% of shares short-sold on July 12. It also compares to 12% for rival CarMax ( KMX ) and 2.5% for Cars.com ( CARS ).

Last month, the company said it expects adjusted EBITDA for the second quarter above $50M after previously just saying it would be positive.

CVNA shares, which tend to be volatile, are up more than 700% year-to-date.

More on Carvana:

• Unveiling Carvana's Surge (Rating Downgrade)
• Carvana rally stalls after JPMorgan turns bearish on the auto retail stock
• Why did Carvana stock soar today? Good question

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