CVNA - Carvana Is Beaten Down Now But It Could 10x
2023-07-22 08:20:00 ET
To say that Carvana (NYSE: CVNA) was a Wall Street darling would be a gigantic understatement. From its initial public offering in April 2017 to its all-time high in August 2021, the stock skyrocketed an eye-watering 3,230%. Investors would struggle to find a return like this elsewhere in the market.
The used-car e-commerce platform was growing like wildfire thanks to its disruptive potential in a massive industry. But macro headwinds have crushed the business and the stock.
As of this writing, shares of Carvana are down 86% from their peak. To be clear, there are some notable risks to consider with this beaten-down stock. But it could still rise 10-fold. Let's take a closer look.
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Carvana Is Beaten Down Now, But It Could 10x