CVNA - Here's How Carvana Stock Doubled Last Month
2023-07-06 13:29:41 ET
Shares of Carvana (NYSE: CVNA) rose by 100.6% in June, according to data from S&P Global Market Intelligence . The online marketplace for used cars posted double-digit percentage gains for seven of the month's 21 trading sessions, alongside two single-day price drops of 10% or more.
This volatile stock moved for a variety of reasons. The month began with an upgraded credit rating on Carvana's repackaged auto loans. That was followed by management providing a boosted set of financial guidance targets , and later, the stock experienced a short-squeeze surge.
The guidance update and the higher credit rating sprang from improving business trends. The short squeeze, on the other hand, was a temporary side effect of Carvana's extreme share price volatility. The stock is still subject to massive short interest , with 68% of its shares on loan to investors betting on a downward price trend.
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Here's How Carvana Stock Doubled Last Month