CVNA - Is Carvana Stock Ready to Make a Comeback?
2023-05-22 05:45:00 ET
Carvana (NYSE: CVNA) has been a battleground stock in recent years, with many vocal bulls and bears either singing the praises of the online used-car marketplace or calling out its shortcomings. In 2020 and early 2021, it looked like the bulls were proved right as share prices soared over 1,000% in just a few years. But then, in late 2021 and 2022, the bears were vindicated as shares cratered more than 98% to under $5 by the end of 2022.
Owning (or shorting) Carvana shares has been a roller coaster ride and this is not a stock for the investor looking for stress-free choices with low volatility. In 2023, the stock has managed to jump 127% so far, but it's still down 97% from its highs set in 2021.
Given the nice jump in 2023, is Carvana stock ready to make a comeback? Or is this just another bubble company with an unsustainable business model that will eventually be worth zero?
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Is Carvana Stock Ready to Make a Comeback?