CVNA - Wall Street Can't Keep Up With This Surging E-Commerce Stock. Time to Buy?
2023-06-10 11:11:00 ET
One e-commerce stock just blew through every Wall Street analyst target. It is now the second-best-performing stock on the market this year out of nearly 4,000 that have market caps of more than $300 million.
What is this household name that has jumped more than 400% this year? I'm talking about Carvana (NYSE: CVNA) , the online used car dealer that had fallen as much as 99% from its peak in last year's crash. The reasons behind Carvana's plunge were many. Used car prices fell back from all-time highs, sales slowed, and interest payments rose as the Fed hiked interest rates.
After telling investors that it would report adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) of at least $50 million in the second quarter, the stock surged 56% on Thursday, passing even the most bullish Wall Street target along the way.
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Wall Street Can't Keep Up With This Surging E-Commerce Stock. Time to Buy?