CVNA - Why Carvana Stock Dropped Today
2023-10-12 11:16:44 ET
Shares of used-car e-commerce company Carvana (NYSE: CVNA) dropped on Thursday following a downgrade from an analyst. Exane BNP Paribas analyst Chris Bottiglieri is now "neutral" on the stock, whereas he had previously believed it would outperform the average returns for the S&P 500 . As a result, Carvana stock was down about 9% as of 10:30 a.m. ET.
It's not surprising that an analyst would downgrade Carvana stock right now. It's up more than 600% year to date. That's better than any other stock with a market capitalization of at least $300 million, according to FinViz.
In the second quarter of 2023, Carvana's revenue dropped 24% year over year. And the company had a quarterly net loss of over $100 million. This was greatly improved from the prior-year period but is still substantial nonetheless.
For further details see:
Why Carvana Stock Dropped Today