CVNA - Why Carvana Stock Was Gaining Again Today
2023-05-09 15:03:09 ET
Shares of Carvana (NYSE: CVNA) were moving higher for the third day in a row after the company delivered better-than-expected results in its first-quarter earnings report last week, which kicked off a short squeeze that appears to be continuing.
The stock has also attracted some interest from the meme investing community in the past and that could be happening again given volume remained unusually high.
After gaining 24% last Friday and 26% on Monday, shares of the online used-car dealer were up 4.5% as of 1:40 p.m. ET, though they rose as much as 17% earlier in the session, showing volatility in the stock continues.
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Why Carvana Stock Was Gaining Again Today