CVNA - Why did Carvana stock jump today? Shorts are getting put to the test

2023-06-28 15:21:36 ET

The big swings continued for Carvana ( NYSE: CVNA ) on Wednesday, with investors pushing shares back up 15.58% in late afternoon trading.

The auto retailer did not issue any press releases or post a new SEC filing to shake up the fundamental story, but volume of over 29M shares was still generated on the highly-shorted stock. Short interest on Carvana ( CVNA ) stands at 64.05% of total float with the +500% year-to-day rally seen by some traders as set to reverse.

The most recent financial update from Carvana ( CVNA ) was that the company expects to generate adjusted EBITDA above $50M in the second quarter and non-GAAP total gross profit per unit is expected to be above $6K for the quarter, representing a new company record and an over 63% improvement compared to a year ago.

More on Carvana:

• Carvana: Don't Be Fooled By The Recent Profit Forecast
• Recent options trades on Carvana
• Growth metrics on Carvana
• Carvana earnings call transcript
• Seeking Alpha's Quant Rating for Carvana

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