VRM - Why Vroom Stock Fell More Than 12% in November
Shares of used-car company Vroom (NASDAQ: VRM) were down 12.7% in November, according to data provided by S&P Global Market Intelligence . Investors didn't like the company's results for the third quarter of 2020 or its guidance for the fourth quarter. Oddly, positive news regarding a coronavirus vaccine also sent the stock down during November.
Vroom stock took a step back after Pfizer and BioNTech announced promising coronavirus vaccine news . To be clear, Vroom isn't hurt by a vaccine. But consumers have increasingly tried used-car e-commerce in 2020 because of the pandemic. This was an existing trend, but physical-distancing considerations have accelerated the process. Perhaps with a vaccine, used-car e-commerce will slow the pace at which it takes market share from brick-and-mortar dealers.
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Why Vroom Stock Fell More Than 12% in November