CVNA - Will Carvana Stock Reach $100 by the End of 2024?
2024-03-24 03:44:00 ET
A little over a year ago, it appeared like Carvana (NYSE: CVNA) was on the verge of bankruptcy. But ongoing improvements by the management team to right-size operations and fix the financial situation have seemingly done enough to satisfy investors. Shares have skyrocketed 942% just in the last 12 months (as of March 19).
But as of this writing, Carvana remains 78% below its all-time high. Can this used-car e-commerce stock continue to drive higher and rise 25% from today's level, reaching $100 by the end of 2024? Here's how investors should view the situation.
Higher interest rates and softer conditions in the used-car market dealt a serious blow to Carvana starting in 2022. The negative trends continued last year. The business reported a 21% decline in revenue and a 24% drop in cars sold. Carvana also pumped the brakes on its growth ambitions, entering no new markets last year.
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Will Carvana Stock Reach $100 by the End of 2024?