After dropping 33% in 2022, the Nasdaq Composite Index got off to a strong start in 2023, rising 17% between the start of the year and Feb. 2. But since then, the popular index is down a little less than 7%.
Carvana (NYSE: CVNA) hasn't been spared from the chaos. Although the stock is up 73% in 2023, it is still down 98% from its peak, and it dropped substantially after posting its latest financials last week. Is this struggling business too cheap to ignore at this point? Let's take a closer look to see if you should buy shares.
Before last year, it looked like Carvana could do no wrong. The innovative e-commerce auto retailer was growing like wildfire. From 2016 through 2021, the company's retail units sold and revenue skyrocketed 2,162% and 3,411%, respectively. Those are jaw-dropping figures. And during that five-year stretch, the stock catapulted nearly 2,000%.
For further details see:
Stock Market Sell-Off: Is Carvana a Buy?