by Ian Cooper
Carvana is still exploding.
And it could easily see higher highs.
Since bottoming out at $3.62, the stock is now up to $32.30 and could see higher highs. For one, the company recently said it now expects to achieve adjusted EBITDA above $50 million in the second quarter of 2023. Two, analysts love the stock. DA Davidson raised its price target to $18 from $7. Citi raised its target to $25 from $11.
Three, with strong consumer demand for EVs, the company just said, “Carvana offers more than 46 EV makes and models, with more than 40% of our EV options under $25,000,” said Kevin Fitzgerald, Carvana Director of Inventory Purchasing. “Carvana’s digital leadership and customer focus is poised to support more of America’s growing interest in EVs and all vehicles through our proven auto e-commerce platform for buying, selling, and trade-ins.”
It is exciting to be in trades in stocks like CVNA, but I realize it isn’t always easy.
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