Stock market today: Stocks fall as investors rotate out of tech into Jackson Hole
Carvana Co (NYSE:CVNA) reached a significant milestone as its stock hit a 52-week high, closing at 352.12 USD. The company, now valued at $75.6 billion, boasts a perfect Piotroski Score of 9 according to InvestingPro data, indicating strong financial health. This achievement underscores a remarkable turnaround for the company, which has seen its stock price surge by 185.99% over the past year. The online used car retailer has been experiencing a period of robust growth, with revenue increasing by 32.2% and maintaining healthy gross margins of 21.7%. Based on InvestingPro’s Fair Value analysis, the stock appears to be trading near its fair value. Investors have responded positively to Carvana’s innovative business model and its ability to capture a growing share of the automotive e-commerce market. As the company continues to navigate the evolving landscape, market participants will be keenly watching its next moves. InvestingPro subscribers can access 17 additional investment tips and a comprehensive Pro Research Report for deeper insights into Carvana’s financial health and growth prospects.
In other recent news, Carvana has seen several notable developments. Stephens has raised its price target for Carvana to $375, citing a projected 45% growth in second-quarter unit sales, which surpasses both the firm’s and Wall Street’s estimates. The firm also increased its EBITDA and EPS forecasts, highlighting material price increases and a shift toward younger inventory. Jefferies, meanwhile, adjusted its price target to $325, based on web scrape data showing accelerated retail unit growth, suggesting a 47% year-over-year increase for the second quarter. BofA Securities raised its price target to $375, maintaining a Buy rating, and noted potential benefits from a shift from new to used cars and the possibility of a car loan interest deduction. Citizens JMP reiterated a Market Outperform rating, emphasizing Carvana’s growth drivers and scalability in the automotive sector. These updates reflect a broader confidence among analysts regarding Carvana’s continued growth and market presence.
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