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What’s Going On With Carvana Co Stock?

Carvana Co. (NYSE: CVNA) shares are trading higher Wednesday despite a lack of company-specific news. Here's a look at what's going on:
byErica Kollmann
November 29, 2023
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Carvana Co. (NYSE:CVNA) shares are trading higher Wednesday despite a lack of company-specific news. Here’s a look at what’s going on:

What To Know:

Carvana shares are up by more than 9%, and the stock has gained more than 21% over the past month.

Several stocks favorited by retail investors, sometimes referred to as “meme stocks”, are moving on Wednesday, including GameStop Corporation (NYSE:GME) and AMC Entertainment Holdings, Inc. (NYSE:AMC).

Morgan Stanley analyst Adam Jonas maintained Carvana with an Underweight and lowered the price target from $37 to $32 on Nov. 17.

CVNA shares have attracted major interest from short-sellers with 41.33% of available shares being sold short, according to data from Benzinga Pro.

According to data from Benzinga Pro, Carvana shares are trading just below the stock’s 50-day moving average of $34.41 and well below its 52-week high of $57.19.

Related News: What’s Going On With GameStop Corporation Stock?

CVNA Price Action: According to Benzinga Pro, Carvana Co. shares are up 8.3% at $34.18 at the time of publication.

Image: Gerd Altman from Pixabay

 
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