Carvana, Co. (NASDAQ:CVNA) shares are trading higher following volatile trading last week. Kerrisdale Capital issued a bearish report on the stock Monday morning.
What To Know:
Carvana shares are trading higher Monday, adding to sharp gains over the last month. The stock price has now climbed more than 100% in the last 30 days.
Monday’s move follows a turbulent week last week which featured a major announcement from the company that it expects to reach adjusted EBITDA of more than $50 million in the second quarter of 2023. The announcement fueled a rally that drove the stock price up to $25.72 last Thursday before a pullback on Friday which saw the stock price retreat below the $19 level.
Kerrisdale Capital released a short report on Monday, but the stock continued to climb despite the bearish report, likely driven by positive analyst coverage.
Citigroup analyst Ronald Josey maintained Carvana with a Neutral rating and raised the price target from $11 to $25 in the face of the short report.
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CVNA Price Action: According to Benzinga Pro, shares of Carvana are trading over 8% higher on above-average volume at $20.67 at the time of publication.
Photo: Tony Webster from Flickr
