What's Going On With Carvana (CVNA) Stock Wednesday?

Carvana Co. CVNA shares are trading higher Wednesday continuing a recent turbulent streak for the stock.

What To Know:

CVNA is moving higher on Wednesday following an eventful month of June which  included an announcement from the company that it expects to reach adjusted EBITDA of more than $50 million in the second quarter of 2023, analysts' price target increases and the release of a short report from Kerrisdale Capital. CVNA stock has been gaining steadily and is up more than 123% in the last 30 days.

It's also important to note that Carvana has outsized short interest, which could be helping to fuel Wednesday's move. 66.52% of outstanding shares are currently sold short, according to data from Benzinga Pro.

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CVNA Price Action: According to Benzinga Pro, Carvana shares are trading nearly 10% higher at $26.68 at the time of publication.

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