What's Going On With Carvana Co Stock?

Carvana Co. 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 GME and AMC Entertainment Holdings, Inc. 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