Why Carvana Shares Are Trading Higher Today

Carvana Co. CVNA shares are trading higher Friday, following broader market gains sparked by Federal Reserve Chair Jerome Powell‘s comments at the Jackson Hole Symposium.

What To Know: Powell indicated that the time has come for the Fed to consider interest rate cuts, as inflation appears to be on a sustainable path back to 2%. He emphasized that future rate cuts will depend on incoming data and the evolving economic outlook.

Powell’s remarks led to a positive market reaction, with stocks rising across the board, including auto-related companies like Carvana, which may have benefited from the optimism surrounding potential rate cuts and their positive impact on the economy.

What Else: In recent trading, Carvana has seen significant options activity, indicating strong interest from large investors. Over the past 30 days, there were 26 unusual trades involving Carvana, with 50% of traders taking bullish positions. The projected price targets based on these trades range from $15 to $165, reflecting a broad spectrum of market expectations.

Carvana has received mixed ratings from analysts, with target prices ranging from $120 to $200. The overall sentiment from analysts reflects caution, with several maintaining neutral ratings despite the recent price surge.

CVNA Price Action: As of the latest update, Carvana’s stock is trading at $158.52, up by 3.63% or $5.38 according to Benzinga Pro.

See Also:

• Significant options trading in Carvana reflects strong investor interest, with price targets ranging from $15 to $165.
  

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