What's Going On With Carvana Stock?

Carvana Co. CVNA shares are trading higher Monday. The stock is up more than 280% over the last three months.

What To Know:

On Aug. 21, Carvana announced that the company has completed all equity capital requirements of its previously announced exchange offer transaction support agreement, by raising $126 million of equity capital from existing shareholders Ernest Garcia II and Ernest Garcia III, CEO of Carvana, in a transaction valuing CVNA Class A common stock at $46.31 per share. This price represents an 18% premium to the closing price on Aug. 18.

Shares of CVNA continue to draw outsized short interest with 46.47% of available shares being sold short, according to Benzinga Pro.

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CVNA Price Action: According to Benzinga Pro, Carvana shares are up 7.5% at $44.30 at the time of publication.

Image: Courtesy of Carvana Co.