What's Going On With Carvana Stock?

Carvana Co CVNA shares are trading lower Thursday following bearish analyst coverage.

What Happened: Exane BNP Paribas analyst Chris Bottiglieri downgraded Carvana from an Outperform rating to a Neutral rating. 

The stock has surged since the start of the year, up more than 600% year-to-date at last check. 

The downgrade comes just days after competitor Shift Technologies filed for Chapter 11 bankruptcy after failing to secure financing to support ongoing operations. Carvana also faced financing concerns and potential bankruptcy at the end of 2022 before staging a turnaround. 

Earlier this year, the company inked a beneficial debt restructuring agreement to slash about $1.3 billion in debt. The company has cut losses and beat analyst expectations on both the top and bottom line over the last two quarters. 

Carvana will report third-quarter financial results after the market close on Nov. 2. Analysts currently anticipate a loss of 85 cents per share and revenue of $2.766 billion, according to Benzinga Pro.

Carvana operates an e-commerce platform for buying and selling used cars.

Related Link: Why Beyond Meat Stock Is Down Today

CVNA Price Action: Carvana shares were down 12.1% at $33.30 at the time of publication, per Benzinga Pro.

Photo:  from Flickr.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsDowngradesMoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!