Carvana Co. CVNA shares are trading higher on Monday. The stock jumped despite a lack of company-specific news. However, there is more happening behind the scenes.
What To Know: Carvana shares rallied towards the end of last year amid a renewed interest in meme stocks seen around the same time. However, the rally for both Carvana and other meme stocks fizzled out into the new year. Carvana shares slid more than 30% after hitting a 52-week high at the end of December.
On Monday, shares rose over 10%, bucking the downtrend which had plagued the stock over the past month. While there were no catalysts behind the price movement, the stock's elevated short interest, with 48.70% of shares currently sold short, may have fueled the action.
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CVNA Price Action: Shares of CVNA were up 5.30% at $47.30 at the time of publication, according to Benzinga Pro.
Image by Csaba Nagy from Pixabay
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