Carvana's Stock Hits New 52-Week High: What's Going On?

Carvana Co. CVNA shares notched a new 52-week high Wednesday and the stock is up more than 18% over the past month. Here's a look at what's going on.

What To Know:

Carvana provided updates on its operating plan and capital structure at the William Blair 44th Annual Growth Stock Conference in early June. The company highlighted its best financial results in company history in the first quarter and 16% year-over-year growth in retail units, driven in part by improvements in conversion and customer experience.

The company also reiterated its expectation of a sequential increase in year-over-year growth rate in retail units and a sequential increase in adjusted EBITDA in the second quarter. Carvana is set to report its second-quarter financial results on July 17 before the opening bell with analysts expecting $3.234 billion in quarterly revenue. 

Carvana shares have gained more than 500% over the past year and notched a new 52-week high of $131.41 on Wednesday, according to data from Benzinga Pro. 

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Will CVNA Stock Go Up?

When trying to assess whether or not Carvana will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $105.53 on Carvana. The Street high target is currently at $150 and the Street low target is $65. Of all the analysts covering Carvana, 6 have positive ratings, 13 have neutral ratings and no one has negative ratings.

In the last month, 5 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Carvana have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Carvana is 360.24% up year-to-date. The average analyst price target suggests the stock could have further downside ahead.

For a broad overview of everything you need to know about Carvana, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

CVNA Price Action: According to Benzinga Pro, Carvana shares are down 0.45% at $128.01 at the time of publication Wednesday.

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