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Why Carvana Stock Was Pulling Back Today

Why Carvana Stock Was Pulling Back Today

One day after soaring on a better-than-expected earnings report, shares of Carvana (NYSE: CVNA) were sliding as the online used car dealer got downgraded by Bank of America. Yesterday, Carvana shares surged 28.1% as the company posted a narrower loss than expected in its second-quarter earnings report and said it was seeing a surge in demand, which was actually leading to inventory constraints. Schindler's call was mostly valuation-based, saying the risk/reward of the stock price now seems balanced.