Carvana (CVNA) Stock: Why It Surged 40.07%

By Amit Chowdhry ● Aug 6, 2022
  • The stock price of Carvana (CVNA) surged by 40.07% in the previous trading session. This is why.

The stock price of Carvana (CVNA) surged by 40.07% in the previous trading session. Investors are responding positively to Caravan’s second quarter results.

Carvana reported a Q2 EPS of ($2.35), which was $0.44 lower than analyst estimates of ($1.91). And the revenue for the quarter was $3.88 billion compared to a consensus estimate of $3.99 billion. 

Following the results, financial analysts credited the company for cutting back costs and widening the margins. 

“We see the quarter as a move in the right direction and remain optimistic on the business model,” wrote BofA analyst Nat Schindler in a research note.