Carvana (NYSE:CVNA) stock is still a hot topic among traders on Friday after the used-car retailer updated its outlook yesterday.
Carvana stock underwent a rally yesterday that saw shares close out normal trading hours up 56%. It looked like the company was going to continue that rally today with shares rising in pre-market trading. However, the stock started to lose momentum after markets opened.
That drop comes alongside some 40 million shares of CVNA stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to about 19.3 million shares.
It looks like investors are selling shares today after buying CVNA stock yesterday. Heavy trading also took place on Thursday with investors piling into the stock alongside its improved outlook. While some investors are sure to stick around, it appears that a good portion are using the rally as a way to exit CVNA stock with gains.
Carvana Updated Outlook
The updated outlook behind all of this recent stock movement concerns the company’s second quarter of 2023. It includes the following:
- Adjusted EBITDA coming in above $50 million.
- Non-GAAP total gross profit per unit increasing by 63% year-over-year (YOY) to $6,000.
- Loans sold or securitized quarter-to-date coming in at roughly $2 billion.
CVNA stock is down 3.3% as of Friday morning but still up 388.8% since the start of the year.
Investors looking for even more of the most recent stock market news will want to keep reading!
We have all of the top stock market stories traders will want to check out on Friday! Among those are what has shares of Lordstown Motors (NASDAQ:RIDE), Target (NYSE:TGT) and CRISPR Therapeutics (NASDAQ:CRSP) stock on the move today. You can catch up on all of that news at the following links!
More Friday Stock Market News
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- Why Is CRISPR Therapeutics (CRSP) Stock Moving Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
