Carvana Jumps as It Struggles to Keep Up With Overwhelming Demand By Investing.com


© Reuters.

By Christiana Sciaudone

Investing.com — Carvana Co (NYSE:) can’t keep up with the demand. Shares rose more than 22% on Thursday after the company said it saw the strongest demand yet, and anticipates long-term opportunity larger than expected. 

The stock is trading at a record, and has more than tripled since March. 

That said, inventory at the used car vendor is low and sales volume will be dictated by production capacity. 

In the second quarter, revenue rose 13%, to $1.1 billion, and retail units sold rose 25%, to 55,098. The loss per share of 62 cents compares to the average expected loss of 79 cents. 

Shares have 11 buy ratings, 4 holds and no sells, with an average price target of $158.57.

 

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