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Carvana Co (NYSE:CVNA) shares are trading higher on Thursday after the company received positive upgrades and revisions from S&P Global Ratings.
The Details:
S&P Global Ratings raised its ratings on 21 classes from seven Carvana-sponsored securitizations backed by prime auto loans. S&P Global Ratings also affirmed its ratings on 19 classes from the same transactions and lowered its loss assumptions on the same seven transactions.
S&P Global Ratings also raised its ratings on 15 classes from five Carvana-sponsored securitizations backed by non-prime auto loans and affirmed its ratings on nine classes from the same transactions.
Meg Kehan, Carvana’s senior director of capital markets said, "We believe the ratings actions taken by S&P demonstrate our ability to originate high quality assets in our lending business as a result of disciplined underwriting practices that are complemented by our third party servicer’s experience and expertise."
According to Benzinga Pro, there is significant short interest in Carvana's stock with 69.40% of the available shares currently being sold short. The high short interest could be helping fuel Thursday's rally.
Related News: Why U Power (UCAR) Shares are Surging Thursday
CVNA Price Action: Carvana is trading up over 18% at $15.31 at the time of publication, per Benzinga Pro.
Photo: courtesy of Carvana
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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