Why Carvana's Stock Is Trading Higher Today

Carvana Co. CVNA shares are trading higher after RBC Capital initiated coverage on the stock with an Outperform rating and announced a $300 price target. RBC Capital listed Carvana as one of its top internet stocks.

Carvana Co is an e-commerce platform for buying and selling used cars. The company derives revenue from used vehicle sales, wholesale vehicle sales and other sales and revenues.

Carvana's stock was trading approximately 4.2% higher at $270 on Thursday. The company has a 52-week high of $323.39 and a 52-week low of $90.55.