What's Going On With Carvana Stock on Thursday?

Zinger Key Points
  • Carvana receives NHTSA's nod for e-signatures on odometer disclosures, streamlining processes for Motor Vehicle Administrations.
  • According to Benzinga Pro, CVNA stock has gained 855% in the past year.

Carvana Co. CVNA shares are trading slightly lower in the morning session on Thursday.

Yesterday, after the closing bell, the company shared a Letter of Interpretation from the National Highway Traffic Safety Administration (NHTSA) affirming the legality of electronic signatures on physical odometer disclosure documents.  

“We are pleased to share NHTSA’s Letter of Interpretation, which affirms the federal legality of using e-signatures on physical odometer disclosure documents and paves the way for Motor Vehicle Administrations across the country to swiftly authorize and adopt this customer-friendly paradigm,” said Tony Hall, Senior Government Affairs Manager at Carvana.

Earlier this month,  the company reported first-quarter 2024 results, growing retail units by 16% year-over-year

The company reported an adjusted EBITDA of $235 million, compared with a $(24) million loss a year ago. Adjusted EBITDA margin stood at 7.7%, compared with negative 0.9% a year ago.

Check This Out: Carvana Stock Jumps On Q1 Earnings: Revenue Beat, Vehicles Sold Up 16%, Strong Guidance And More

Carvana anticipates a sequential increase in its year-over-year growth rate in retail units in the second quarter. The company also expects a sequential increase in adjusted EBITDA.

According to Benzinga Pro, CVNA stock has gained over 855% in the past year. Investors can gain exposure to the stock via Global X E-Commerce ETF EBIZ and Amplify ETF Trust Amplify Online Retail ETF IBUY.

Price Action: CVNA shares are trading lower by 1.1% to $113.16 at last check Thursday.

Photo via Shutterstock

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