What's Going On With Carvana Stock?

Carvana Co. CVNA shares are trading lower by nearly 11% Thursday.

What To Know: June was marked with much activity for Carvana. In particular, the company released improved second-quarter outlook. The increased momentum was driven by more promising projected outcomes stemming from its ongoing strategy to enhance profitability.

In the second quarter of 2023, the company anticipates achieving adjusted EBITDA exceeding $50 million. Total gross profit per unit of more than $6,000 was projected in the second quarter.

Carvana also received a range of analyst price target changes, from $15 to $25.

The stock saw a surge during the month, however it was routed by news of Kerrisdale Capital's short position in the company.

A possible explanation for the rally this month could be the fact that more than 68% of Carvana's float is currently sold short.

Shares are up for the month and boast a 400% price increase this year, despite the pullback Thursday.

Related Link: Why Visa Stock Is Rising Today

CVNA Price Action: Shares of CVNA were down 9.42% at $25.39 at the time of publication, according to Benzinga Pro.

Image by Jay George from Pixabay