Why Carvana (CVNA) Shares Are Driving Higher Wednesday

Carvana Co. CVNA shares are trading higher on Wednesday after JMP Securities maintained an Outperform rating on CVNA and raised its price target from $25 to $50.

The Details:

JMP Securities analyst Nicholas Jones maintained coverage on Carvana with a rating of Outperform and raised the price target from $25 to $50.

CVNA shares are trading nearly 10% higher on Wednesday and have gained more than 50% in the last five days. Shares of Carvana are up more than 100% in the last month and have climbed by more than 315% over the last three months.

The stock has received attention from retail investors on social media with CVNA currently listed as a top trending ticker on StockTwits. Short sellers have also shown remarkable interest in CVNA with 68.52% of available shares being sold short, according to data from Benzinga Pro. 

Related News: Why Lucid Stock Is Lower Wednesday

CVNA Price Action: According to data from Benzinga Pro, Carvana shares are trading more than 9% higher at $38.83 at the time of publication.

Image: MarleneBitzer from Pixabay