What's Been Happening With CarMax Stock?

by Ryan Gustafson Benzinga Staff Writer

CarMax Inc KMX shares are trading higher on Wednesday, bouncing back from recent weakness. Here's a look at what has led up to Wednesday's rebound.

What To Know: CarMax stock consolidated over the course of several weeks in October and November before the stock was able to break out in early December.

One of the main catalysts that drove the stock higher was the release of the company's third-quarter earnings. Despite posting mixed results, the report was strong enough to push shares to a one-month high last week. Following the print, three analysts also raised their price targets on the stock, ranging from $75 to $83.

Other notable developments for CarMax in December included the pilot announcement for the company's first all-electric semi-truck as a vehicle hauler in California's San Joaquin Valley. The vehicle boasts the ability to transport up to seven vehicles at one time and can travel an estimated 230 miles on one charge.

Although shares pulled back in the days following earnings, the stock appears to have found its footing on Wednesday after retesting pre-earnings levels.

KMX Price Action: Shares of CarMax were up 2.40% at $78.01 at the time of publication, according to Benzinga Pro.

Image by Arek Socha from Pixabay