What Happened?
Shares of online used car dealer Carvana (NYSE: CVNA) jumped 1.2% in the afternoon session after its CEO, Ernie Garcia, outlined the company's ambitious growth strategy at Wells Fargo's 9th Annual TMT Summit. During the presentation, Garcia detailed the company's vision, which included a bold target of selling 3 million retail vehicles annually within the next 5 to 10 years. The company also stated it was comfortable with its current 40% growth rate. This outlook suggested a strong belief in its ability to sustain high growth rates by focusing on operational improvements.
After the initial pop the shares cooled down to $323.34, up 1.9% from previous close.
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What Is The Market Telling Us
Carvana’s shares are extremely volatile and have had 45 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 2 days ago when the stock gained 3.6% on the news that analysts from Needham and BTIG reiterated their 'Buy' ratings on the company. Needham showed its continued confidence by keeping a $500 price target on the stock. In a similar move, BTIG maintained its 'Buy' rating with a $450 price target, pointing to the company's major steps forward in operational efficiency. The analyst noted that Carvana expanded its same-day delivery services, thanks to better technology and more staff. This positive view was echoed by observations from DA Davidson, which noted ongoing productivity improvements during a tour of a company facility.
Carvana is up 62% since the beginning of the year, but at $323.34 per share, it is still trading 18.2% below its 52-week high of $395.41 from September 2025. Investors who bought $1,000 worth of Carvana’s shares 5 years ago would now be looking at an investment worth $1,424.
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