Carvana (CVNA) Soars 5.3%: Is Further Upside Left in the Stock?

Core Insights - Carvana (CVNA) shares increased by 5.3% to close at $185.42, following a significant trading volume, despite a 37.5% loss over the past four weeks [1][2] Company Performance - Carvana is projected to report quarterly earnings of $0.71 per share, reflecting a year-over-year increase of 273.2%, with revenues expected to reach $3.95 billion, a 29% increase from the previous year [3] - The consensus EPS estimate for Carvana has been revised 7.4% higher in the last 30 days, indicating a positive trend that typically correlates with stock price appreciation [4] Market Sentiment - Piper Sandler's upgrade of Carvana's stock rating has bolstered investor confidence, while Bank of America noted that Amazon's entry into the used-car market is unlikely to significantly impact Carvana, alleviating competitive concerns [2] - Carvana currently holds a Zacks Rank of 2 (Buy), suggesting favorable market sentiment towards the stock [4]