PRESS RELEASE Arcueil, January 5, 2026 Declaration of transactions on own shares conducted from December 29, 2025 to January 2, 2026 Within the framework of the authorizations granted by the General Assembly on February 4, 2025, to operate on its shares and in accordance with the regulations related to share buybacks, Aramis Group hereby declares the following purchases of own shares (FR0014003U94) made from December 29, 2025 to January 2, 2026 (excluding the liquidity contract): Name of the issuerIssuer i ...

Investors with a lot of money to spend have taken a bullish stance on Carvana (NYSE:CVNA).And retail traders should know.We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with CVNA, it often means somebody knows something is about to happen.So how do we know what these investors just did? Today, Benzinga's options scanner spotted 51 ...

Carvana is seeing impressive growth rates in its business. But has the stock's rise gotten out of hand?Carvana (CVNA 1.20%) has been one of the market's biggest winners in 2025, with shares more than doubling year to date. A company that once appeared to be a risky leverage story is now posting record volumes and substantial profits.But Carvana's improving business fundamentals don't automatically make the stock a buy today. The business, which operates a leading e-commerce platform for buying and selling u ...

Carvana (CVNA) stock is literally back from the dead. In December 2022, the stock was trading in single digits. Three years down the line, CVNA stock trades at $450 with potential for further value creation. The strong comeback from the brink of bankruptcy continues to gain traction. The latest feather in the cap is the announcement that Carvana will be joining the benchmark S&P 500 ($SPX) list of companies. That’s indeed a big turnaround from being the most heavily shorted stocks. More News from Barcha ...

PRESS RELEASE Arcueil, December 11, 2025 Alejandro Garcia Mella appointed Chief Executive Officer at Clicars, Aramis Group's Spanish entity Aramis Group announces the appointment of Alejandro Garcia Mella as Chief Executive Officer at Clicars. He succeeds José Carlos del Valle, who is now pursuing a new professional project. With over 15 years of experience within the organization, Alejandro Garcia has contributed decisively to the Group's growth across all its geographies. His proven expertise, in-depth k ...

Core Insights - Carvana has reported its highest-ever quarterly revenue and strong per-vehicle gross profits, indicating a seemingly successful performance [1][4] - The demand for used cars remains robust, driven by high new vehicle prices and an aging average car fleet in the U.S. [2] Financial Performance - Carvana achieved a gross profit of $7,362 per vehicle sold during the last quarter, with $3,456 from dealer markup and over $3,000 from loan sales [4] - Operating cash flow decreased to $606 million in the first nine months of fiscal 2025, down from $858 million the previous year, primarily due to inventory reductions and losses on automobile loans [5] - The adjusted EBITDA margin fell from 11.7% to 11.3% year-over-year, indicating potential challenges in maintaining profitability despite a decrease in per-car selling costs [7] Market Context - The average sales price of new vehicles in the U.S. reached a record $50,080, leading to higher monthly payments and influencing consumer behavior towards used cars [2] - The current economic environment, characterized by high interest rates and limited new car supply, may be affecting Carvana's business model and profitability [11]

PRESS RELEASE Arcueil, December 9, 2025 Implementation of a share buyback programintended to cover the performance share allocation plan Aramis Group announces today, in accordance with the 21st and 33rd resolutions of the General Meeting of February 4, 2025, the implementation of a share buyback program. Aramis Group intends to allocate the repurchased shares to cover the performance share allocation plans for the Group's key managers and employees, as part of the value-sharing strategy defined during i ...

Core Insights - Carvana's shares experienced an increase in premarket trading following its inclusion in the S&P 500 index [1] Company Summary - Carvana is an online used car dealer that has successfully secured a position in the benchmark S&P 500 index, which is a significant milestone for the company [1]

Core Thesis - Carvana Co. is facing significant structural fragility masked as growth, with its profitability largely driven by financial engineering rather than sustainable operations [2][6]. Financial Performance - As of November 28th, Carvana's share price was $374.50, with trailing and forward P/E ratios of 85.11 and 57.47 respectively [1]. - The company's reported profitability is misleading, with 93% of net income year-to-date 2025 derived from gains on loan sales, while the core business of selling cars remains unprofitable [3]. - Operating cash flow has declined by $252 million year-over-year, and inventory has surged by 44% [4]. Funding and Debt - Carvana has raised $536 million through equity dilution to fund operations, indicating reliance on external financing [4]. - The company carries over $5 billion in debt, much of which consists of Payment-in-Kind notes, inflating obligations and masking cash strain [4]. Regulatory and Legal Risks - Legal and regulatory pressures are intensifying, with state regulators suspending licenses and ongoing securities litigation, potentially exposing the company to hundreds of millions in liabilities [5]. - The company also faces risks from its significant stake in ROOT, which may be used to artificially inflate accounting gains [5]. Management and Agency Risks - The Garcia family controls 84% of voting power and has aggressively sold billions in stock, highlighting severe agency risk and asymmetric incentives [4]. - Carvana's business model transfers risk from insiders to shareholders, relying on continued loan sale gains and favorable credit conditions [6]. Market Perspective - A previous bullish thesis highlighted Carvana's integrated platform and cost efficiencies, with the stock appreciating approximately 16.91% since May 2025 [7]. - The Small Cap Strategist presents a contrarian view, emphasizing the company's structural fragility and regulatory risks [7].

Core Viewpoint - Several financial institutions have initiated coverage on various companies with positive ratings, indicating strong potential for growth and investment opportunities in their respective markets [1] Group 1: Company Initiations - UBS initiated coverage of Carvana (CVNA) with a Buy rating and a price target of $450, highlighting its "differentiated, best-in-class" online platform and customer experience, which positions it well in the large used vehicle market [1] - Benchmark initiated coverage of Cal-Maine Foods (CALM) with a Buy rating and a price target of $100, suggesting that the company's valuation is undervalued due to its legacy as a commodity producer, despite significant changes in the egg category and a shift towards more valuable specialty production [1] - Goldman Sachs initiated coverage of Beta Technologies (BETA) with a Buy rating and a price target of $47, viewing it as the best positioned among electric vertical take-off and landing companies, with multiple other firms also starting coverage with Buy-equivalent ratings [1] - JPMorgan initiated coverage of BillionToOne (BLLN) with an Overweight rating and a price target of $150, noting the company's potential to build its commercial infrastructure to meet growing demand in prenatal and oncology sectors, with several other firms also starting coverage with Buy-equivalent ratings [1] - Morgan Stanley initiated coverage of Evommune (EVMN) with an Overweight rating and a price target of $36, seeing favorable risk/reward for the shares despite early-stage data for its products, with other firms also starting coverage with Buy-equivalent ratings [1]