Carvana CoNYSE: CVNA

BOSTON--(BUSINESS WIRE)--Carvana Co. (NYSE: CVNA), an industry pioneer for buying and selling used cars online, today announced plans for an auction and reconditioning ‘Megasite' integration in Boston. With this transition, Carvana will establish Inspection and Reconditioning Center (IRC) capabilities at its existing ADESA Boston wholesale auction site while maintaining all digital and in-lane auction operations. This location will anchor the growth of Carvana's retail and wholesale operations.

Carvana Co. shares have surged ~85% since September, driven by a strong earnings report and a successful turnaround from 2021 lows, making shares a strong buy. CVNA Q3 earnings exceeded expectations with an EPS of $1.14 and $3.66 billion in revenue, showcasing Carvana's rapid and impressive turnaround. Carvana's innovative digital platform and customer-centric features are key to its market share growth in the $1 trillion used car industry.

Shares of Carvana have continued to rally after a very strong Q3 earnings print, bringing YTD gains to above 400%. Driven by accelerating sales growth as well as meaningful GPU expansion in Q3, I'm also upgrading Carvana to a neutral rating. Carvana notes that it's still below target inventory levels, indicating that growth could have been even stronger with higher availability.

Up 3200% over the last two years, this former pandemic-era stock has made a remarkable comeback after seemingly being shoved to the side.

Zacks.com users have recently been watching Carvana (CVNA) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.

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Carvana Co. (NYSE: CVNA), a leading e-commerce platform for buying and selling cars, has captured significant investor attention following notable insider trading activity by its Chief Product Officer, Daniel J. Gill.

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