Jeez…CVNA has gotten hammered by economy and markets:
Better buy some stock. Lol
lol…may want to hold off on that!
“On Friday, (Morgan Stanley auto analyst Adam) Jonas published a note suggesting Carvana shares could go as low as $1.”
One might think cars were going the way of the buggy whip!
So buy at .95. Lol
In fact stock started it’s precipitous drop form it’s high of ~$360 on almost exact same day as this article.
Carvana screwed up on the purchasing side. They over paid for used cars on the market, added with the effects of inflation on the value of their current stock on hand and it led to a 30+ million dollar loss in value of assets. Making matters worse the bubble of high prices on the used market is popping at the same time as used car auction prices have already dropped and are continuing to drop. The company is run almost solely of lending against their assets further hurting cash flow.
They bought at the height and they lost.