Carvana stock popped after the company reported positive adjusted EPS. Wall Street had expected a loss.
) stock shot up as much as 12% on Friday after the online used car platform reported a surprise adjusted profit last quarter, even as the number of units sold declined year-over-year.
FILE - A Carvana car retail"vending machine" and vehicle parking lot are seen from a drone in South Fayette, Pa., on March 15, 2021. Shares of the upstart used-vehicle chain tumbled another 16% on Monday, Nov. 7, 2022, undercut by the company's struggles with falling prices and waning demand for its products. Analysts at DA Davison maintained a Neutral rating on the stock and lowered their price target to $35 from $60, citing lower unit sales compared to last year.
"I do think over the last four weeks and given all the data sources that we have...it looks like things have probably been a bit softer," CEO Ernie Garcia told analysts during the company's earnings call on Thursday afternoon.
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