Shares in Carvana continued falling Tuesday morning, down more than 50% from Thursdays close, after missing Wall Streets third-quarter expectations.
Carvanas share price on Tuesday morning dropped to just $6.63 per share, down from a peak of more than $360 per share last year.
The used car marketplace is struggling amid inflation, along with competitors like CarMax.
Used car prices rose rapidly during the course of the pandemic, but rising interest rates are causing those prices to start falling.
On Friday, Morgan Stanley moved its $68 price target for Carvana stock, with analyst Adam Jonas saying it could be worth as little as $1 per share.
In a note to investors, the company noted that “we were always going to have to traverse difficult periods and cycles on our way to fulfilling our mission.”
About Auto Overload
Auto Overload provides our community with the latest trending automotive entertainment news and insight from around the world. We explore insider tips on the newest cars debuting, the best performance parts and the hottest racing events to visit when traveling the globe. We're inspired by exploring new automotive experiences and can't wait to share all of our exciting deals, guides and reviews to help you live your auto life to the fullest.
Flashing Lights Along Las Vegas Strip Light Up Ahead Of Formula 1 Grand Prix (11/14/23)
Formula 1 Las Vegas Grand Prix Seating Overlooks Strip From Bellagio Hotel & Casino (11/13/23)
HUMAN INTEREST / VIRALOct
White Vehicle Seen Engulfed in Flames on Highway in Las Vegas, NV (10/7/23)