Shares of Carvana (NYSE: CVNA) were skyrocketing this morning as investors rekindled some of their optimism for stocks, in general, today. Comments made by a Federal Reserve official about potentially raising the federal funds rate too quickly to fight inflation may be the reason Carvana investors are pouring back into the stock. Carvana's share price was up by 5.7% as of 11:32 a.m. ET.
Shares of used-car e-commerce company Carvana (NYSE: CVNA) are down more than 90% from their all-time highs in 2021. Piper Sandler analyst Alexander Potter believes the stock is "grossly undervalued." According to The Fly, Potter gave Carvana stock a price target of $73 per share earlier this month, suggesting around 180% upside.
Shares of the online car-buying company Carvana (NYSE: CVNA) were falling once again today, after plunging 20% just last week. Instead, investors were likely following the broader market slide today as the Nasdaq Composite fell 0.6% and the S&P 500 tumbled 0.9%. Carvana investors have been particularly on edge lately as they process macroeconomic news.