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Why Carvana Stock Was Bouncing Higher Today

Jeremy Bowman, The Motley Fool
·2-min read
Why Carvana Stock Was Bouncing Higher Today

During a volatile week, shares of Carvana (NYSE: CVNA) were moving higher Wednesday morning, recovering from the sell-off that occurred Monday after management announced another round of layoffs and the stock got downgraded by analysts. A Securities and Exchange Commission filing Tuesday night showing that Carvana Chief Product Officer Daniel Gill bought 133,000 shares of the stock for roughly $1 million on Monday seems to be giving the used car e-commerce stock a boost. It's no secret that Carvana is in the midst of a liquidity crisis that could force it into bankruptcy.

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