Carvana (CVNA) closed the most recent trading day at $42.90, moving -1.85% from the previous trading session.
It has been a wacky week for Carvana (NYSE: CVNA) as shares of the online used car dealer pulled back in spite of an analyst upgrade and initial optimism about the United Auto Workers (UAW) strike, which has affected production at some plants owned by General Motors, Ford, and Chrysler-parent Stellantis. The initial thinking was that by reducing production, the strike would lead to higher used car prices since there's less competition from new car supplies. Most buyers finance their used car purchases, and higher rates mean higher payments, making used cars less affordable.
It's critical to note that not all stocks reach analysts' forecasted levels, as unforeseen circumstances can always affect future performance. Still, the positivity surrounding upgrades can be seen as a solid takeaway.