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CVNA-CARVANA CO

Carvana Surges 350% in 2024, Achieves Record Profitability and Strong Investor Confidence Amid E-commerce Resurgence

Wednesday

20 November, 2024

Carvana has made an impressive comeback in 2024, with a staggering 350% stock surge and record profitability following a challenging period. As the second-largest used car retailer in the U.S., can this momentum be sustained amidst market fluctuations and rising competition?

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Key Takeaways
  • Carvana's stock experienced a remarkable 350% increase in 2024 after a significant decline in 2022.
  • The company exceeded Q3 earnings expectations by 180%, with a notable 31% sales rise.
  • Investor confidence is high, supported by a Zacks Rank #1 (Strong Buy).
  • Anticipated federal interest rate cuts may boost consumer spending, benefiting Carvana.
  • With a projected 38.7% earnings growth, Carvana is seen as a compelling investment choice.
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