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The Future Is Here? Carvana Co. (CVNA)

Carvana Co. (CVNA), operates an e-commerce platform for the purchase and sale of used cars in the United States. This company has risen more than 14 2% in the last 12 months. However, Wall Street analysts are unsure about the company’s future.

Carvana (CVNA) has benefited from a global shortage of new vehicles. Customers can purchase cars online without visiting a showroom because the company’s platform supports all digital transactions. CVNA also offers free next day shipping in certain regions, which was a powerful growth driver during the pandemic. 

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Carvana sales have risen due to a combination of new car supply problems and higher prices. Revenues increased by more than 100% to $2.2 billion in the first quarter of 2021, while gross margin increased by 145%. Retail sales increased by 76% to almost 100,000 cars in the quarter.

Analysts, however, have differing opinions about the future of Carvana. On the basis of strong demand for cars, Jefferies raised its target price for CVNA shares to $400 from $375. At the same time, the stock was downgraded by analysts at JP Morgan from above market to neutral, with a target price of $325.

Carvana has growth potential. More than 30 markets are now part of the platform, which is now available to 77% of the US population. According to the Mannheim Used Car Cost Index, used car prices may slow, which could negatively affect Carvana’s growth and its profitability.

Carvana Co. (CVNA) saw an uptrend of 1.32% in the recent trading with $312.08 being its most recent.

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