Shares of Carvana Co. (NYSE: CVNA) soared 9.33% on Wednesday after JMP Securities expressed confidence in Carvana’s performance. The analyst, Nicholas Jones, maintained an “Outperform” rating on CVNA and increased the price target from $25 to $50.
This positive outlook has had a remarkable impact on Carvana’s stock. On Wednesday, the shares surged nearly 10%, showcasing investors’ enthusiasm. In fact, over the past five days, the stock has gained more than 50%. Furthermore, Carvana’s shares have skyrocketed by over 100% in just a month and 315% over the past three months.
Carvana has also garnered attention on social media platforms, particularly from retail investors. On StockTwits, a popular investment-focused social network, Carvana’s stock (CVNA) is currently listed as a top trending ticker. In addition. short sellers, who bet against the stock, have shown significant interest. Data from Benzinga Pro reveals that 68.52% of available Carvana shares have been sold short.
As of press time, Carvana stock is trading at $38.89, marking a 9.33% increase compared to the previous trading session.