Carvana restructures debt, as its stock surges in dramatic 1,100% turnaround
'Too much euphoria is creeping into the marketplace,' one analyst saysCarvana Co. has brought windfall gains to its believers this year with a 1,100% rally as investors pile in amid a resurging appetite for riskier stocks.
Carvana’s 2023 surge follows a 98% 2022 plunge that left shares trading below $5 at the end of December. The moves are breakthroughs in Carvana’s efforts to get a handle on its debilitating debt load, following an ill-fated expansion during the pandemic. The company borrowed billions of dollars to capitalize on surging demand for, only for the market to slow recently amid higher interest rates and rebounding new-vehicle production.
“The action in Carvana is a sign that a bit too much euphoria is creeping into the marketplace,” Matthew Maley, chief market strategist for Miller Tabak + Co., said in an interview.
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