Shares of the online dealer have sunk more than 53% in the two trading days since the company reported disappointing third-quarter results late on Thursday.
By Esha Dey and Craig TrudellCarvana Co. is set to wipe out more than half of its market value in just two trading sessions as the stock plunged to an all-time low on deepening gloom about used-car sales.
Carvana, which allows its customers to buy a car from anywhere, saw its market value skyrocket last year when supply challenges in new-car production caused a surge in demand for used vehicles. That helped lure investors hungry for Covid-lockdown bets, especially given Carvana’s focus on at-home purchasing.
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