Carvana Co., together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. The company's platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices. Carvana Co. was founded in 2012 and is headquartered in Tempe, Arizona.
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Up over 500%, in a sit and hold. My timing was off, but my aim was accurate. This almost hit the 3.618 fib extension.
You're long CVNA only if you've never looked at a single financial statement of theirs, or never sat in on an earnings call. CVNA is literally a dumpster fire, going to $0, most likely by Q2 '23. They might attempt to do another offering to buy some more time, but given the current high rate environment, raising debt is out of the question for them and will only accelerate their inevitable bankruptcy. Redraw your fib retracement with 0 = $0 and that might be a more accurate technical path that CVNA will take. Good luck.