NYSE: CVNA stock added $1.97 to its trading price on the August 18 trading session. It opened at $36.79, lowering to $36.60, it hit a high of $39.85 and closed at $39.21 with an intraday trading volume of 8.863 Million.
In the 52 weeks time frame, Carvana Co. shares traded highest at $57.19, and its lowest trading price was $3.55. The annual price target of CVNA stock is $42.88, which is around 9.37% greater than its current trading price.
In the weekly time frame, CVNA stock price surged over 1.76%, and in a quarter, the price skyrocketed and added 229.63% to its trading price. Carvana Co. has a market capitalization of $7.428 Billion, and its share average trading volume is 9.94 Million.
CVNA Stock Price Analysis
On August 18, 2023, buyers were dominant, which helped Carvana Co’s stock price climb. A surge in trading price indicates that big investors might have increased their holdings in Carvana Co.
Technical analysis of CVNA stock, reveals that there is a surge is a possibility. The company’s stock was trading above the 50-day and 200-day exponential moving averages at press time.
Sellers dominated on August 15 and continued their dominance till August 17, pushing CVNA stock price downward. If sellers continue their dominance in the coming session, the stock price might face immediate support of $38.39 and the next possible support of $36.42.
On the other hand, if buyers succeed in overruling sellers in the coming session, Carvana stock might meet immediate resistance of $41.68 and the next possible resistance of $44.68.
TradingView says over 84.536 Million CVNA shares are free-floating, and the remaining 22.008 Million shares are closely held by the company’s financial backers or the board of directors.
Carvana Co Earnings & Revenue
In Q1 2023, Carvana Co reported 1.18% less revenue than estimated figures. The company was expected to report $2.64 Billion, but reported $2.61 Billion in revenue. Despite negative revenue in Q1 2023, the company reported more revenue in Q2, which was expected to report $2.61 Billion; moreover, it reported $2.97 Billion.
Earnings per share of Carvana Co. reflected positivity in Q1 and Q2 2023. In Q1, the company surged over 28.99%, and in Q2, reported eps reflected profitability of 53.46%.
Technical Levels
Support Levels: $38.39 and $36.42
Resistance Levels: $41.68 and $44.68
Conclusion
At press time, CVNA share was trading above the 50-day and 200-day exponential moving averages, indicating that the price might surge further and meet immediate resistance of $41.68. A surge in trading price indicates that some giant investors might have increased their holdings in Carvana Co.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/08/19/cvna-stock-rose-over-229-growing-used-car-demand-raising-prices/