Opinions
Jim Cramer - Mad Money
Carvana
CVNA-N
BUY
Nov 06, 2023
Stock price when the opinion was issued
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Moving up in a step pattern -- rallies, consolidates at the higher level, rallies, consolidates. A fantastic accumulation pattern, extremely well supported. Now consolidating. As long as it holds above $100 support, it's still being accumulated.
The 5-year chart is very interesting. Massive selloff, huge multi-year base, and now it's broken out. Looking at where it was, looks like it's just getting started longer term.
Simply put, carvana is a better way to buy a car. you can browse, finance, and purchase a car online and have it delivered to you as soon as the next day. cutting out the dealerships translates to thousands of dollars in lower costs on every vehicle we sell. we pass these savings on to consumers in four ways: lower prices (our customers save $1,681 on average vs. kelley blue book), premium cars, a better experience, and no hidden fees. Social media mentions are up 1150% in the past 24h.
It got its groove Back. From mid-September till last week, shares were cut in half. The used car business is not the place to be when you're worried about interest rates. But shares are popping in the past week, partially due to a benign Fed/Powell meeting, and Carvana reported a stellar quarter last week.