Opinions
Jim Cramer - Mad Money
Carvana
CVNA-N
BUY ON WEAKNESS
Feb 26, 2024
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's run up lately, mostly due to a short squeeze. A good name, but wait for a pullback.