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Carvana Co. (NYSE:CVNA) shares are trading higher Friday, following broader market gains sparked by Federal Reserve Chair Jerome Powell‘s comments at the Jackson Hole Symposium.
What To Know: Powell indicated that the time has come for the Fed to consider interest rate cuts, as inflation appears to be on a sustainable path back to 2%. He emphasized that future rate cuts will depend on incoming data and the evolving economic outlook.
Powell’s remarks led to a positive market reaction, with stocks rising across the board, including auto-related companies like Carvana, which may have benefited from the optimism surrounding potential rate cuts and their positive impact on the economy.
What Else: In recent trading, Carvana has seen significant options activity, indicating strong interest from large investors. Over the past 30 days, there were 26 unusual trades involving Carvana, with 50% of traders taking bullish positions. The projected price targets based on these trades range from $15 to $165, reflecting a broad spectrum of market expectations.
Carvana has received mixed ratings from analysts, with target prices ranging from $120 to $200. The overall sentiment from analysts reflects caution, with several maintaining neutral ratings despite the recent price surge.
CVNA Price Action: As of the latest update, Carvana’s stock is trading at $158.52, up by 3.63% or $5.38 according to Benzinga Pro.
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Posted In: CVNA
