Carvana crashes back down to earth

Carvana’s big rally is now looking more like a blip on the radar.
Shares in the online-car retailer soared Thursday, closing up by 56% from the prior day on news that it expected to post $50 million worth of adjusted EBITDA in the current quarter, powered by stronger per-car sales profitability.
For Carvana, the gains were a welcome turnaround. The company, which once had stock prices as high as $360 in 2021, had experienced a steady decline down to the single digits. However, despite topping $25 per share on Thursday in the wake of its profit update, shares of Carvana closed at $19.07

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