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Carvana (New York stock market :CVNA) had another big day of gains, with stocks closing more than 9%.
Speculative buying and short-term squeeze actions are still in play. The auto retailer has not issued any press releases or filed any new SEC filings. shake up the basic story. The volume of over 72 million shares was well above the average of nearly 26 million shares.
The stock is one of the most sold short, with 63% of shares sold short compared to more than 13% for rival CarMax (KMX) and 3.2% for Cars.com (CARS).
Last month, the company said it expected adjusted EBITDA to exceed $50 million for the second quarter, after simply saying it would be positive. Total non-GAAP gross profit per unit is expected to be over $6,000 for the quarter, which is a new record for the company and an improvement of more than 63% from a year ago.
Shares more than doubled from the day before this announcement.
