What Happened?

Shares of online used car dealer Carvana (NYSE: CVNA) jumped 3.2% in the morning session after investment firm Gordon Haskett initiated coverage on the stock. Analyst Robert Mollins began coverage with a "Hold" rating and set a price target of $329.00 for the online used-car retailer. A "Hold" rating typically suggests that an analyst believes the stock will perform in line with the broader market and recommends that investors maintain their current position. While not a "Buy" rating, the initiation of coverage by a new firm can bring increased attention and trading volume to a stock, which can sometimes lead to a price increase as new investors evaluate the company.

After the initial pop the shares cooled down to $348.71, up 1.5% from previous close.

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What Is The Market Telling Us

Carvana’s shares are extremely volatile and have had 48 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

Carvana is up 74.7% since the beginning of the year, and at $348.71 per share, it is trading close to its 52-week high of $357.32 from July 2025. Investors who bought $1,000 worth of Carvana’s shares 5 years ago would now be looking at an investment worth $2,565.

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