Million

Resistance

Billion

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Carvana Co’s share price closed at $46.24, which increased by 1.36% in 24 hours. The market capitalization was $8.76 Billion at the time of writing.</a> </li> 
 <li> <span>2</span> <a>Carvana stock gave an excellent return of 22.43% in a week and 85.03% in a month.</a> </li> 
</ul> 
<p>Carvana provides an online platform that allows customers to buy, finance, trade, and receive delivery of used cars. The company has its headquarters in Phoenix, Arizona, and serves more than 300 markets in the U.S. Carvana is listed on the New York Stock Exchange (NYSE) with the ticker symbol CVNA.</p> 
<h2 class="wp-block-heading" id="strong-carvana-co-stock-record-breaking-q2-strong"><strong>Carvana Co Stock Record Breaking Q2</strong></h2> 
<p>Carvana reported a record quarter for Adjusted EBITDA and total gross profit per unit (“GPU”) in the second quarter of 2023. The company’s total GPU increased 94% year-over-year to $6,520, while its total Non-GAAP GPU increased 91% year-over-year to $7,030, both surpassing the company’s previous best quarter by more than 25%.&nbsp;</p> 
<p>These results included about $900 per unit of non-recurring items. The company also improved its net loss margin to (3.5%), a 7.8% year-over-year and 7.5% sequential improvement. The company’s Adjusted EBITDA margin reached a record 5.2%, a 10.8% year-over-year improvement and 1.6% higher than the company’s previous best quarter.</p> 
<p>The net loss and Adjusted EBITDA also included about $70 Million of non-recurring items. The company expects to achieve positive Adjusted EBITDA for the second consecutive quarter in the third quarter of 2023.</p> 
<p>Carvana also reduced its annualized costs by more than $1.1 Billion in the last 12 months. However, the company’s retail units sold and revenue decreased 35% and 24%, respectively, year-over-year to 76,530 and $2.968 Billion, mainly due to the company’s internal prioritization of profitability initiatives.</p> 
<h3 class="wp-block-heading" id="strong-carvana-co-stock-technical-analysis-strong"><strong>Carvana Co Stock Technical Analysis</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="464" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/07/Carvana-Co-Stock-Technical-Analysis-1024x464.webp" alt="Carvana Co Stock Technical Analysis" class="wp-image-154107" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/07/Carvana-Co-Stock-Technical-Analysis-1024x464.webp 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/Carvana-Co-Stock-Technical-Analysis-300x136.webp 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/Carvana-Co-Stock-Technical-Analysis-768x348.webp 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/Carvana-Co-Stock-Technical-Analysis-750x340.webp 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/Carvana-Co-Stock-Technical-Analysis-1140x517.webp 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/Carvana-Co-Stock-Technical-Analysis.webp 1273w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: CVNA Tradingview 
  </figcaption> 
 </figure> 
</div> 
<p><a href="https://www.thecoinrepublic.com/2023/07/10/carvana-cvna-stock-price-moves-upside-with-low-trading-volume/" rel="noopener noreferrer nofollow">CVNA stock price</a> is in an uptrend, forming higher highs and higher lows. The stock price is trading above the 50-day and 200-day simple moving averages (SMA), indicating bullish momentum. The moving average convergence divergence (MACD) indicator is above the zero line, but the signal line has crossed below the MACD line, suggesting a possible bearish reversal. The relative strength index (RSI) is in positive territory, but it is declining, indicating a loss of bullish strength.</p> 
<h4 class="wp-block-heading"><strong>Summary</strong></h4> 
<p>CVNA stock reported excellent results for the second quarter of 2023, with strong growth in net income and in revenue. The company also generated significant cash flow and returned capital to shareholders through share repurchases and dividends. Technicals look good as major indicators like RSI, MACD, and moving averages are positive about the stock.</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<ul> 
 <li><strong>Support Level – </strong>The current support level is $42.01.</li> 
 <li><strong>Resistance Level – </strong>The current resistance level is $57.50.</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>This article is only for information and education purposes. Do not use this information as financial or trading advice. Trading and investing have financial risks. Before making any investment or trading decision, consider your risk tolerance and situation.</p>

Carvana Co (CVNA) Stock Analysis: Record-Breaking Q2 2023?

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